EQTEC PLC EQTEC technology selected for two US Power Plants (6321B)
24 September 2018 - 4:01PM
UK Regulatory
TIDMEQT
RNS Number : 6321B
EQTEC PLC
24 September 2018
24 September 2018
EQTEC plc
("EQTEC" or the "Company")
EQTEC selected as exclusive technology supplier for two Power
Plants in USA
MOU signed with Phoenix Energy for two contracts totalling
approximately EUR10 million
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, is pleased to announce that it has
signed a Memorandum of Understanding ("MOU") with Phoenix Biomass
Energy ("Phoenix"), a California based power company, to supply its
proprietary EQTEC Gasifier Technology ("EGT") for two power plants
in California, USA.
Ian Price, CEO of EQTEC plc, commented: "We are delighted to be
the exclusive supplier of technology to Phoenix Energy. The USA is
a key country for waste to gasification technology and we are
excited to be entering this market with our first project with
Phoenix Energy.
"These Californian projects are exciting opportunities for EQTEC
and we're extremely proud to be selected by Phoenix. This
demonstrates the flexibility of EQTEC technology and our ability to
be commercially competitive in delivering projects of differing
scale and operating on many fuel types globally.
"We are pleased to have been chosen by Phoenix Energy for the
Californian projects and our new relationship with them supports
our goal in making EQTEC the industry leader of energy from waste
technology. The Company continues to make good progress in pursuing
significant opportunities in the near term and we hope this is the
start of a significant growth period for EQTEC."
Key Elements of the MOU
-- Two contracts collectively are expected to be valued in the region of EUR10 million
-- Phoenix considers EQTEC as the exclusive technology supplier
of a 2MWe gasification plant and a 3MWe gasification plant for the
12 months from the date of the MOU
-- Phoenix is responsible for obtaining the permits, licences
and authorisations ("PLA"), Power Purchase Agreements ("PPA") and
Feedstock Agreements for both projects which are anticipated to be
in place in Q4 2018
-- Phoenix or any third party associated to Phoenix to provide
the necessary equity and debt financing for the projects
-- Financial close is expected in late Q4 2018 and the purchase
contracts executed shortly thereafter
Subject to the outcome of these first two projects, Phoenix has
indicated their desire to utilise EQTEC technology and equipment on
other future projects in the USA in respect to its development
pipeline that utilises gasification technology.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
-Ends-
Enquiries
EQTEC plc +353 (0)21 2409 056
Ian Price - Chief Executive Officer
Gerry Madden - Finance Director
Northland Capital Partners Limited - Nomad
and Joint Broker +44 (0)20 3861 6625
Tom Price / Dugald J. Carlean
VSA Capital Limited - Financial Adviser and
Joint Broker +44 (0)20 3005 5000
Andrew Monk / Andrew Raca
Luther Pendragon - Financial PR +44 (0)20 7618 9100
Harry Chathli / Alexis Gore
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 Phoenix Energy
Phoenix Energy is a US based private label power company that
builds, owns and operates on-site biomass gasification plants in
partnership with businesses in the Agricultural, Waste, and
Forestry industries. Phoenix Energy helps its partners become their
own energy provider, selling energy at retail rates. Phoenix Energy
is first and foremost a distributed generation ("DG") power company
that sells KW over iron. They combine proven technologies to
provide themselves, their partners, and their customers with
profitable on-site power.
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END
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