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Share Name Share Symbol Market Type Share ISIN Share Description
Eqtec Plc LSE:EQT London Ordinary Share IE00BH3XCL94 ORD EUR0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.345p 0.34p 0.35p 0.345p 0.345p 0.345p 550,000 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 0.0 -1.6 -0.0 - 6.91

EQTEC PLC Billingham Energy Project MOU

08/05/2019 8:14am

UK Regulatory (RNS & others)


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RNS Number : 3404Y

EQTEC PLC

08 May 2019

8 May 2019

EQTEC plc

("EQTEC" or the "Company")

Billingham Energy Project MOU with COBRA and Scott Bros

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has entered into a conditional Memorandum of Understanding ("MOU") with COBRA Instalaciones Y Servicios ("COBRA"), the Company's strategic partner for the development of the waste-to-energy projects, and Scott Bros. Enterprises Limited ("Scott Bros") (together, the "Parties") to jointly develop the proposed up to 25 MW Billingham Energy waste gasification and power plant in Haverton Hill, Billingham, UK (the "Project"). The Project is anticipated to process 200,000 metric tons per annum of refuse derived fuel from municipal waste ("RDF").

Pursuant to the MOU, EQTEC will act as lead developer and technology provider for the Project. EQTEC will also provide its engineering, design and technology expertise to the Project, and will work alongside COBRA to produce the full engineering, procurement and construction ("EPC") and operations and maintenance ("O&M") offer for the Project.

Ian Price, CEO of EQTEC, commented:

"We are extremely happy to have executed the MOU, representing our first deal with COBRA, our major strategic partner. This has the potential to be a flagship project of significant scale, with the intention to process at least 200,000 metric tons per annum of RDF, with an estimated project value in the range of GBP150 million to GBP180 million.

"Working alongside COBRA, on a project of this magnitude as lead developer, is a major achievement for EQTEC and enables us to use our project development expertise and network to take the Project to a successful close. We look forward to providing further updates in due course.

"With our project pipeline continuously expanding and developing key strategic partnerships, we aim to deliver significant value for our shareholders with key contract wins in the near term."

Ian Fraser, Director of Scott Bros, commented:

"We are delighted to have entered into this agreement with the highly experienced EQTEC team, alongside a world class EPC Group such as COBRA. We have been working closely with local government and stakeholders to advance the Project, which has included securing the planning for the Project. This type of infrastructure development will bring significant benefits and investment in the local community and we are very happy to play a part in it."

Details of the MOU

The MOU sets out the basis on which the Parties will collaborate to advance the Project.

EQTEC will act as the lead developer and technology provider to the Project, as well as providing its engineering, design and technology expertise. EQTEC will work alongside COBRA to produce the full EPC and O&M offering for the Project as well as seeking to secure the necessary funding for the construction and development of the Project, through the introduction of third-party equity and debt investors ("Financial Close").

Financial Close is conditional on, inter alia, the completion of due diligence on the Project, execution of definitive agreements between the Parties, the necessary funding being secured and the EPC and O&M contracts having been entered into. Scott Bros will assist both EQTEC and COBRA with all documentation and additional permitting required for the Project and will also be entitled to a developer's fee payable on Financial Close.

The MOU is subject to an exclusivity period of six months, which can be extended by the mutual consent of the Parties.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries

 
 EQTEC plc                              +353 (0)21 2409 056 
 Ian Price - Chief Executive Officer 
  Gerry Madden - Finance Director 
 Strand Hanson - Nomad, Financial 
  Adviser & Broker                      +44 (0) 207 409 3494 
 James Harris/Richard Tulloch/Jack 
  Botros 
 IFC Advisory - Financial PR & IR       +44 (0) 203 934 6630 
 Tim Metcalfe / Miles Nolan / Zach 
  Cohen 
 

Notes to Editors

About EQTEC plc

EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services. EGT enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.

EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and brings together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.

The Company is quoted on AIM and trades as EQT. Further information on the Company can be found at www.eqtecplc.com.

About Cobra Instalaciones y Servicios SA

COBRA is engaged in the engineering, construction, operation, installation and maintenance of industrial and energy infrastructures for clients in the Americas, Europe, Africa, Asia and Oceania. The company's main business areas are renewable energy and the environment; industrial engineering and plants (EPC projects); electric networks and infrastructures, installations, assemblies and services; and technologies and services.

The COBRA Group was founded in 1944 and is based in Madrid, with presence in over 70 countries worldwide, more than 35,000 employees and a turnover in excess of EUR3 billion in 2017. Further information on the company can be found at www.grupocobra.com.

About Scott Bros

Based in Stockton-on-Tees, Scott Bros is a wholly owned subsidiary of Scott Bros. Holdings Limited. Scott Bros. Holdings was founded in 1971 and is a well-established haulage and plant hire business, with a long history of working with the local community and local government, investing in environmental solutions.

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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May 08, 2019 03:14 ET (07:14 GMT)

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