EQTEC on course to be one-stop-shop for waste-to-energy projects
- EQTEC secures backing for Billingham waste gasification plant from Kibo Energy
- EQTEC continue to deliver on three year strategy, announcing Kibo Energy deal for Billingham plant
Quick facts: EQTEC PLC
Price: 1.1249 GBX
Market Cap: £96.33 m
About the company
Sustainable proprietary solutions for two of the world’s greatest challenges: managing rising levels of waste and meeting the growing demand for clean energy.
EQTEC is a clean technology company with proven, proprietary and patented technology for sustainable waste-to-value applications. EQTEC designs and supplies advanced gasification plans and has a higher efficiency product offering that it is modular and scalable from 1MW to 30MW. Commercial plants have been built and are operated using EQTEC’s technology. A key advantage is the versatility of the technology to process over 50 different types of feedstock, including municipal waste, agricultural waste, biomass and plastics. The company's solutions produce a uniquely pure high-quality synthesis gas (syngas), that is capable of being used for the widest applications in the generation of clean energy, hydrogen and biofuels.
How it is doing
The pair also said the partnership could evolve and expand into other projects and markets.
Based on the heads of terms just signed, Kibo will acquire a 54.54% equity stake in the Haverton Hill project special purpose vehicle (SPV), with EQTEC to retain 45.46% equity in the SPV and continue to lead the development of the project.
The gasification solutions company said Kibo's investment and participation is “intended to accelerate development progress, support pursuit of a wider range of commercial opportunities and de-risk the subsequent construction and commissioning phase”.
The waste-to-energy company announced last September that it had an exclusive option to take full ownership of the Southport Hybrid Energy Park project from a local company, Rotunda Group Ltd.
What management says
EQTEC PLC (AIM:EQT) (AIM:EQT) David Palumbo, chief executive talks to Proactive London's Katie Pilbeam about their deal for Kibo Energy to become a strategic investor in the proposed Billingham waste gasification and power plant in Teesside, UK.
Kibo will acquire a 54.54% equity stake in the Haverton Hill project special purpose vehicle (SPV), with EQTEC to retain 45.46% equity in the SPV and continue to lead the development of the project.
Palumbo believes this partnership with Kibo could evolve and expand into other projects and markets.
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