Proactive Investors - Run By Investors For Investors

EQTEC set for major expansion through new EBIOSS deal

“We are delighted to be taking this important step in the next stage of development of the business," said chief executive Gerry Madden
Energy recycling, conceptual
The new group will have a pipeline of waste-to-power projects

EQTEC Plc (LON:EQT) has unveiled a new agreement which will see it acquire assets from the company’s majority shareholder.

The acquisition will be supported by a new fundraising, via a placing of new shares, and is expected to create ‘a leading company in waste gasification to energy”.

As a result of the deal, the enlarged EQTEC business will have a pipeline of projects in the UK (plus interests in Croatia) including the Reliable Melton Hull and Reliable Seal Sands projects, as well as a Zebec Energy project in Usk, Wales.

In Croatia, the group will have service contracts relating to three gasification plant developments.

“We are delighted to be taking this important step in the next stage of development of the business. It is a logical step to take after partnering with EBIOSS at the start of the year,” said Gerry Madden, EQTEC chief executive.

“A lack of domestic incineration and gasification capacity is forcing the UK to pay European incinerators to take our waste.

“Now, by using our best-in-class technology we have an opportunity, once the transaction is concluded, to redirect this waste to our pipeline of UK projects, thereby becoming a leading player in creating electricity by converting waste into synthetic gas.”

Heads of terms signed

A non-binding heads of terms has been signed, laying out a proposal to combine the EQTEC waste gasification business with EBIOSS Energy’s EQTEC Iberia subsidiary.

Since early 2017, the company formerly known as React Energy has been working on a deal with EBIOSS that would allow it to access the former’s proprietary technology.

The deal will be classified as a reverse takeover under AIM rules, as such EQTEC Plc has been temporarily suspended from trading.

EBIOSS inked a €5.15mln investment deal in the AIM-quoted company, then named React Energy Plc, back in February. Presently, EBIOSS owns just over 50% of EQTEC Plc shares.

View full EQT profile View Profile

EQTEC Plc Timeline

Newswire
January 28 2019
Newswire
October 03 2018
Article
January 30 2018

Related Articles

oil rig
November 19 2018
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery, a share of production from the Keddington oil field and a raft of drill-ready exploration and appraisal targets
oil well
February 06 2019
Company has exploration and production interests in shale licences in the US and Australia
1532936443_uranium.jpg
October 02 2018
The Salamanca project retains considerable support locally

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use