TIDMEQT
RNS Number : 9370V
EQTEC PLC
16 December 2021
GENERAL TEXT AMMENT
The following amendment has been made to the 'Strategic
Partnerships Update' announcement released on 16 December 2021 at
7:00 am under RNS No 8082V.
The number of New Ordinary Shares that will rank pari passu with
the existing Ordinary Shares has been corrected to 35,600,000 .
All other details remain unchanged.
The full amended text is shown below.
16 December 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
Strategic Partnerships 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
provide the following update on new and existing Collaboration
Framework Agreements ("CFAs").
H2 Energy Solutions
The Company is entering into a CFA with H2 Energy Solutions Ltd
("H2"), a hydrogen technology investment and project development
business headquartered in Germany. The Company and H2 (together,
the "Parties"), will collaborate to develop opportunities for
deployment of waste-to-hydrogen capabilities and other
opportunities, particularly in Germany and Turkey (the
"Territory").
The announcement comes as the Company pursues growing demand for
a range of offtake applications based on EQTEC's versatile
synthesis gas ("syngas"). The Company recently announced
exploration of new offtake potential at its Billingham, Teesside
project and at its Deeside, Flintshire project, with the latter
focused on feasibility for hydrogen production. On 26 November
2021, the Company announced a Strategic Collaboration Agreement
with engineering leader Wood for joint development of go-to-market
technology solutions for synthetic natural gas ("SNG") and hydrogen
production.
Highlights:
-- The objectives of the CFA with H2 include joint sourcing of
project opportunities and collaborative development of projects in
the Territory, as well as consideration of other commercial
opportunities beyond the Territory;
-- The CFA does not specify commercial terms, but a joint
strategic intent with supporting governance; any project developed
through the collaboration would be subject to commercial terms and
contracts common in the sector and appropriate to the relevant
jurisdiction(s);
-- The Parties will focus their efforts on a select project
portfolio in the Territory toward integration of EQTEC's Advanced
Gasification Technology for Combined Cooling Heat and Power and
syngas-to-chemical (e.g., hydrogen, SNG) applications;
-- For the Company, H2 will be a go-to-market partner in the
Territory, with a particular focus on on-premise, industrial
solution opportunities;
-- EQTEC will provide project development, technology solutions,
engineering and technical design services as well as commercial
modelling for solution types; and
-- As immediate pursuits, the Parties have identified two
opportunities in Germany and are qualifying them now.
The Company will provide further updates as opportunities
progress through the collaboration.
MetalNRG
The Company is pleased to announce an enhancement to its
existing Framework Partnership Agreement ("FPA") with MetalNRG plc
(LON:MNRG) ("MetalNRG"). The FPA was announced on 22 March 2021
with the Company's proposed acquisition of GBP500,000 worth of
MetalNRG shares, which completed in May 2021. On 21 June 2021,
MetalNRG was confirmed by the Company as a consortium partner with
EQTEC and two other investors for repowering, owning and operating
the Italia MDC biomass-to-energy plant in Tuscany, Italy.
Highlights:
-- In a share-for-share exchange, MetalNRG will issue
100,000,000 MNRG shares to EQTEC which, at the mid-market closing
price of MetalNRG shares on 15 December 2021, equates to a
consideration of GBP295,000. In return, the Company will issue
23,600,000 new ordinary shares in the Company ("Consideration
Shares") to MetalNRG which, at the mid-market closing price of
EQTEC shares on 15 December 2021 equates to a consideration of
approximately GBP295,000;
-- MetalNRG will issue EQTEC with 50,000,000 warrants with an
exercise price of 0.45p and a maturity date three years from the
date of issue;
-- Once completed, the share swap between the Parties will see
the Company's investment in MetalNRG increase to 160,606,061
shares, representing 14.1% of MetalNRG's issued share capital;
and
-- The Company continues to retain its right to appoint a
director to the MetalNRG Board of Directors and expects to exercise
that right in the first half of 2022.
This expanded arrangement strengthens ties between the Parties,
as MetalNRG continues to invest, develop and deliver sustainable,
shovel-ready green energy projects, with a specific focus on
biomass and waste-to-energy projects in the UK and Europe, to
reduce CO2 emissions and contribute to the achievement of 2050 Net
Zero goals, whilst working with EQTEC as a leading technology and
innovation partner.
Exercise of warrants, Admission and total voting rights
Warrants over 12,000,000 New Ordinary Shares have been exercised
("Warrant Shares"). The aggregate gross proceeds of these exercises
receivable by the Company amount to GBP30,000.
The Company will make an application to the London Stock
Exchange plc for the Warrant Shares and the Consideration Shares,
being in aggregate, 35,600,000 new Ordinary Shares, to be issued
and allotted set out above, to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings will commence on or around 21 December 2021. The
35,600,000 New Ordinary Shares will rank pari passu with the
existing Ordinary Shares.
Following Admission, there will be 8,599,024,926 Ordinary Shares
in issue. This number may be used by shareholders as the
denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company.
David Palumbo, CEO of EQTEC, commented:
"Throughout 2021, the importance of forming and working within
robust, strategic collaboration agreements has been a key enabler
of EQTEC's strategic growth. These agreements have and will
continue to deliver investment, new opportunities and capabilities
with financing, complementary technologies, and EPC, allowing us
and our partners to explore, qualify and launch in new markets. I
look forward to our strengthened working relationship with MetalNRG
as they support us with identifying and qualifying new projects and
I am eager to collaborate with H2 to expand the geographical reach
and application breadth for our highly versatile, waste-to-syngas
capabilities for hydrogen and beyond."
More information
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
-----------------------
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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END
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