David Palumbo, CEO of EQTEC, commented: We are pleased that COBRA and Scott Bros are reassured by the progress achieved by our operational team to date on this ambitious energy from waste infrastructure project.
We look forward to progressing discussions with potential funders interested to own energy infrastructure in a sector which is gaining significant traction and one which could have such an important positive environmental impact.
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces that, further to the Company’s announcement of 8 May 2019, regarding the conditional Memorandum of Understanding (“MOU”) with COBRA Instalaciones Y Servicios SA (“COBRA”), the Company’s strategic partner for the development of waste-to-energy projects, and Scott Bros. Enterprises Limited (“Scott Bros”) (together with EQTEC, 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 Parties have agreed to extend the exclusivity period of the MOU until 22 July 2020.
In accordance with the terms of the MOU, the Parties had a number of meetings to review the progress made on the Project with regard to grid connection, planning and feedstock supply. It was deemed by the Parties that progress has been satisfactory and, as a result, the Parties agreed an extension in order to further progress discussions with potential funding partners.
Ian Fraser, Director of Scott Bros, commented:
“Following our Project meetings with EQTEC, we continue to be reassured they are a team with extensive project development expertise and we are happy with the progress made to date on the Project. This has been sufficient for us to feel confident in granting an extension and looking forward to further progressing this significant development for the region.”
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