TIDMEQT
RNS Number : 4206R
EQTEC PLC
01 March 2023
1 March 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
Update on share purchase agreement for Deeside project
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 confirms that, further to the Company's announcements on
30 June 2022 and 01 September 2022, Deeside WTV Limited ("Deeside
WTV"), a wholly-owned subsidiary of EQTEC, and Logik WTE Limited
("Logik WTE"), a wholly-owned subsidiary of Logik Developments
Limited ("Logik") (the "Parties") have been unable to meet by the
agreed deadline all completion requirements specified under the
share purchase agreement signed by the Parties on 07 December 2020,
and as amended by supplemental agreements announced on 06 December
2021, 01 April 2022 and 30 June 2022 (the "SPA").
Under the SPA, the Parties set out to meet a number of
objectives for development of the Deeside project (the "Project")
including the sale of Logik WTE to one or more investors. Despite
progress, a number of these objectives remain outstanding, most
notably the sale of Logik WTE. As announced by the Company on 01
December 2022, after several months the Parties were unable to
reach mutually acceptable commercial terms with an initial
investor, and the Company is responding to interest from other
prospective investors in the Project.
While the SPA has not completed on the agreed date it remains in
force and the Parties continue to discuss constructive options for
moving forward with development of the Project, in line with the
Company's stated business strategy of focusing on high-margin
technology and innovation services, engaging partners and customers
to develop and fund the capital projects that will deploy EQTEC's
technologies.
David Palumbo, CEO of EQTEC, commented:
"The Company remains highly committed to the Deeside project, to
supporting Toyota Motor Company and local communities in Flintshire
with clean, decarbonised solutions for waste management and energy
generation. We are working with Anaergia, Inc. as an important
technology partner to bring the best possible technologies to the
site. Funding the Project remains a primary focus and we believe
that working with Logik and our other partners will help us achieve
our objective. We look forward to updating the market as the
Project develops."
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
David Palumbo / Nauman Babar +44 20 3883 7009
Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard Johnson +44 20 7409 3494
Panmure Gordon - Broker
John Prior / Hugh Rich +44 20 7886 2500
Instinctif - Media & investor EQTEC@instinctif.com
relations enquiries +44 791 717 8920 / +44 788
Guy Scarborough / Tim Field 788 4794
About the Deeside project
The Deeside project (the "Project") comprises 6.27 hectares of
land off Weighbridge Road on Deeside Industrial Estate and adjacent
to the Toyota Deeside Engine Plant, in Flintshire, north Wales, UK,
on a site that was formerly a Gaz de France power station.
The prospective, multi-technology plant would include a material
recovery facility ("MRF") and anaerobic digestion ("AD") facility
that would deploy technologies from Anaergia, Inc. ("Anaergia"),
with an advanced thermal conversion ("ATC") facility that would
deploy EQTEC's syngas technology.
The MRF would process 182,000 tonnes per year of municipal solid
waste ("MSW"), separating recyclables and sending them off site for
processing, separating biogenic materials for processing at the AD
facility and producing refused-derived fuel ("RDF") from the
remaining materials, including plastics, for processing by the
EQTEC ATC facility. The 2.0 MW AD facility would produce 5.5
million NM3 per year of biomethane, with 17,000 MWh of the gas (c.
29%) exported to Toyota and the remainder exported to the national
grid. The 9.9 MW ATC facility would receive 77,000 tonnes per year
of RDF from the MRF and produce 77 - 87,000 MWh of electricity per
year, of which 27,000 MWh (c. 35%) would be exported to Toyota,
with the remainder exported to the national grid. There is
additional potential to apply the ATC facility to production of
hydrogen, for which initial feasibility work has been
undertaken.
At present, the Company is lead developer for the Project, in
partnership with Logik, which owns the land on which the Project is
being developed. As announced on 28 October 2021, Flintshire County
Council's Planning Committee resolved to grant planning permission
for the proposed plant. The planning authority's decision follows
its prior approval of the site for the original plan of a recycling
and AD facility.
The Project is one of three waste-to-energy/fuel projects the
Group is developing in the UK, including others at Billingham,
Teesside and Southport, Merseyside.
About EQTEC plc
As one of the world's most experienced thermochemical conversion
technology and engineering companies, EQTEC delivers waste
management and new energy solutions through best-in-class
innovation and infrastructure engineering and value-added services
to owner-operators. EQTEC is one of only a few technology providers
directly addressing the challenge of replacing fossil fuels for
reliable, baseload energy. 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, specifies and delivers clean, syngas production
solutions in the USA, EU and UK, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process 60 varieties of feedstock, including forestry
waste, agricultural waste, industrial waste 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 renewable 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 the London Stock Exchange's AIM Market
(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
.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAFAPALFDEAA
(END) Dow Jones Newswires
March 01, 2023 02:00 ET (07:00 GMT)
Eqtec (LSE:EQT)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Eqtec (LSE:EQT)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
