Business
Participation in Italian waste to energy Plant
Participation in Italian waste to energy Plant.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7515Y\n MetalNRG PLC\n 17 May 2021\n \n \n \n \n THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"EUWA\")) (\"UK MAR\"). \n \n \n \n \n \n \n \n \n 17th May 2021\n \n \n \n \n \n \n MetalNRG plc\n \n \n Participation in the recommissioning of Italian waste-to-energy plant powered by EQTEC technology\n \n \n \n \n \n \n MetalNRG Plc (Lon: MNRG) in partnership with EQTEC plc (AIM: EQT), a world leading gasification technology solutions company for sustainable waste-to-energy projects\n , is pleased to announce \n its participation in the acquisition and planned recommissioning of a 1MWe waste-to-energy plant in Italy. Originally commissioned in 2015, the plant was built around EQTEC's proprietary and patented Advanced Gasification Technology. \n \n \n \n \n \n MetalNRG will join a consortium led by EQTEC to repower, own and operate the biomass-to-\n energy plant (the \"Plant\") in Castiglione d'Orcia, Tuscany, Italy. Once operational, it is intended that the plant will transform straw and forestry wood waste from local farms and forests into green electricity and heat for use in the local community.\n \n \n \n \n \n \n \n \n Highlights:\n \n \n · \n MetalNRG will join EQTEC, which will lead a consortium with two additional partners: an Irish Family Office and an Italian Family Office (together the \"Parties\"), which will participate in a \n Special Purpose Vehicle\n (\"SPV\"), designated EQTEC Italia MDCSrl;\n \n \n · \n The Parties have signed a Heads of Terms Investment Agreement, (the \"Agreement\") for the funding of the SPV, with financial close due imminently, subject to execution of the final form agreement by the Parties. \n \n \n · \n MetalNRG will hold 26.66% equity in the SPV for an investment of Euro 700,000. The Pl...