Eqtec agrees land purchase for Haverton Hill plant
By Josh White
Date: Friday 26 Feb 2021
(Sharecast News) - Waste-to-energy gasification technology company Eqtec announced on Friday that its wholly-owned subsidiary Haverton WTV and Scott Bros. Enterprises have signed a conditional land purchase agreement relating to the land on which the proposed up-to-25 MWe Billingham waste gasification and power plant at Haverton Hill would be constructed.
The AIM-traded firm said consideration for the purchase wsa £8.6m, with a deposit of £0.26m, from which the existing exclusivity payment of £0.1m would be deducted, payable immediately.
It said the balance of £8.34m would be payable at completion of the land purchase, which would happen within 12 months of the date of signing.
"I am very pleased with the progress of the Billingham Project, which now has an experienced project delivery team in place," said chief executive officer David Palumbo.
"We are assembling the optimal construction resources and delivery model for the project.
"The acquisition of the project site means we remain on track to deliver the UK's first sustainable waste-to-energy plant using Eqtec's leading advanced gasification technology and solutions."
Palumbo said Billingham was expected to convert 200,000 tonnes of non-recyclable household and commercial waste each year into 25MW of green electricity and 34MW of heat production.
"The project is expected to create jobs and deliver environmental and economic improvements to the local community as well as, we believe, attractive returns for our shareholders."
At 1354 GMT, shares in Eqtec were down 1.03% at 1.93p.
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