EQTEC PLC - Billingham Energy Project MOU
("EQTEC" or the "Company")
Billingham Energy Project MOU with COBRA and
Pursuant to the MOU, EQTEC will act as lead developer and technology provider for the Project. EQTEC will also provide its engineering, design and technology expertise to the Project, and will work alongside COBRA to produce the full engineering, procurement and construction ("EPC") and operations and maintenance ("O&M") offer for the Project.
"We are extremely happy to have executed the MOU, representing our first deal with COBRA, our major strategic partner. This has the potential to be a flagship project of significant scale, with the intention to process at least 200,000 metric tons per annum of RDF, with an estimated project value in the range of
"Working alongside COBRA, on a project of this magnitude as lead developer, is a major achievement for EQTEC and enables us to use our project development expertise and network to take the Project to a successful close. We look forward to providing further updates in due course.
"With our project pipeline continuously expanding and developing key strategic partnerships, we aim to deliver significant value for our shareholders with key contract wins in the near term."
"We are delighted to have entered into this agreement with the highly experienced EQTEC team, alongside a world class
Details of the MOU
The MOU sets out the basis on which the Parties will collaborate to advance the Project.
EQTEC will act as the lead developer and technology provider to the Project, as well as providing its engineering, design and technology expertise. EQTEC will work alongside COBRA to produce the full EPC and O&M offering for the Project as well as seeking to secure the necessary funding for the construction and development of the Project, through the introduction of third-party equity and debt investors ("Financial Close").
Financial Close is conditional on, inter alia, the completion of due diligence on the Project, execution of definitive agreements between the Parties, the necessary funding being secured and the EPC and O&M contracts having been entered into.
The MOU is subject to an exclusivity period of six months, which can be extended by the mutual consent of the Parties.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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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.
About Cobra Instalaciones y
COBRA is engaged in the engineering, construction, operation, installation and maintenance of industrial and energy infrastructures for clients in the
Based in Stockton-on-Tees,
This information is provided by RNS, the news service of the
Quick facts: EQTEC PLC
Market Cap: £18.78 m
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