Last checked at 13 Jul 2020 07:00
13 July 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
Filing of legal complaint in United States
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces that lawyers acting for Aries Clean Energy LLC of Franklin, Tennessee, USA ("Aries") filed a complaint in a Californian court on 9 July 2020 (the "Aries claim"), against the Company and others, alleging patent infringement through the use of the Group's advanced gasification technology in the North Fork Community Power plant in California USA. The complaint is specific to the US only and does not extend to the Company's activities and pipeline of projects in the UK and Europe.
The Group's expert US legal counsel is advising the Group on these matters and the Board of EQTEC (the "Board") refutes any allegation that the Group's technology infringes any valid US patent and will vigorously defend it. It is the strongly held belief of the Board that the Aries claim as filed is without merit.
The Board further believes it is due to the nature of EQTEC's technological pre-eminence in the gasification of waste into energy market that the Group could be the subject of spurious and unfounded potential claims in relation to patent protection from time to time.
The Board considers the filing of this claim to be opportunistic, coming on the same day the Company announced its recent successful Placing, which is being conducted in accordance with the announcement issued by the Company on 9 July 2020. For the avoidance of doubt, the Company will strongly and robustly defend against what it believes are unfounded and vexatious actions and any such similar actions in the future and will seek redress where applicable.
Further announcements will be made in due course as appropriate.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
Enquiries
EQTEC plc | +353 21 2409 056 |
David Palumbo / Gerry Madden
| |
Strand Hanson - Nomad & Financial Adviser | +44 20 7409 3494 |
James Harris / James Dance / Jack Botros
| |
Arden Partners - Joint Broker Paul Shackleton (Corporate) / Fraser Marshall (Sales)
| +44 207 614 5900 |
SI Capital Limited - Joint Broker | +44 1483 413 500 |
Nick Emerson / Jon Levinson
| |
IFC Advisory - Financial PR & IR | +44 20 3934 6630 |
Tim Metcalfe / Graham Herring / Zach Cohen |
Notes to Editors
About EQTEC plc
EQTEC is a technology partner with proven proprietary patented technology for waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that have a higher efficiency product offering and are modular and scalable from 2MW to 30MW. Of particular importance is the versatility of our solutions to process over 50 different types of feedstock, including municipal waste, agricultural waste, biomass and plastics. Our solutions produce a uniquely pure high-quality synthesis gas (syngas), that is capable of being used for the widest applications in energy and biofuels.
Proprietary technology design together with deployment and maintenance capabilities mitigate the risks when using third party equipment. Our Technology Integration capabilities enable us to lead collaborative ecosystems that build sustainable, waste elimination and green energy infrastructure.
The Company is quoted on AIM, bears the Green Economy Mark awarded by the London Stock Exchange and trades as EQT. Further information on the Company can be found at www.eqtec.com.