Business
Financial close & signing of contract with ewerGy
Financial close & signing of contract with ewerGy.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1425X\n EQTEC PLC\n 26 August 2020\n \n \n \n \n 26 August 2020\n \n \n \n EQTEC plc\n \n \n (\"EQTEC\" or the \"Company\")\n \n \n \n \n \n \n Financial close and signing of Equipment Sale and Services Contract with \n \n \n ewerGy \n \n \n for Greece's first waste to energy gasification plant\n \n \n \n \n \n \n EQTEC plc (AIM: EQT), a world leading gasification technology solutions company for waste-to-energy projects, is pleased to announce that it has signed an Equipment Sale and Services Contract with \n German EPC company, ewerGy GmbH (\"ewerGy\"), operating in Greece through its local EPC partner, ECO Hellas SA. The contract is in respect of the fully permitted and fully financed 0.5MWe waste gasification project in Larissa, in central Greece (the \"Plant\"), which is the first waste gasification plant in the country. The Plant will be owned and operated by Greece based promoter and project developer, Agrigas Energy SA (\"Agrigas\"). \n \n \n \n \n \n Highlights\n \n \n ·\n EQTEC has signed a Nominated Subcontractor Agreement with ewerGy for the sale of Equipment and Engineering and Design Services worth €2.0 million to EQTEC, to be paid in stages over up to 18 months.\n \n \n · \n Financial close for the Plant has occurred and the first milestone payment to be made to EQTEC of €200,000 is expected to be invoiced and paid in September 2020.\n \n \n · \n The fully permitted 0.5MWe Plant is fully financed with a bank facility from one of the main banks in Greece.\n \n \n · \n Construction of the Plant is expected to begin next month and complete in Q4 2021, creating local jobs during the construction phase and once operational.\n \n \n · \n Once operational, the Plant will use EQTEC's advanced gasification technology to convert agricultural waste from wheat, corn and cotton harvests, otherwise destined for landfill or burning in the fields, into green electricity that will be exported to the grid. \n \n \n ·\n A total of 22 projects in Greece and the Balkan region (the \"Territory\") are now included under the Collaboration Framework Agreement to be potentially jointly developed following further due diligence by EQTEC and ewerGy.\n \n \n · \n This follows the Company's announcements of 3 and 16 March 2020, where EQTEC announced the signing of an MOU where the Company ...