3rd Mar 2020 12:30
(Alliance News) - EQTEC PLC on Tuesday said it has signed a memorandum of understanding with ewerGy GmbH over "key terms" for the engineering design and installation of Greece's first waste-to-energy gasification plant.
Shares in EQTEC, which provides the technology for such facilities, were up 9.1% at 0.18 pence in London at midday.
The agreement with German engineering, procurement and construction firm ewerGy - operating via ewerGy's local partner Eco Hellas SA - "covers EQTEC's role as technology provider in the engineering design and installation of the first advanced gasification plant in Greece". This will also involve partnering with regional firms.
Project developer Agrigas Energy SA already has bank funding from a local bank in Greece in place for the first 0.5 megawatt electric plant and both EQTEC and ewerGy have committed to developing a second 1.0 megawatt electric plant in another Greek location.
EQTEC will provide its gasification technology for the first plant as a nominated ewerGy subcontractor.
Formal quotes for the full scope of works will be provided "shortly", after which the two companies will sign a binding agreement covering the first plant. This agreement "is expected to be finalised in the coming weeks".
EQTEC Chief Executive David Palumbo said: "We are delighted to have been chosen as the preferred partner for the first biomass project in Greece utilising advanced gasification technology. The Mediterranean agro-industry sector is one of our three main verticals, and entering Greece has been a high priority for us. During the discussions with ewerGy and Eco Hellas, we became convinced that we had found the right partners in this very promising region for our proven advanced gasification technology."
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Eqtec