TIDMEQT
RNS Number : 8614G
EQTEC PLC
01 April 2022
1 April 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Deeside RDF Project Development Update
EQTEC plc (AIM: EQT), a world-leading technology innovation
company enabling the Net Zero Future through advanced solutions for
hydrogen, biofuels, SNG and other energy production, is pleased to
announce that EQTEC's wholly owned subsidiary, Deeside WTV Limited
("Deeside WTV") has signed a binding supplemental agreement (the
"Supplemental Agreement") with Logik Developments Limited
("Logik"). The Supplemental Agreement, inter alia, sets out the
terms on which Logik and Deeside WTV (together, the "Parties") have
agreed to vary the terms of the share purchase agreement signed by
the Parties on 7 December 2020, as amended by the supplemental
agreement announced on 6 December 2021 (the "Existing SPA").
Key terms of the Supplemental Agreement
-- Deeside WTV will acquire 32% of the share capital of Logik
WTE Limited (the "Project SPV"), the entity which holds the land
and necessary planning permissions for the Deeside RDF project (the
"Project"), with the consideration to be satisfied by the
settlement of advances from the Group to Logik and the Project SPV
in an amount of c. GBP2.3 million;
-- Completion of Deeside WTV's acquisition of the interest in
the share capital in the Project SPV is subject to third party
consent and is expected to complete on or before 30 June 2022;
-- Parties are in discussions to procure a buyer for the Project
SPV at a minimum valuation of GBP15 million. Subject to the sale of
the Project SPV, EQTEC will invoice up to GBP2 million for its
project development services to the Project SPV (such fee to be
reduced on a pound for pound basis if the investment received is
less than GBP17 million), subject to certain conditions to be
finalised and agreed as part of ongoing discussions with potential
buyers; and
-- While the amendment of the Existing SPA to extend the
completion date to 30 June 2022 is immediately effective, the
Parties have agreed to act in good faith and to use all reasonable
endeavours to implement the additional undertakings and agreements
in the Supplemental Agreement as summarised in this announcement,
including to amend the terms of the Existing SPA and to finalise
other necessary documentation such as a shareholders' agreement for
the Project SPV.
Project progress
EQTEC has appointed Black and Veatch, a global engineering,
procurement, consulting and construction company specialising in
sustainable infrastructure development, to conduct a peer review of
the overall Project, including the technology interfaces within the
Project. The Group is also in advanced commercial and contractual
discussions to appoint Black and Veatch for the full detailed
design for phase 2 of the Project.
Discussions with technology partners have progressed with EQTEC
having provided all the concept design and syngas specifications to
the shortlisted candidates to provide their technical and
commercial proposal for the downstream technology to convert syngas
into hydrogen.
EQTEC has joined the Deeside Decarbonisation Forum, in
partnership with Uniper, Eni, Wales & West Utilities, Triton
Power and Uchelgais Gogledd Cymru (Ambition North Wales), an open
forum to help catalyse and accelerate the decarbonisation of the
region.
Ongoing discussions with development and infrastructure
investors, as well as owner-operators for a minimum of GBP15
million sale of the Project SPV are progressing with a number of
parties engaged at due diligence stage.
Further information about the Project
EQTEC is lead developer and technology provider for the Project
in partnership with Logik and Anaergia Inc. through the Project
SPV. As announced on 28 October 2021, Flintshire County Council's
Planning Committee has resolved to grant planning permission for
the proposed 9.9 MWe plant to enable a complete and local
waste-to-energy solution, combining a 182,000 tonne waste reception
plant along with 2 MW anaerobic digestion ("AD") and EQTEC Advanced
Gasification Technology. The planning authority's decision follows
its prior approval of the site for the original plan of a recycling
and AD facility. Additionally, through the Project, EQTEC and
Toyota are exploring an innovative, circular and sustainable
waste-to-energy solution for Toyota's engine manufacturing plant in
Deeside. The site is currently on 6.27 hectares of land off
Weighbridge Road on Deeside Industrial Estate, one of Europe's
largest such industrial sites. The Project site is wholly owned by
the Project SPV (acquired December 2020) and was formerly a Gaz de
France power station.
The Project is one of three waste-to-energy/fuel projects that
the Group is developing in the UK, including at Billingham,
Teesside and Southport, Merseyside.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
ENQUIRIES
EQTEC plc +44 203 883 7009
David Palumbo / Nauman Babar
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Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
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James Harris / James Dance
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Arden Partners - Joint Broker +44 20 7614 5900
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Paul Shackleton (Corporate) / Simon Johnson
(Sales)
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Canaccord Genuity - Joint Broker +44 20 7523 8000
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Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
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Alma PR - Financial Media & Investor Relations +44 20 3405 0205
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Josh Royston / Sam Modlin / Matthew Young EQTEC@almapr.co.uk
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+44 7554 014 188 / +44
BECG - General Media Enquiries 7867 452 269
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Carrie Lowe / Tom Gosschalk EQTEC@BECG.com
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About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development , EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions . EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
About Anaergia
Anaergia was created to eliminate a major source of greenhouse
gases ("GHGs") by cost effectively turning organic waste into
renewable natural gas ("RNG"), fertilizer and water, using
proprietary technologies. With a proven track record from
delivering world leading projects on four continents, Anaergia is
uniquely positioned to provide end-to-end solutions for extracting
organics from waste, implementing high efficiency anaerobic
digestion, upgrading biogas, producing fertilizer and cleaning
water. Our customers are in the Municipal Solid Waste, Municipal
Wastewater, Agriculture, and Food Processing industries. In each of
these markets Anaergia has built many successful plants including
some of the largest in the world. Anaergia owns and operates some
of the plants it builds, and it also operates plants that are owned
by its customers.
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