Business
Update on Deeside Project
Update on Deeside Project.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n 1 September 2022\n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Update on Deeside Project Share Purchase Agreement and Sale of Project\n \n \n \n \n Issue of Equity and Director Shareholding correction\n \n \n \n \n \n \n EQTEC plc (AIM: EQT),\n a world-leading technology innovation company\n enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production\n confirms\n that, further to its announcement on 30 June 2022,\n Deeside WTV Limited\n (\"Deeside WTV\"), a wholly owned subsidiary of EQTEC, and\n Logik Developments Limited\n (\"\n \n Logik\n \n \") are in advanced discussions with a third party for the sale of the Project*. To facilitate the transaction an agreement to further extend the date (\"Long Stop\") for completing the share purchase agreement signed by Deeside WTV and Logik on 7 December 2020 (as amended by the supplemental agreement announced on 6 December 2021 and further amended by the supplemental agreements announced on 1 April 2022 and 30 June 2022) (the \"SPA\"), will be required. The extension to the SPA Long Stop is expected to be incorporated in the heads of terms of the intended sale transaction (\"HoTs\") which the parties expect to enter into by the end of September 2022, although there can be no certainty the HoTs will complete. The Company will update the market accordingly.\n \n \n \n \n \n \n * The SPA relates to the\n \n \n currently approved 182,000 tonne waste reception plant along with 2 MW anaerobic digestion facility and a 9.9 MWe EQTEC Advanced Gasification Technology facility,\n \n \n (the \"Project\") at Deeside, Flintshire, UK.\n \n \n \n \n \n \n \n \n \n Project progress\n \n \n \n \n \n \n \n The Company is in advanced stages of discussions with Toyota Motor Manufacturing (UK) Limited, a global vehicle manufacturer, on heads of terms for the supply of gas and electricity to their Deeside Engine Plant from the Project.\n \n \n \n \n \n Deeside WTV has also received updated head of terms (subject to contract) for gas and power offtake from TotalEnergies,\n a broad energy company that produces and markets energies on a global scale, with new tariffs which significantly improve project economics. \n \n \n &nbs...