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Kibo Energy PLC - Africa- and UK-focused energy company - Inks heads of terms with Eqtec PLC - a Cork, Ireland-based gasification solutions company - to acquire a 54.54% interest in the proposed 25 megawatt electric Billingham waste gasification and power plant at Haverton Hill, Teesside in the UK. Eqtec will retain 45.46% equity in the project.
Kibo's initial funding contribution will be GBP3 million paid as an equity subscription, plus convertible shareholder loan facilities.
The project is at advanced stages of development with a concept design for the full plant produced, planning permission approved, grid connection offer secured and technical due diligence with technology insurance providers completed.
Eqtec will remain as the lead development manager.
Current Kibo stock price: 0.26 pence, up 14% on Thursday
Year-to-date change: up 36%
Current Eqtec stock price: 1.21p, down 2.9% on Thursday
Year-to-date change: down 53%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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