EQTEC PLC - Operational and Project Update
("EQTEC" or the "Company")
Operational and Project Update
· Significant increase in the level of international interest in the Company's proprietary EQTEC Gasifier Technology ("EGT") from both existing and potential new customers, developers and engineering, procurement and construction ("EPC") contractors.
· Advanced talks with a major business group in
· Advanced stage proposals for two refuse derived fuel ("RDF") projects in the
· Engineering design work for Phoenix Energy's first power plant delivered and invoiced. Commencement of construction expected to begin later this year upon final granting of permits to Phoenix Energy, which have been delayed largely as a result of forest fires experienced in
· Together with Phoenix Energy, EQTEC is exploring further project opportunities in the US biomass market and a commercial proposal for a third project has been presented to Phoenix Energy.
· Commercial proposal submitted to the owners of the Usk project to replace Brooke Energy as the developer of the project and for EQTEC to provide the technology and EPC services.
Q1 2019 has seen a significant increase in the level of international interest, including in the
The Company is in advanced talks with an existing client, a major business group in
The Company is at an advanced stage of negotiations with regard to a significant RDF project in the
In addition, the Company has signed a letter of intent with a developer of renewable projects in the
Further to the announcement of
"Phoenix Energy values the relationship with its partner, EQTEC, and is grateful for the continuing support as we take the projects forward. We are also looking at other project opportunities as we develop our working relationship in the US market. We fully expect these projects to proceed despite the delay with securing the necessary authorisations, partly as a result of the forest fires in Autumn 2018."
As previously announced, the Company has a Memorandum of Understanding ("MOU") with PT. Citra Metro Jaya Energi, which is part of the Energy division of the
"We are delighted with the significant progress being made in advancing towards final contract stage on a number of opportunities. We are very pleased with the increased international interest in EGT. EQTEC's aim is to build a growing, cash generative business and we continue to review additional near term opportunities, where we see potential to add considerable value to our shareholders."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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+353 (0)21 2409 056
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Strand Hanson - Nomad, Financial Adviser & Broker
+44 (0) 207 409 3494
IFC Advisory - Financial PR & IR
+44 (0) 203 934 6630
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Notes to Editors
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services. EGT enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.
EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and brings together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further information on the Company can be found at www.eqtecplc.com
This information is provided by RNS, the news service of the
Quick facts: EQTEC PLC
Market Cap: £7.67 m
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