EQTEC PLC (AIM:EQT) said it has executed its option for a lease on the site of a proposed 25 MWe waste gasification and power plant at New Road, Billingham.
Scott Bros is the landlord at the site, with the initial period to exercise the option running from 19 December 2022 through to 20 December 2023.
The option replaces in full the conditional land purchase agreement dated 25 February 2021 and releases EQTEC from all liabilities including the purchase of the project site.
In a statement, David Palumbo, EQTEC’s chief executive, said: “This option enables us to turn our attention back to funding and detailed design of the project.
“As previously announced, we are working with top-tier partners so that EQTEC can focus on technology development and engineering, providing project development services as required.
"Not only does this new arrangement release us from capital commitments, but it allows us to accelerate progress with our business strategy, toward becoming exclusively a technology innovator and licensor."