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(Alliance News) - EQTEC PLC on Monday said it has signed a collaboration framework agreement with German engineering procurement and construction company ewerGy GmbH.
Under the agreement, which is for a 60-month period, both companies will work together to develop projects in Greece and the Balkan region.
ewerGy will act as an ongoing business developer for EQTEC in the Balkans and in Greece and will operate as contractor and operation & maintenance partner.
EQTEC will provide engineering and technical design services as well as technology and project development support.
ewerGy and EQTEC have identified 11 potential projects, two of which are already under development. The remaining projects are under due diligence, EQTEC said, adding all the projects already have the required permits, economic feasibility studies, and secured biomass feedstock for proposed development.
"Since January, we have been working with ewerGy and its local partner, ECO Hellas, on the development of the first advanced gasification plant in Greece. This collaboration has already been very productive, and the expertise, professionalism and local know-how of ewerGy and ECO Hellas have made clear to us the value of a wider collaboration with them," said EQTEC Chief Executive David Palumbo.
Earlier in March, EQTEC signed a memorandum of understanding with ewerGy GmbH over "key terms" for the engineering design and installation of Greece's first waste-to-energy gasification plant.
EQTEC shares were trading 15% lower at 0.17 pence each on Monday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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