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(Alliance News) - Bioscience energy company Eqtec PLC announced on Monday that it has agreed to sell the Deeside project to an unnamed investor.
Based in Flintshire, UK, the project comprises 6.27 hectares of land, and includes a waste reception plant, anaerobic digestion facility, and Eqtec advanced gasification technology facility.
A key function of these facilities will be to process 182,000 tonnes per year of municipal solid waste, separating recyclables and sending them off site for processing, then producing refuse-derived fuel from the remaining materials.
Eqtec said the deal was with an unnamed "publicly quoted corporate investor", who will acquire 100% of the development company Deeside WTV and be given an option to acquire land company Logik WTE Ltd for a total of GBP15 million. Deeside WTV is a wholly-owned subsidiary of Eqtec.
Eqtec will also charge Deeside WTV up to GBP5.5 million in development services fees.
Chief Executive Officer David Palumbo said the Deeside Project has been gradually gaining momentum, and once funded should progress towards financial close. He also said he was happy to formally focus Eqtec's role on its core capabilities of technology development and engineering.
"Not only does this release us from capital investment commitments that come with sustained SPV ownership, but it accelerates progress with our business strategy, toward becoming exclusively a technology innovator and licensor," he added.
Eqtec shares were up 1.3% at 0.38 pence on Monday afternoon in London.
By Holly Beveridge; hollybeveridge@alliancenews.com
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