REG - EQTEC PLC - Deeside Project Update and Extension to SPA

EQTECAnnouncement

30/06/2022 07:16

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RNS Number : 7251Q  EQTEC PLC  30 June 2022

30 June 2022

EQTEC plc

("EQTEC", the "Company" or the "Group")

 

Deeside Project Update and Extension to Share Purchase Agreement

 

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 confirms that, further to its announcement on 1 April
2022, Deeside WTV Limited ("Deeside WTV"), a wholly owned subsidiary of EQTEC,
and Logik Developments Limited ("Logik") have reached an agreement to further
extend the date for completing the  share purchase agreement signed by
Deeside WTV and Logik on 7 December 2020 (as amended by the supplemental
agreement announced on 6 December 2021 and further amended by the supplemental
agreement announced on 1 April 2022) (the "SPA") to 31 August 2022.  The SPA
relates to the currently approved 182,000 tonne waste reception plant along
with 2 MW anaerobic digestion facility and a 9.9 MWe EQTEC Advanced
Gasification Technology facility, (the "Project") at Deeside, Flintshire, UK.

 

Project progress

The Company is in the final stage of discussions to appoint Black and Veatch,
a global engineering, procurement, consulting and construction company
specialising in sustainable infrastructure development, for the powertrain
FEED (front end engineering design) which follows the EQTEC gasification
plant.

 

Discussions with shortlisted technology partners and EQTEC are ongoing, in
order that the selected companies can provide their technical and commercial
proposal for the downstream technology to convert syngas into hydrogen.

 

Ongoing discussions with development and infrastructure investors, as well as
owner-operators for a minimum of £15 million sale of the Project SPV are
progressing with a number of parties engaged at due diligence stage.

 

Further information about the Project

 

EQTEC is lead developer and technology provider for the Project in partnership
with Logik and Anaergia Inc. through the Project SPV. As announced on 28
October 2021, Flintshire County Council's Planning Committee has resolved to
grant planning permission for the proposed 9.9 MWe plant to enable a complete
and local waste-to-energy solution, combining a 182,000 tonne waste reception
plant along with 2 MW anaerobic digestion ("AD") and EQTEC Advanced
Gasification Technology. The planning authority's decision follows its prior
approval of the site for the original plan of a recycling and AD
facility. Additionally, through the Project, EQTEC and Toyota are exploring
an innovative, circular and sustainable waste-to-energy solution for Toyota's
engine manufacturing plant in Deeside. The site is currently on 6.27
hectares of land off Weighbridge Road on Deeside Industrial Estate, one of
Europe's largest such industrial sites. The Project site is wholly owned by
the Project SPV (acquired December 2020) and was formerly a Gaz de France
power station.

 

The Project is one of three waste-to-energy/fuel projects that the Group is
developing in the UK, including at Billingham, Teesside and Southport,
Merseyside.

 

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                                                     +44 203 883 7009
 David Palumbo / Nauman Babar

 Strand Hanson - Nomad & Financial Adviser                     +44 20 7409 3494
 James Harris / Richard Johnson

 Arden Partners - Joint Broker                                 +44 20 7614 5900
 Ruari McGirr (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 (mailto:EQTEC@almapr.co.uk)

 Instinctif - General Media Enquiries                          +44 (0) 20 7457 2381 / +44 (0) 7887 884794
 Chris Speight / Tim Field                                     EQTEC@instinctif.com (mailto:EQTEC@instinctif.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
(http://www.eqtec.com/) .

 

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