TIDMMNRG
RNS Number : 7515Y
MetalNRG PLC
17 May 2021
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("EUWA")) ("UK MAR").
17(th) May 2021
MetalNRG plc
Participation in the recommissioning of Italian waste-to-energy
plant powered by EQTEC technology
MetalNRG Plc (Lon: MNRG) in partnership with EQTEC plc (AIM:
EQT), a world leading gasification technology solutions company for
sustainable waste-to-energy projects , is pleased to announce its
participation in the acquisition and planned recommissioning of a
1MWe waste-to-energy plant in Italy. Originally commissioned in
2015, the plant was built around EQTEC's proprietary and patented
Advanced Gasification Technology.
MetalNRG will join a consortium led by EQTEC to repower, own and
operate the biomass-to- energy plant (the "Plant") in Castiglione
d'Orcia, Tuscany, Italy. Once operational, it is intended that the
plant will transform straw and forestry wood waste from local farms
and forests into green electricity and heat for use in the local
community.
Highlights:
-- MetalNRG will join EQTEC, which will lead a consortium with
two additional partners: an Irish Family Office and an Italian
Family Office (together the "Parties"), which will participate in a
Special Purpose Vehicle ("SPV"), designated EQTEC Italia MDC Srl
;
-- The Parties have signed a Heads of Terms Investment
Agreement, (the "Agreement") for the funding of the SPV, with
financial close due imminently, subject to execution of the final
form agreement by the Parties.
-- MetalNRG will hold 26.66% equity in the SPV for an investment
of Euro 700,000. The Plant is expected to generate an unlevered IRR
of 20% and annual EBITDA in excess of Euro 750,000;
-- The Plant is due to be fully recommissioned and operational
by Q2 2022. Connection to Italy's national grid is already in place
and the Project will benefit from the country's favourable tariffs
for electricity produced from waste biomass until the end of
2027;
-- The Plant is expected to produce 1MW green electricity from
one tonne of straw pellets and wood chips annually and will be
upgraded to process a greater diversity of biomass feedstocks over
time;
-- EQTEC will be the co-owner, operator and Advanced
Gasification Technology supplier to the Plant and is contracted to
be the O&M contractor for the Plant following its
recommissioning; and
-- The EPC contractor for the Project will be COS.M.I. Srl
("COSMI"), EQTEC's Italian delivery partner and a company with
successful experience in building EQTEC plants.
Rolf Gerritsen, CEO of MetalNRG commented:
"I am very pleased that MetalNRG will join EQTEC and two other
partners to re-operationalise this biomass-to-energy plant in
Italy, with this project demonstrating a strong start to our
partnership with EQTEC. This is our first waste-to-energy project
and I am extremely excited by the opportunity that this sustainable
plant offers to investors, local businesses and the local
community. I look forward to working with our partners to progress
this initial project."
Further information about the consortium:
As initially announced in March 2021, the Company can now
provide an update on its Framework Partnership Agreement (FPA) with
EQTEC, which is in place to develop biomass-to-energy,
RDF-to-energy and sustainable, clean energy projects in the UK and
Europe. T o support and finalise its involvement in the consortium
and subsequent SPV for the Project in Italy, the intended share
swap between EQTEC and MetalNRG is now being completed. MetalNRG
will receive 27,932,961 new ordinary shares in EQTEC ("Ordinary
Shares") based on the market closing price of 1.79p per Ordinary
Share on Friday 7(th) May 2021, while EQTEC will receive 60,606,061
MetalNRG shares at 0.0083p which was the market closing price on
the same day.
The person who arranged for the release of this information is
Rolf Gerritsen, the Company's Chief Executive Officer.
For further information, please contact:
METALNRG PLC - Rolf Gerritsen (Chief Executive +44 (0) 20 7796
Officer) 9060
Joint Brokers:
--------------------
PETERHOUSE CAPITAL LIMITED +44 (0) 20 7469
Guy Miller / Duncan Vasey / Lucy Williams 0930
--------------------
SI CAPITAL LIMITED
Nick Emerson +44 (0) 1483 413500
--------------------
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END
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