TIDMEQT
RNS Number : 2207K
EQTEC PLC
20 December 2022
20 December 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Option for Grant of a Lease with Scott Bros for Billingham
Site
EQTEC plc (AIM: EQT), a global technology innovator powering
distributed, decarbonised, new energy infrastructure through its
waste-to-value solutions for hydrogen, biofuels, and energy
generation is pleased to announce that, further to its announcement
of 30 September 2022, its wholly-owned subsidiary Haverton WTV
Limited ("Haverton WTV") has executed, with Scott Bros. Enterprises
Limited ("Scott Bros"), as landlord, and its wholly-owned
subsidiary Billingham EFW Limited, an option for the grant of a
lease (the "Option") in respect of land at New Road, Billingham
(the "Project Site"), on which an up to 25 MWe waste gasification
and power plant is proposed to be constructed (the "Project").
The Option
The Option replaces in full the conditional land purchase
agreement contracted by the parties and dated 25 February 2021,
releasing the Company from all liabilities therein including
purchase of the Project Site for a balance outstanding of
GBP8,090,000. Additionally, the Option has been agreed with the
following terms:
-- The initial period for exercise of the Option is from 19
December 2022 through 20 December 2023;
-- The fee payable in respect of the Option is GBP1, and the
Option can be exercised at nil cost;
-- The intial period for exercise of the Option may be extended
by the Company or any other owner/s of Haverton WTV for a maximum
of one year, for additional fees of GBP125,000 for each three month
extension;
-- The Option may be exercised by the Company or any other
owner/s of Haverton WTV for an initial lease of 25 years, with the
potential to renew the lease thereafter; and
-- At either expiration of the Option or at completion of the
lease, the tenant of the land must transfer the existing grid
connection offer or contract to Scott Bros together with the title
to the land.
David Palumbo, CEO of EQTEC, commented:
"We are happy to continue our relationship with Scott Bros and
to progress the Billingham project toward funding and maximum use
of the land and realisation of new energy infrastructure there,
based on EQTEC's leading syngas technology. The clean,
waste-to-energy plant already consented for the site has the
potential to be an anchor facility to support local industry and
also a wider range of new technologies and offtake applications
that would be valuable additions to the burgeoning, new energy
networks in Teesside. This Option enables us to turn our attention
back to funding and detailed design of the Project . As previously
announced, we are working with top-tier partners so that EQTEC can
focus on technology development and engineering, providing project
development services as required. Not only does this new
arrangement release us from capital commitments, but it allows us
to accelerate progress with our business strategy, toward becoming
exclusively a technology innovator and licensor ."
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, 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
---------------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
---------------------------
James Harris / Richard Johnson
---------------------------
Panmure Gordon - Joint Broker +44 207 886 2500
---------------------------
John Prior / Hugh Rich
---------------------------
Canaccord Genuity - Joint Broker +44 207 523 8000
---------------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
---------------------------
Alma PR - Financial Media & Investor Relations +44 203 405 0205
---------------------------
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
---------------------------
+44 207 457 2381 / +44 788
Instinctif - General Media Enquiries 788 4794
---------------------------
Chris Speight / Tim Field EQTEC@instinctif.com
---------------------------
About the Project
The Project Site is in a heavily industrialised area, adjacent
to major plant facilities and estates, including those of CF
Fertilisers UK Limited, Seqens Group pharmaceuticals and many
others. Through its wholly owned project SPV, Haverton WTV, the
Company has secured all relevant permits and permissions to build a
refuse-derived fuel ("RDF")-to-combined heat and power ("CHP")
facility that would transform 200,000 tonnes per year of RDF into
up to 25MW of electricity for export to the national grid, with the
potential for creating up to 34MW of thermal energy. The Company
has agreed favourable heads of terms for over 250 per cent of its
required volume of feedstock, secured the contract for a grid
connection and is now pursuing discussions with neighbouring
companies about provision of private wire offtake.
On 13 December 2021, the Company confirmed it was investigating
new offtake opportunities for the Project and that it was working
with partners toward feasibility work. On 18 July 2022, the Company
announced that it had selected Petrofac as its front-end
engineering design ("FEED") contractor, further confirming that,
following full review of multiple financial models for the Project,
technical feasibilities and updated site drawings, the Company and
its partners were considering a range of additional facilities
including for hydrogen production, battery storage and/or hydrogen
refuelling. All such options would be subject to further planning
permission and agreement of future owners of the Project, which the
Company intends to sell in whole or in part.
The primary focus of the Company now is pursuit of Project
investors to support FEED work on the CHP facility and development
of the several other potential facilities on the site.
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
.
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END
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December 20, 2022 02:00 ET (07:00 GMT)
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