EQTEC PLC Acquisition and recommissioning of Croatia plant (2128I)
11 Agosto 2021 - 1:00AM
UK Regulatory
TIDMEQT
RNS Number : 2128I
EQTEC PLC
11 August 2021
11 August 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
Acquisition and planned recommissioning of waste-to-energy plant
powered by EQTEC in Croatia
EQTEC plc (AIM: EQT), a world-leading gasification solutions
company building a cleaner waste-to-energy industry , is pleased to
announce the completed acquisition of a 1.2 MWe waste-to-energy
gasification plant in Belišće, Croatia (the "Plant"), through
Synergy Projects d.o.o. ("Synergy Projects"), a joint venture (the
"JV") between the Company and its Croatian project development
partner Sense ESCO d.o.o. ("Sense ESCO").
Originally commissioned in 2016, the Plant was built around
EQTEC's proprietary and patented Advanced Gasification Technology.
The Plant will be recommissioned and repowered to convert forestry
wood waste from local farms and forests into green electricity and
heat for use in the local community.
Once operational, it is expected that EQTEC will become the
Plant's O&M contractor and that the Company will make it the
second of its Market Development Centres ("MDCs") and a showcase
for EQTEC's technology in a fully operational, commercial setting.
The Company's first MDC, in Tuscany, Italy, was announced earlier
this year.
Highlights:
-- The JV has signed a Share Purchase Agreement (the "Agreement")
for the acquisition and funding of the project Special Purpose
Vehicle ("SPV");
-- Once the optimal financing structure is secured for the Plant,
the Company will make further announcements and local EPC contractors
will be vetted and chosen;
-- Active discussions with investors are currently underway, toward
financial close in the coming months;
-- In the second half of 2021, a grid connection application will
be made for the Plant in Belišće;
-- The Plant is expected to be updated, recommissioned and repowered
for operations towards the end of 2022;
-- The Plant is expected to produce approximately 1.2 MW green
electricity from c. 8,000 tonnes per year of locally-sourced
wood chips and forestry waste biomass from regional forests;
-- The Company estimates that the Plant will generate an unlevered
IRR of 12% and annual EBITDA in excess of EUR850,000;
-- The contract value of EQTEC's technology sales for the Plant
is expected to be EUR1,700,000 in technology and engineering
upgrades;
-- In addition to being co-owner, operator and Advanced Gasification
Technology supplier to the Plant, EQTEC is to be contracted
as the O&M contractor after commissioning;
-- The JV acquisition of the SPV was funded by the Company via
a EUR550,000 loan and a EUR1,650,000 10-year loan provided by
a third party. Both loans are intended to be converted into
privately placed bonds to meet local corporate requirements;
and
-- The JV currently is 100% owned by the Company, with 20% equity
to be transferred to Sense ESCO after completion and an additional
20% subject to performance milestones.
David Palumbo, CEO of EQTEC, commented:
"EQTEC's joint venture with such a capable and dependable
partner as Sense ESCO provides the perfect platform for our
re-entry into Croatia, re-introducing our Advanced Gasification
Technology to sustainably transform biomass waste into energy for
local communities. The plant in Belišće, which will also be a
Market Development Centre, is the next of several EU waste-to-value
facilities we are developing to integrate our leading-edge
technology and overseeing through commissioning into live
operations ."
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 / N auman Babar
-----------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
-----------------------
James Harris / James Dance
-----------------------
Arden Partners - Joint Broker +44 20 7614 5900
-----------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
-----------------------
Canaccord Genuity - Joint Broker +44 20 7523 8000
-----------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
-----------------------
Alma PR - Financial Media & Investor Relations +44 20 3405 0205
-----------------------
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
-----------------------
+44 7554 014 188 / +44
BECG - General Media Enquiries 7867 452 269
-----------------------
Carrie Lowe / Tom Gosschalk EQTEC@BECG.com
-----------------------
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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