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LONDON (Alliance News) - EQTEC PLC on Tuesday said it has signed its first equipment purchase contract with Phoenix Energy for a power plant in California.
The stock was trading 50% higher on Tuesday at 1.76 pence a share.
The technology company said the contract follows a memorandum of understanding signed with power company Phoenix at the end of September.
Under the agreement, EQTEC will supply its gasifier technology for two power plants in California, expected to be valued in the region of EUR10 million.
EQTEC also anticipates the contract to start generating revenue during the first half of 2019, continuing through the second half and then into the entirety 2020.
Phoenix will be the first EQTEC customer in the US to utilise its gasification-to-energy technology and the company expects this will lead to further opportunities throughout the US market.
"This is a landmark deal for EQTEC which highlights the global reach of our technology," said EQTEC Chief Executive Ian Price.
"EQTEC's expanding portfolio of projects continues to present significant near-term revenue generating opportunities for the company. Our aim is to grow EQTEC into a market leading FTSE listed company," added Price.
