Business
Favourable Ruling for Acquisition of France MDC
Favourable Ruling for Acquisition of France MDC.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n 20 July 2022\n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Favourable Court Ruling toward Acquisition of Mixed Feedstock Market Development Centre for France\n \n \n \n \n \n \n EQTEC plc (AIM: EQT), a world-leading technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production, is pleased to announce that its wholly owned French subsidiary, EQTEC France SAS (\"EQTEC France\") has acquired, subject to final approval, and intends to upgrade and recommission a 6.5 MWe waste-to-energy gasification plant in Villers-sous-Montrond, France (the \"Plant\"). The Plant, once operational, will transform c. 45,000 tonnes of mixed waste wood and refuse-derived fuel (\"RDF\") to export clean electricity to the national grid.\n \n \n \n \n \n The Company intends that the Plant become the EQTEC Market Development Centre (\"MDC\") for France (\"France MDC\"), to showcase EQTEC's capabilities with variable feedstock, including a mixture of Grade A waste wood, Grade B waste wood and RDF, all to be used continuously at the Plant. The Plant, which originally benefitted from c. €35 million of investment, will be acquired by the Company at a nominal value, as it has been estimated that further investment of\n c. €30 million is required to recommission the plant utilising EQTEC's technology. It is believed to\n require only replacement of the previous technology with EQTEC technology and a small amount of other equipment. EQTEC expects an accelerated construction and commissioning schedule once full acquisition of the Plant has been achieved. Expressions of interest for the full funding required including Letters of Intent (the \"LoIs\") from institutional infrastructure investors have been received for the project.\n Construction is expected to commence in Q1 2023.\n \n \n \n \n \n The Plant was originally developed by Group Bonnefoy (\"Bonnefoy\") on Bonnefoy's stone quarry site located at\n Villers-sous-Montrond, near the Franco-Swiss border. The gasification plant was designed using non-EQTEC technologies, but the Plant was never fully commissioned, as the previous technology did not successfully complete performance and endurance tests. The previous project SPV, Synnov Déchets SAS (\"Sy...