EQTEC Plc (AIM: EQT) shares shot up in Wednesday’s early deals after announcing an agreement to develop the Billingham waste-to-energy project in county Durham.
Under a newly signed memorandum of understanding the London quoted firm will act as lead developer and technology provider for Billingham, where some 200,000 metric tons of municipal waste will be processed into energy.
"We are extremely happy to have executed the MOU, representing our first deal with COBRA, our major strategic partner,” said Ian Price, EQTEQ chief executive.
“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 £150mln to £180mln.”
EQTEC is partnered with COBRA Instalaciones Y Servicios and Scott Bros in the Billingham project.
Scott Bros director Ian Fraser said: “We are delighted to have entered into this agreement with the highly experienced EQTEC team, alongside a world class EPC Group such as COBRA.
“We have been working closely with local government and stakeholders to advance the Project, which has included securing the planning for the project.
“This type of infrastructure development will bring significant benefits and investment in the local community and we are very happy to play a part in it."
EQTEC shares advanced 0.23p or 28.37% to trade at 1.03p.