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Eqtec's inks call option agreement with Scott Bros to acquire land for Billingham project
StockMarketWire.com
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Bioscience energy company Eqtec said its subsidiary Haverton WTVhad signed a call option and exclusivity agreement with Scott Bros. Enterprises to purchase the land for the construction of the waste gasification and power plant at Haverton Hill, Billingham.
Under the option agreement, Scott Bros would be required to enter into a binding conditional land purchase agreement to sell the project site to Eqtec for £8,600,000, less the consideration of £260,000 for the grant of the option.
Eqtec said talks with potential EPC companies were ongoing and the documentation required for tendering the EPC contract for the first phase of the project was currently being produced.
'Once full commercial EPC offers are reviewed and negotiated to contract, a final decision will be reached with regards the funding structure for the project, on which Eqtec will then provide an update to shareholders,' the company said.
'We estimate that, with the application of EQTEC's advanced gasification technology, the project would convert 200,000 tonnes per year of non-recyclable everyday household and commercial waste otherwise destined for landfill or incineration,' it added.
At 9:10am: (LON:EQT) Eqtec Plc Ord Eur0.001 share price was 0p at 0.51p
Story provided by StockMarketWire.com
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