Eqtec and Logik Developments solidify agreement
The Deeside RDF-to-energy project is being developed to deliver significant decarbonisation benefits to Flintshire and North Wales.
Deeside WTV Ltd (a subsidiary Eqtec plc) and Logik Developments Ltd have agreed to develop additional waste-to-value infrastructure on the Deeside site, Wales, UK.
Logik can focus on land development and construction, and Eqtec can focus on designing solutions to deploy world-class technology.
Both companies are conducting additional feasibility studies for hydrogen and other biofuels to enhance the project. The currently approved planning permission includes a 182,000-tonne waste reception plant, a 2 MW anaerobic digestion facility, and a 9.9 MWe Eqtec Advanced Gasification Technology facility.
Eqtec will acquire 32% of the share capital of Logik WTE Ltd from Logik for consideration of £3.3 million to be paid by 31st March 2022. Under the agreement, £500k is now being paid as a fee to Logik.
Currently, the project site comprises 6.27 hectares of land located off Weighbridge Road in the Deeside Industrial Estate, Wales, UK. Under the new agreement, the parties have agreed that around 2.4 hectares of the land will be retained by Logik to be used in connection with the proposed hydrogen/biofuel project intended to be carried out jointly between the parties.
The parties seek a minimum of £10 million of third-party funding to materialise the project. Following receiving such funding, Eqtec will invoice £1,500,000 for its project development services to the project SPV, subject to conditions.
Discussions with technology partners have been initiated to prepare technical and commercial feasibility for applying Eqtec’s technology to produce syngas to the specification required for hydrogen and other gas-to-liquids applications.