EQTEC PLC - Agreement for Southport Hybrid Energy Park Project
("EQTEC", the "Company" or the "Group")
Co-Development and Option Agreement for
· EQTEC and Rotunda enter into an agreement to jointly develop a waste management project, to be held in a Project SPV, which EQTEC has the option to acquire.
· EQTEC will be responsible for contributing 100% of the development costs pre-financial close (currently estimated at c.
· Rotunda has the option to participate in the Project's development capital and receive a proportional fee.
· Rotunda will receive a consideration of
· The exclusivity period will be for 12 months and can be extended by mutual agreement of the parties.
· Under the Agreement, EQTEC will seek additional planning permission such that EQTEC's advanced gasification technology can be applied to the Project to make it capable of converting over 55,000 tonnes annually of refuse derived fuel ("RDF") waste, which would be created by the proposed plant and otherwise destined for landfill or incineration, generating an estimated additional 6-8MW of 'green' electricity.
· EQTEC estimates that the additional capacity for the thermal conversion of waste, utilising the Group's advance gasification technology, has the potential to generate additional revenues for the Project SPV of c.
"I am delighted to announce this exclusive partnership to develop the hybrid energy park in
"EQTEC recently raised
EQTEC signed a Memorandum of Understanding ("MOU") with Rotunda, the owner of a plot of land at
In consideration for the granting of exclusivity, EQTEC will pay Rotunda
The existing planning permission for the Project provides for the construction and operation of a waste management facility for municipal, commercial and industrial waste for 80,000 tonnes of annual residual waste, an anaerobic digestion plant, biogas injection into the National Gas Transmission System and 9MW electrical generation with 2MW battery storage, and to sell 11MW to the grid.
Under the Agreement, EQTEC will now seek additional planning permission such that EQTEC's advanced gasification technology can be applied to the Project to make it capable of converting over 55,000 tonnes annually of RDF waste, which would be created by the proposed Project plant and otherwise destined for landfill or incineration, generating an additional 6-8MW of 'green' electricity.
EQTEC estimates that the additional capacity for the thermal conversion of waste, utilising the Group's advance gasification technology, has the potential to generate additional revenues for the Project SPV of c.
EQTEC and Rotunda have been in initial discussions with the local authority, which, in EQTEC's view, has been supportive and is keen to have such infrastructure as an alternative to incineration technologies.
EQTEC believes that the proposed Project, if financed and constructed, subject to entering into definitive agreements, and with the addition of EQTEC's advanced gasification technology, would significantly lower the environmental impact of large local industrial users, whilst potentially enabling these industrial users to make significant energy cost savings and creating new jobs during construction and once in operation.
"Rotunda secured planning on the proposed Project site some time ago and we have been looking for a partner who can deliver and operate a waste-to-energy facility to our high standards and bring employment and expertise to the local area. EQTEC's advanced gasification technology has the potential to significantly improve the environmental and economic impacts of this Project for the benefit of the local community and large industrial energy users alike. Together with EQTEC, we look forward to continuing to work closely with all local stakeholders to help ensure this project secures additional planning and gets built."
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
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+353 21 2409 056
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Strand Hanson - Nomad & Financial Adviser
+44 20 7409 3494
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Arden Partners - Broker
+44 20 7614 5900
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+44 20 7379 5151
IFC Advisory - Financial PR & IR
+44 20 3934 6630
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EQTEC is a world leading gasification technology partner with proven proprietary patented technology for cost effective waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that have a higher efficiency product offering and are modular and scalable from 1MW to 25MW. EQTEC's solutions are independently proven to process over 50 different types of feedstock, including municipal waste, agricultural waste, biomass and plastics. EQTEC's solutions produce a uniquely pure high-quality synthesis gas (syngas), that is capable of being used for the widest applications in the creation of energy, hydrogen and biofuels.
Proprietary technology design together with deployment and maintenance capabilities mitigate the risks when using third party equipment. EQTEC's Technology Integration capabilities enable the Group to lead collaborative ecosystems that build sustainable, waste elimination and green energy infrastructure.
The Company is quoted on AIM (ticker: EQT) and the
Further information on the Company can be found at www.eqtec.com
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