EQTEC PLC EQTEC signs Agreement with Phoenix Energy (8762Z)
22 May 2019 - 9:27PM
UK Regulatory
TIDMEQT
RNS Number : 8762Z
EQTEC PLC
22 May 2019
22 May 2019
EQTEC plc
("EQTEC" or the "Company")
EQTEC signs Framework Agreement with Phoenix Energy
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, is pleased to announce that,
further to its announcement of 15 May 2019, it has signed a
Framework Agreement ("the Agreement") with Phoenix Biomass Energy,
Inc. ("Phoenix"), a California based power company that builds,
owns and operates on-site biomass gasification plants in
partnership with businesses in the Agricultural, Waste, and
Forestry industries.
Under the Agreement, the parties will seek to jointly develop
biomass gasification power projects in the US, with five projects
having already been identified. The target projects will generally
be 2 to 3MW in size, with an estimated project value between US$15
and US$20 million each. Pursuant to the Agreement, once the parties
have agreed to proceed with a project, EQTEC will provide its
proprietary Gasifier Technology ("EGT"), together with technical
design and engineering for the power plants and the parties will
work together to secure the necessary funding to develop such
projects.
The Agreement builds on the Company's strategy to focus on the
recovery of clean energy from biomass, one of its three key
verticals as announced on 15 May 2019. It also builds upon the
existing relationship with Phoenix, as announced on 24 September
2018, with Phoenix already having chosen EQTEC's EGT for two power
plants in California, with the design work for the first power
plant having already been completed.
Phoenix, having carried out extensive technical due diligence on
EQTEC's EGT over the previous months, has confirmed that EGT is
well positioned to address the requirements of their market and
following a joint review of the Californian and US Biomass Markets,
the parties have identified significant revenue generating
opportunities which they wish to capitalise on in the near term.
This includes developing biomass and waste gasification power
plants and selling and distributing energy.
Ian Price, CEO of EQTEC, commented:
"Phoenix has a track record of successfully delivering projects
in California and the wider US and we are very pleased that our
initial technical and commercial interactions have led to this
important Agreement. It presents a perfect opportunity to combine
our experiences and expertise to expand our reach, open new doors
and bring further revenue generating opportunities to apply our EGT
in the Biomass to Energy sector in California and throughout the
US. As announced in our Business Strategy Update, the Board
believes that developing key partnerships with proven
counterparties with a secured projects pipeline is the most
effective way to deliver multiple projects."
Gregory Stangl, CEO of Phoenix Energy, said:
"Having worked closely with EQTEC on our initial projects, we
are delighted to be taking our relationship to the next level with
the signing of the Agreement, as we seek to jointly exploit what we
know to be significant opportunities for both parties in the
Californian and US Biomass Distributed Energy markets."
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 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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