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(Alliance News) - Eqtec PLC said on Wednesday it has agreed to sell its 95% interest in French market development centre firm Grande-Combe SAS to Idex.
Shares in Eqtec were up 36% at 0.18 pence in London on Wednesday morning.
Eqtec is a London-based technology firm which focuses on distributed, decarbonised, new energy infrastructure via waste-to-value solutions for hydrogen, biofuels, and energy generation. Idex is a France-based company that develops local energy and carbon-free infrastructure.
Eqtec will retain a 5.0% interest. It will receive EUR750,000 after the completion of the transaction. It is also eligible for additional payments up to full commissioning of the France market development centre, for a total of up to EUR750,000.
In addition, it may also need fees for engineering services, equipment, commissioning and licensing from the fourth quarter of 2024 to the first quarter of 2025. This could amount to up to EUR15 million.
It is entitled to use the French site for one prospective client visit per month, with more visits possible under specific terms.
Chief Executive Officer David Palumbo said: "With the strength and track record of Idex alongside Eqtec's disruptive technology, this agreement and our growing partnership represent joint leadership in the exciting and diverse market for renewable energy in France. We believe this deepening relationship will result in more plants in France in years to come."
By Will Neill, Alliance News reporter
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