RE: Eqt27 Feb 2019 15:49
15 January 2019
EQTEC plc
("EQTEC" or the "Company")
Contract with Phoenix Energy
EQTEC plc (AIM: EQT), the technology solution company for biomass gasification-to-energy projects, is pleased to announce that it has signed its first equipment purchase contract with Phoenix Energy ("Phoenix"), in relation to the Company's first power plant in California, USA.
The Company previously announced on 24 September 2018 that it had signed a Memorandum of Understanding ("MOU") with Phoenix, a California based power company, to supply its proprietary EQTEC Gasifier Technology ("EGT") for two power plants in California, USA, expected to be valued in the region of EUR10 million.
Converting the MOU into a first formal contract with Phoenix represents a significant milestone for EQTEC and management expect this first contract to start generating revenue during H12019, continuing through H22019 and 2020.
Phoenix will be the first customer in the USA to utilise EQTEC's gasification-to-energy technology and the Company expects that this will lead to further opportunities throughout the USA market.
Maybe they will have further opportunities to announce.