Business
EQTEC signs Agreement with Phoenix Energy
EQTEC signs Agreement with Phoenix Energy.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 8762Z EQTEC PLC 22 May 2019 \n\n22 May 2019\n \nEQTEC plc\n \n(\"EQTEC\" or the \"Company\")\n \nEQTEC signs Framework Agreement with Phoenix Energy\n \nEQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that, further to its announcement of 15 May 2019, it has signed a Framework Agreement (\"the Agreement\") with Phoenix Biomass Energy, Inc. (\"Phoenix\"), a California based power company that builds, owns and operates on-site biomass gasification plants in partnership with businesses in the Agricultural, Waste, and Forestry industries.\n \nUnder the Agreement, the parties will seek to jointly develop biomass gasification power projects in the US, with five projects having already been identified. The target projects will generally be 2 to 3MW in size, with an estimated project value between US$15 and US$20 million each. Pursuant to the Agreement, once the parties have agreed to proceed with a project, EQTEC will provide its proprietary Gasifier Technology (\"EGT\"), together with technical design and engineering for the power plants and the parties will work together to secure the necessary funding to develop such projects.\n \nThe Agreement builds on the Company's strategy to focus on the recovery of clean energy from biomass, one of its three key verticals as announced on 15 May 2019. It also builds upon the existing relationship with Phoenix, as announced on 24 September 2018, with Phoenix already having chosen EQTEC's EGT for two power plants in California, with the design work for the first power plant having already been completed.\n \nPhoenix, having carried out extensive technical due diligence on EQTEC's EGT over the previous months, has confirmed that EGT is well positioned to address the requirements of their market and following a joint review of the Californian and US Biomass Markets, the parties have identified significant revenue generating opportunities which they wish to capitalise on in the near term. This includes developing biomass and waste gasification power plants and selling and distributing energy.\n \nIan Price, CEO of EQTEC, commented:\n\"Phoenix has a track record of successfully delivering projects in California and the wider US and we are very ...