RE: Scott Brothers3 Sep 2020 12:52
RNS 23/6
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces that, further to the Company's announcements of 8 May 2019 and 23 October 2019, of the signing and extension of a conditional Memorandum of Understanding ("MOU") with COBRA Instalaciones Y Servicios ("COBRA"), the Company's strategic partner for the development of waste-to-energy projects, and Scott Bros. Enterprises Limited ("Scott Bros") (together, with EQTEC, the "Parties") to jointly develop the proposed up to 25 MW Billingham Energy waste gasification and power plant in Haverton Hill, Billingham, UK (the "Project"), the Parties have agreed to further extend the exclusivity period of the MOU until 22 September 2020.
Subsequent to the previous extension to the MOU (as announced on 23 October 2019), the Company commenced discussions with potential co-developers and funders to the Project, a number of which are progressing well. EQTEC also instructed and paid the grid operator, Northern Powergrid, to provide a full quotation for the grid connection, which has been received by the Company. The Company also initiated technical due diligence with potential funders and insurance providers, which is ongoing.