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EQTEC inks land deal for Billingham waste gasification and power project

“The project is expected to create jobs and deliver environmental and economic improvements to the local community," said David Palumbo.

EQTEC PLC - EQTEC inks land deal for Billingham waste gasification and power project

EQTEC PLC (LON:EQT) said it signed a conditional Land Purchase Agreement for the site that has been proposed for the Billingham waste gasification and power plant in North East England.

Chief executive David Palumbo said the agreement means the company is on-track to deliver the UK's first sustainable waste-to-energy plant using EQTEC's gasification technology, according to a statement.

READ: EQTEC gets planning nod for Billingham project

The company is now assembling the optimal construction resources and delivery model, he added.

The property will cost £8.6mln to buy, with a £260,000 deposit payable immediately and the remainder will be due within twelve months. It is subject to a number of conditions, relating to the development and financing of the project.

"Billingham is estimated to convert 200,000 tonnes of non-recyclable household and commercial waste each year into 25MW of green electricity and 34MW of heat production,” Palumbo said.

“The project is expected to create jobs and deliver environmental and economic improvements to the local community as well as, we believe, attractive returns for our shareholders."

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Price: 1.18 GBX

Market Cap: £101.05 m

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