EQTEC PLC - Cork, Ireland-based gasification technology solutions company for sustainable waste-to-energy project - Subsidiary Haverton WTV Ltd signs conditional purchase agreement with Scott Bros Enterprises Ltd for the land on which the proposed Billingham waste gasification and power plant at Haverton Hill, England will be constructed. Says it will pay GBP8.6 million. A deposit amount of GBP260,000, from which the existing exclusivity payment of GBP100,000 will be deducted, is due immediately. Balance of GBP8.3 million is payable at purchase completion, which must occur on or before 12 months from the date of the land purchase agreement signing.
"We are assembling the optimal construction resources and delivery model for the project. The acquisition of the project site means we remain on track to deliver the UK's first sustainable waste-to-energy plant using EQTEC's leading advanced gasification technology and solutions. The project is expected to create jobs and deliver environmental and economic improvements to the local community as well as, we believe, attractive returns for our shareholders," says Chief Executive David Palumbo.
Current stock price: 1.96 pence
Year-to-date change: down 24%
By Zoe Wickens; zoewickens@alliancenews.com
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Eqtec (EQT)