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(Alliance News) - EQTEC PLC on Friday said it has signed a call option and exclusivity agreement for the acquisition of land on which a 25 megawatts electrical waste gasification and power plant at Billingham in north east England is set to be constructed.
The consideration for the grant of the option is GBP260,000, and the option itself can be exercised at any time before the end of February 2021.
The option will ensure that the purchase price for the project site in Haverton Hill Billingham will be GBP8.6 million, and that the seller does not enter any agreement or negotiations with other parties concerning the project site.
The project in question is currently under review by a European owner-operator of waste-to-energy infrastructure, which is expected to provide financing for the project's construction phases and commercial operation.
Should financing be provided, EQTEC will act as the co-developer for the project, providing the design and core advance gasification technology.
"We are pleased to have signed this call option and exclusivity agreement to acquire the project site after completing our due diligence, making good progress on financing discussions, and shortlisting EPC companies for the project. We estimate that, with the application of EQTEC's advanced gasification technology, the project would convert 200,000 tonnes per year of non-recyclable everyday household and commercial waste otherwise destined for landfill or incineration," said Chief Executive Officer David Palumbo.
Shares in EQTEC were up 5.2% at 1.22 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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