Eqtec selected as technology supplier for Phoenix Biomass Energy

Eqtec plc, the technology solution company for waste gasification to energy projects, is pleased to announce that it has signed a memorandum of understanding (MOU) with Phoenix Biomass Energy, a California based power company, to supply its proprietary Eqtec gasifier technology (EGT) for two power plants in California.

Ian Price, CEO of Eqtec, commented, "We are delighted to be the exclusive supplier of technology to Phoenix Energy. The USA is a key country for waste to gasification technology and we are excited to be entering this market with our first project with Phoenix Energy.

"These Californian projects are exciting opportunities for EQTEC and we're extremely proud to be selected by Phoenix. This demonstrates the flexibility of EQTEC technology and our ability to be commercially competitive in delivering projects of differing scale and operating on many fuel types globally.

"We are pleased to have been chosen by Phoenix Energy for the Californian projects and our new relationship with them supports our goal in making EQTEC the industry leader of energy from waste technology. The company continues to make good progress in pursuing significant opportunities in the near term and we hope this is the start of a significant growth period for Eqtec."

Key Elements of the MOU

- Two contracts collectively are expected to be valued in the region of EUR10 million

- Phoenix considers Eqtec as the exclusive technology supplier of a 2MWe gasification plant and a 3MWe gasification plant for the 12 months from the date of the MOU

-  Phoenix is responsible for obtaining the permits, licenses and authorizations (PLA), power purchase agreements (PPA) and feedstock agreements for both projects which are anticipated to be in place in Q4 2018

-  Phoenix or any third party associated to Phoenix to provide the necessary equity and debt financing for the projects

- Financial close is expected in late Q4 2018 and the purchase contracts executed shortly thereafter

Subject to the outcome of these first two projects, Phoenix has indicated their desire to utilize Eqtec technology and equipment on other future projects in the USA in respect to its development pipeline that utilizes gasification technology.