Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
EQTEC's strong track record, with thousands of hours of operating data, currently operational commercial plants, and a plant under construction in California, all help us to accelerate our own project development and execution.
David Palumbo, Group CEO, commented:
"EQTEC's syngas technology, modular build and limited footprint are attractive to many developers working in island environments, and we have been approached by a range of local authorities and developers from island communities in the Caribbean, the Mediterranean and elsewhere. This opportunity in Hawaii is the one moving first and fastest. We are happy to work with SEL which has shown itself to be extremely well organised, well mobilised and capable of driving this relatively small-scale project forward with pace and purpose. We look forward to seeing EQTEC technology help solve the dual problems of waste management and energy generation in island environments, and hope that this Agreement opens a range of new opportunities for us."
Joelle Simonpietri, President, Simonpietri Enterprises LLC, commented:
"We have been evaluating wood and waste gasification technology vendors for several years, searching for companies with a technical fit for our island-style waste streams as well as a record of commercial plants operating at this scale. EQTEC's strong track record, with thousands of hours of operating data, currently operational commercial plants, and a plant under construction in California, all help us to accelerate our own project development and execution. In addition, EQTEC's systems and intellectual property are complementary with our own proprietary techniques for gasification of difficult waste streams like construction and demolition debris including treated, painted, and resinated lumber. That EQTEC's team is fast, thorough, experienced, and easy to work with are other bonuses for us. We are happy to select EQTEC for our inaugural project in Hawaii."
New Low-Cost Revolving Credit Facility
Trident Royalties Plc (AIM: TRR, OTC: TDTRF) is pleased to announce that it has entered into a commitment letter with BMO Capital Markets and CIBC for a new US$40 million revolving credit facility (the "RCF"), with an option to increase the facility to US$60 million via an accordion feature. The proceeds will be applied to retire the existing US$40 million secured debt facility provided by Macquarie Bank Limited.
The key terms of the new RCF are:
- US$40 million senior secured revolving credit facility;
- Additional US$20 million accordion feature, allowing further debt capacity, subject to certain conditions;
- Interest coupon of SOFR plus 2.5 - 4.5% (depending on leverage ratios), resulting in interest savings of up to US$1.3 million per annum if fully drawn, relative to current SOFR plus 5.75% rate1;
- Revolving facility, with flexibility to be drawn and repaid, with the undrawn portion only subject to a standby fee of 0.88% - 1.58% per annum, providing further savings relative to the current fully drawn term facility;
- Three-year term, with a one-year extension option.
Closing and drawdown of the RCF are expected in early Q1 2024 and are subject to the execution of definitive documentation and related security, and other conditions customary for a financing of this nature. Net debt currently stands at approximately US$21 million, post completion of the Antler acquisition.
Adam Davidson, Chief Executive Officer of Trident commented:
"This refinancing marks a key step in Trident's evolution, as we develop our capital structure by introducing a flexible lower-cost debt facility which has the potential to expand to support future acquisitions. Lowering our cost of capital directly improves our competitiveness, increasing our ability to deploy capital to drive value accretive growth. We are delighted to have the support of both BMO and CIBC, who are leading financiers to the sector and share our long-term vision for building a substantial diversified mining royalty business."
Yoel Alemán, CTO of EQTEC, commented:
"This has been a comprehensive and highly iterative process for us that has resulted in a successful set of certifications for our business. I am proud of the team's efforts and collective action to achieve these and believe that our continuous improvement of our standards into the future will support higher quality work and therefore business success."
Jeff Vander Linden, COO of EQTEC, commented:
"On the one hand, the top-tier customers and suppliers we are targeting expect such certifications from their partners; but on the other hand, the hard work invested by the team in these certifications also supports our execution capability and establishment of a standard platform for more rapid growth and scale in future."
David Palumbo, CEO of EQTEC, commented:
"We have already noted that our go-to-market focus will increasingly shift from geography per se, toward strong, capable partners able to mobilise funding and apply professional disciplines for stable, steady progress with projects integrating EQTEC technology. We see Tresca as another such partner, with its long track record of successful and steady growth across a number of sectors in a number of geographies. We are delighted to cement this Agreement with Tresca, especially with at least one project already in mind for active collaboration with them in the near future. For EQTEC, this Agreement represents another step forward with our strategy of safeguarding our role as innovator and technology licensor, with another partner who can assure our technology is professionally deployed for maximum impact as new energy infrastructure."
Francisco Carro, CEO of Tresca Energía, commented:
"We are pleased to formalise this cooperation. Tresca has a growing capability to build facilities that produce biomethane by converting biomass to syngas, so our need for technologies that can do this reliably is growing. We are convinced that EQTEC will provide us with a modular and scalable capability that we can replicate in many of our future projects, starting with a biomass-to-RNG plant near our base in León, Spain."
Collaboration Framework Agreement with Tresca Energía
EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, is pleased to announce that it has signed a Collaboration Framework Agreement (the "Agreement") with Tresca Energía S.A. ("Tresca"), a Spain-based engineering group, infrastructure developer and project manager with a particular interest in applying EQTEC technology to advanced biofuels solutions. The Agreement specifically identifies a first project for the collaboration, which would be a facility in Castilla y León, Spain (the " Project") that would convert approximately 50,000 tonnes per year of biomass into renewable natural gas ("RNG"). The Project, which currently is progressing its feasibility phase, has already secured interest from a main Spanish bank to provide the funding together with offtake terms from a large gas grid operator.
Through the Agreement, the Company and Tresca (together, the "Parties") will collaborate on joint development and qualification of pipeline opportunities through integrated teams that combine EQTEC's technology and engineering capabilities with Tresca's expertise developing renewable energy projects and its access to funders, infrastructure investors and offtakers. The Parties have a particular interest at present in pursuing projects focused on RNG or methanol generation from synthesis gas ("syngas") produced through EQTEC's patented and proprietary technology.
Tresca is a development, project management and engineering company with 20 years' experience managing infrastructure projects across more than 30 countries in Europe, South America, Africa, the Middle East and Asia. It is active in energy, hydrogen technology, chemistry and several other complementary sectors. The Company views Tresca as a strong, go-to-market partner for Spain and other geographies where there is a growing need for professional development and project management in the burgeoning sector for syngas-based renewable energy.
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