Last checked at 27 Feb 2018 07:00
27 February 2018
EQTEC plc
("EQTEC" or the "Company")
EQTEC signs Strategic Alliance Agreement with COBRA
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has signed a Strategic Alliance Agreement ("the Agreement") with Cobra Instalaciones Y Servicios SA ("COBRA"), a worldwide leader in developing, building and operating infrastructure projects, to identify and collaborate on waste-to-energy projects that will utilise the Company's proprietary EQTEC Gasifier Technology ("EGT"). EGT has been developed over 20 years and has over 70,000 operating hours on commercial projects.
The signing of the Agreement follows extensive technical due diligence carried out on EGT over the last few months which confirmed EGT's ability to outperform comparative technologies. The confidence in the performance, costs and efficiency projections has prompted both companies to commit resources to jointly construct and operate large scale commercial waste-to-energy projects ("the Projects").
Under the terms of the Agreement, COBRA will be the EPC Contractor for the engineering, procurement and construction ("EPC") for the whole power plant of the Projects and will exclusively use EGT for the gasification and gas cleaning process.
EQTEC and COBRA will review each new opportunity identified on a project-by-project basis to assess the best use of EGT for the project, which could include electricity generation, heat supply and/or Combined Cooling, Heat and Power ("CCHP"). EQTEC will provide the basic and detailed engineering and technical design for the EGT gasification package, performance warranties on generated gas, together with the equipment agreed, dependent on the particular project. If required, COBRA will also seek to attract external financing resources to develop and implement the Projects.
EQTEC and COBRA are currently identifying opportunities in UK and the Company will update shareholders in due course.
Luis Sanchez, CEO of EQTEC plc, commented: "COBRA has an extensive track record of successfully delivering projects in the Americas, Europe, Africa, Asia and Oceania and we are pleased that they have validated the superior performance of our proprietary technology. The agreement presents a perfect opportunity to combine our experiences and expertise to expand our reach, open new doors and bring further opportunities to utilise EQTEC Gasifier Technology around the globe and for large-scale projects of over 50 MWe output."
Enquiries
EQTEC plc | +353 (0)21 2409 056 |
Luis Sanchez - Chief Executive Officer Gerry Madden - Finance Director |
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Northland Capital Partners Limited - Nomad and Joint Broker | +44 (0)20 3861 6625 |
Dugald J. Carlean / Tom Price |
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SVS Securities Plc - Joint Broker | +44 (0)20 3700 0093 |
Tom Curran / Ben Tadd |
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VSA Capital Limited - Financial Adviser and Joint Broker | +44 (0)20 3005 5000 |
Andrew Monk / Andrew Raca |
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Luther Pendragon - Financial PR | +44 (0)20 7618 9100 |
Harry Chathli / Alexis Gore / Ana Ribeiro |
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Notes to Editors
About Cobra Instalaciones y Servicios SA
COBRA (ACS Group) is engaged in the engineering, construction, operation, installation and maintenance of industrial and energy infrastructures for clients in the Americas, Europe, Africa, Asia and Oceania. The company's main business areas are renewable energies and the environment; industrial engineering and plants (EPC projects); electric networks and infrastructures, installations, assemblies and services; and technologies and services.
COBRA was founded in 1944 and is based in Madrid, with presence in 60 countries worldwide, more than 30,000 employees and a turnover in excess of 3100 million euro in 2016. Further information on the Company can be found at www.grupocobra.com
About EQTEC plc
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services. EGT enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.
EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and bring together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further information on the Company can be found at www.eqtecplc.com.