13th Jul 2020 10:39
(Alliance News) - Shares in EQTEC PLC dropped on Monday as it noted that lawyers acting for Aries Clean Energy has filed a court compliant against the company and others on Thursday last week, alleging patent infringement.
Shares in EQTEC - which develops technology for waste gasification to energy projects - were 11% lower at 0.43 pence on Monday in London.
Tennessee-based Aries Clean Energy, which also provides services for converting waste into fuel, has alleged patent infringement, through the use of EQTEC's gasification products at the North Fork Community power plant in California.
The complaint is only in the US, and will not extend to EQTEC's activities and pipeline of projects in the UK and Europe.
EQTEC has refuted any allegation that its technology infringing any valid US patent, and has claimed that the filing off the patent is opportunistic, since it was made on the same day that the group raised GBP10 million through a placing to fund project development.
"For the avoidance of doubt, the company will strongly and robustly defend against what it believes are unfounded and vexatious actions and any such similar actions in the future and will seek redress where applicable," EQTEC said.
By Dayo Laniyan; [email protected]
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