TIDMEQT
RNS Number : 2987R
EQTEC PLC
29 June 2020
29 June 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
Collaboration Framework Agreement with Carbon Sole Group
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, is pleased to announce that its
wholly owned subsidiary, Eqtec Iberia SLU, has signed a
Collaboration Framework Agreement (the "Agreement") with Carbon
Sole Group Limited ("Carbon Sole"), an Irish based group focused on
the provision of green energy solutions to the Irish market.
Under the Agreement, the Group has agreed with Carbon Sole to
jointly participate in projects in Ireland involving biogas and
district heating, waste-to-energy and other energy infrastructure
projects using EQTEC's Gasifier Technology ("EGT").
Key Elements of the Agreement
-- Carbon Sole considers EQTEC as the exclusive gasification
technology supplier and co-developer to three planned Green Energy
Parks utilising advanced biofuels, energy storage and district
heating networks, located in Ireland.
-- The first two proposed sites are already zoned for
enterprise/industrial and are suitable for heat and electricity
generation using biofuels. 25MWe grid connection contract offers
have previously been secured for each site and these will be
resubmitted.
-- The proposed plants will be designed to handle forestry and
agri-waste in line with biofuels obligation schemes and
certification requirements. Fuel will be sourced locally from
under-utilised forest waste biomass supply.
-- Carbon Sole will be responsible for obtaining the permits,
licences and authorisations, power purchase agreements and
feedstock agreements for the projects which are anticipated to be
in place by Q1 2021.
-- EQTEC and Carbon Sole will seek to develop a portfolio of
projects together, utilising EQTEC's EGT Technology.
-- EQTEC and Carbon Sole will co-operate to source the necessary
equity and debt financing for projects in the pipeline, including
project acquisition costs.
-- Carbon Sole will act as an ongoing business developer for the
Group for advanced green energy utility projects in Ireland and
will also introduce opportunities for the sale of engineering
design services provided by the Group.
-- Any project that the parties decide to take forward and
develop would be subject to a separate detailed contract and
further announcements will be made, as and when appropriate.
-- It is envisaged that EQTEC will, subject to contract, have
the option but not the obligation to obtain up to a 25% equity
interest in each project that might be progressed under the
Agreement.
-- The Agreement will be valid for a period of 24 months, unless
otherwise extended by mutual agreement.
Designs for the three initially identified bioenergy park
project, are in the process of being updated to utilise EQTEC's
technology solutions. The updated EQTEC designs are to be submitted
and intended to qualify for Irish Renewable Electricity Supports,
Advanced Biofuels Obligations, Renewable Heat and other green
Climate Action energy support schemes which, if secured, would be
expected to facilitate increased investment into a number of
project opportunities.
Carbon Sole is a Bioenergy park development and asset management
company that designs, structures and delivers green energy
projects, with a focus on decarbonising regional gateway towns
while supporting growth in employment and investment. Carbon Sole's
focus is on Green Energy Biopark projects that optimise land use,
and utilise biomass more efficiently for green electricity,
advanced biofuels, district heating and energy storage, delivering
fossil fuel energy independence, sustainability and growth to the
towns and regions, in line with Irish Government policy and EC
directives.
David Palumbo, CEO of EQTEC, commented :
"Developing partnerships with high quality and established
stakeholders in our target markets has been a key focus of EQTEC
since I joined the company. We are particularly excited about this
collaboration agreement with Carbon Sole as we rarely find a
developer with such a great understanding of the sector matched
with a thorough understanding of the energy needs of the towns and
available resources in which the projects are to be vested.
"Carbon Sole have made numerous public sector presentations and
submissions towards the decarbonisation of gateway towns and
regions, including actively participating in public sector
stakeholder steering groups and workshops in respect of Renewable
Supports and Climate Action Funding. Carbon Sole have been advising
both public and industrial sectors in Ireland on the
decarbonisation of industrial processes and energy transition for a
number of years. We enter this partnership very confident that it
will evolve beyond the current three projects under
development.
"Ireland is a very interesting market for us, offering numerous
opportunities, particularly given its unique characteristic of
being now the only EU state in the islands of the North Atlantic.
It is also the location of our corporate headquarters and we intend
to be a significant player in the decarbonisation process of its
industries."
Sean Daly, Director of Carbon Sole, commented :
"Carbon Sole Group are delighted to announce our partnership
with EQTEC focused on the development of our projects in Ireland,
starting with the regional gateway towns of Shannon and Sligo, to
the North and Mid-West of Ireland, which are strategically
important to the development of Industry clusters, employment and
living.
"EQTEC advanced technologies will be key to enable Carbon Sole
to utilise locally sourced forestry and agri-waste materials, to
deliver a mix of green energy products to meet the various energy
demands of each town in electricity, heating and transport,
securing future sustainable growth, employment and low carbon
economic development."
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 +353 21 2409 056
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser +44 207 409 3494
James Harris / James Dance / Jack Botros
Arden Partners - Joint Broker +44 207 614 5900
Paul Shackleton (Corporate) / Fraser
Marshall (Sales)
SI Capital Limited - Broker +44 148 341 3500
Nick Emerson / Jon Levinson
IFC Advisory - Financial PR & IR +44 203 934 6630
Tim Metcalfe / Graham Herring / Zach
Cohen
Notes to Editors
About EQTEC plc
EQTEC is a technology partner with proven proprietary patented
technology for waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that
have a higher efficiency product offering and are modular and
scalable from 2MW to 30MW. Of particular importance is the
versatility of our solutions to process over 50 different types of
feedstock, including municipal waste, agricultural waste, biomass
and plastics. Our solutions produce a uniquely pure high-quality
synthesis gas (syngas), that is capable of being used for the
widest applications in energy and biofuels.
Proprietary technology design together with deployment and
maintenance capabilities mitigate the risks when using third party
equipment. Our Technology Integration capabilities enable us to
lead collaborative ecosystems that build sustainable, waste
elimination and green energy infrastructure.
The Company is quoted on AIM, bears the Green Economy Mark
awarded by the London Stock Exchange and trades as EQT. Further
information on the Company can be found at www.eqtec.com .
About Carbon Sole Group Limited
Carbon Sole is a Bioenergy park development and asset management
company that designs and structures green energy projects around
available local resources and local energy needs, substituting
fossil fuels with renewable green eco-responsible alternatives that
deliver carbon neutral sustainable development, employment and
growth.
Further information on the Company can be found at
www.carbonsole.ie .
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.
END
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