EQTEC plc Investment in North Fork Community Power

EQTEC plc (LON: EQT), the technology solution company for waste gasification to energy projects, today announced that, further to the framework agreement with Phoenix Biomass Energy, Inc. announced on 22 May 2019, it has signed its first agreement regarding the joint development of a biomass gasification power project in California, USA.

Ian Price, Chief Executive Officer of EQTEC, commented:

“We are delighted that our framework agreement with Phoenix is already progressing at speed and creating significant value to all stakeholders. We look forward to signing the sales contract over the coming weeks and visiting the US to explore further opportunities and projects together. This transaction fits with our strategy to have diversified revenue streams and it is a major step for the Company and for all shareholders.”

The Company has signed a legally binding agreement with Phoenix and North Fork Community Development Council, to acquire 19.99% ownership of North Fork Community Power LLC, a special purpose vehicle formed to build and operate a 2MW biomass project in North Fork, California. The consideration for the Company’s investment will be solely satisfied by the supply of certain items of the existing equipment currently held at EQTEC’s Newry site, valued at US$2.5 million and no cash consideration will be required.

EQTEC also expects to invoice NFCP €2.2 million, under a separate sales contract, for the sale of further equipment and the supply of engineering and design services to NFCP. The sales contract, which will involve a substantial down payment on signing together with further agreed milestone payments until commissioning, is expected be completed and signed by the end of June 2019.

On commissioning the Project is estimated by NFCP to have a valuation of approximately US$20 million and be capable of generating annual revenues of approximately US$4 million.

NFCP holds the lease for the Project’s site as well the relevant permits, power purchase agreement and various other commercial agreements required for the development of the Project. Initial works have already commenced on site and the EPC contractor has been engaged.

Gregory Stangl, Chief Executive Officer of Phoenix, commented:

“The technology developed by EQTEC represents a repeatable, scalable solution that could have a big impact on California’s tree mortality crisis and related climate challenges. We are delighted to have a partner who shares a vision for building out a network of distributed biomass generation.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    EQTEC plc

    More articles like this

    EQTEC plc

    EQTEC Increase in collaboration opportunities

    EQTEC plc (LON:EQT), the technology solution company for waste gasification to energy projects, today announced the following update on its projects and commercial activities. United Kingdom Billingham: ·    Work for full detailed quote for the grid connection

    EQTEC plc

    EQTEC sign Collaboration Framework Agreement with ewerGy

    EQTEC plc (LON:EQT), the technology solution company for advanced gasification in waste to energy projects, today announced the signing of a Collaboration Framework Agreement, with the German EPC company ewerGy GmbH covering the key terms of

    EQTEC plc

    EQTEC sign MoU for first advanced gasification plant in Greece

    EQTEC plc (LON:EQT), the technology solution company for advanced gasification in waste to energy projects, today announced the signing of a Memorandum of Understanding, covering the key terms of the proposed cooperation for the engineering design

    EQTEC plc

    EQTEC well positioned to execute its clearly defined strategy

    EQTEC plc (LON:EQT), the technology solution company for waste gasification to energy projects, has today announced the following update on its corporate and operational activities. Subsequent to the change in Group leadership with the appointment of David

    EQTEC plc

    EQTEC receives approval for RDF testing at University of Lorraine

    EQTEC (LON:EQT), the technology solution company for waste gasification to energy projects, has today announced that its wholly owned subsidiary, EQTEC Iberia SLU, has received approval from LERMAB (the University of Lorraine’s research laboratory on wood material) to carry

    EQTEC plc

    EQTEC enter agreement for the development of Biomasse 31

    EQTEC (LON:EQT), the technology solution company for waste gasification to energy projects, has announced that, via its wholly owned subsidiary, EQTEC Iberia SLU, it has entered into an agreement for the development of a proposed 1.18

    EQTEC plc

    EQTEC update on the biomass project at North Fork

    EQTEC (LON:EQT), the technology solution company for waste gasification to energy projects, has provided an update on the biomass project in North Fork, California. The Project relates to the proposed construction and operation of a 2

    EQTEC plc

    EQTEC announce AGM date

    EQTEC (LON:EQT), the technology solution company for waste gasification to energy projects, announced that its 2019 Annual General Meeting (“AGM”) will be held at the Cork International Hotel, Cork, on 22 November 2019 at 12.00 p.m.

    EQTEC plc

    EQTEC agree extension of Billingham Energy Project MOU

    EQTEC (LON:EQT), the technology solution company for waste gasification to energy projects, announced that, further to the Company’s announcement of 8 May 2019, regarding the conditional Memorandum of Understanding with COBRA Instalaciones Y Servicios SA, the Company’s strategic

    EQTEC plc

    EQTEC plc appoint David Palumbo as CEO

    EQTEC plc (LON:EQT), the technology solution company for waste gasification to energy projects today announced that Ian Price has stepped down as the Company’s Chief Executive Officer and as a Director of the Company with immediate effect.

    EQTEC plc

    EQTEC PLC New Board Appointments & Appointment of Broker

    EQTEC PLC (LON:EQT), the technology solution company for waste gasification to energy projects, today announced the appointments of Mr David Palumbo and Mr Yoel Alemán Méndez to the Board of Directors of the Company as Executive

    EQTEC plc

    EQTEC plc Debt Reduction, Placing, Costs Reduction

    Ian Pearson, Chairman of EQTEC plc, commented: “We are pleased to have significantly reduced our payment obligations with both Altair and Riverfort and to have secured an extension of repayment until July 2020 with regard to