Business
Billingham Energy Project MOU
Billingham Energy Project MOU.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 3404Y EQTEC PLC 08 May 2019 \n\n8 May 2019\n \nEQTEC plc\n \n(\"EQTEC\" or the \"Company\")\n \nBillingham Energy Project MOU with COBRA and Scott Bros\n \nEQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has entered into a conditional Memorandum of Understanding (\"MOU\") with COBRA Instalaciones Y Servicios (\"COBRA\"), the Company's strategic partner for the development of the waste-to-energy projects, and Scott Bros. Enterprises Limited (\"Scott Bros\") (together, 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 Project is anticipated to process 200,000 metric tons per annum of refuse derived fuel from municipal waste (\"RDF\").\n \nPursuant to the MOU, EQTEC will act as lead developer and technology provider for the Project. EQTEC will also provide its engineering, design and technology expertise to the Project, and will work alongside COBRA to produce the full engineering, procurement and construction (\"EPC\") and operations and maintenance (\"O&M\") offer for the Project.\n \nIan Price, CEO of EQTEC, commented: \n\"We are extremely happy to have executed the MOU, representing our first deal with COBRA, our major strategic partner. This has the potential to be a flagship project of significant scale, with the intention to process at least 200,000 metric tons per annum of RDF, with an estimated project value in the range of £150 million to £180 million. \n \n\"Working alongside COBRA, on a project of this magnitude as lead developer, is a major achievement for EQTEC and enables us to use our project development expertise and network to take the Project to a successful close. We look forward to providing further updates in due course.\n \n\"With our project pipeline continuously expanding and developing key strategic partnerships, we aim to deliver significant value for our shareholders with key contract wins in the near term.\"\n \nIan Fraser, Director of Scott Bros, commented: \n\"We are delighted to have entered into this agreement with the highly experienced EQTEC team, alongside a world class EPC Group such as COBRA. We h...