EQTEC : AIM - Schedule One Update - Eqtec Plc

Eqtec plc (the 'Company') is a company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity.

The terms have been agreed for the proposed acquisition of the entire issued share capital of Eqtec Iberia, an engineering company founded in 1997 and headquartered in Barcelona (Spain) specialising in the design, construction, operation and maintenance of power plants.

Eqtec Iberia has obtained patents for its gasifier technology: EGT. This proprietary technology is based on a bubbling fluid bed gasifier and is fueled with solid biomass or waste which is converted into gas. Once conditioned, the gas is used as fuel in Internal Combustion engines. This process enables waste elimination and also the ability to convert RDF (refuse derived fuel) into thermal and electrical energy. EGT enables project developers to construct waste elimination plants converting the waste into electrical and thermal energy. The high energy efficiency also provides project developers with a competitive advantage allowing them to quote more competitive gate fees for the waste supply.

As Eqtec Iberia is 66.99 per cent. owned by EBIOSS, which currently also holds 50.03 per cent. of Eqtec plc the Acquisition is a related party transaction in terms of the AIM Rules and accordingly all notifications in accordance with Rule 13 of the AIM Rules will be disclosed. The Company is undertaking a Placing to raise £1.6 million (before expenses) by the issue of the placing shares. Given the scale of the Acquisition, , the transaction is a reverse takeover under the AIM Rules Accordingly, the Acquisition is conditional, inter alia, on the approval by Shareholders of the Resolutions to be proposed at the Extraordinary General Meeting to be held on 20 December 2017.

The company has signed heads of terms relating to two projects in the north of England and is currently negotiating a further agreement on a project in Wales. The strategy will be focused on sourcing projects that have a local supply of waste in need of conversion. It will build relationships and bring together the developers, the waste owners, the building contractors and funders, providing assistance developing the waste elimination projects to which it will ultimately sell its technology and O&M services.

Main country of operation: UK