EQTEC PLC has provided an update on the settlement agreement with Logik Developments Limited and its subsidiary, Logik WTE Limited. The payment of the settlement sum is contingent on the sale of a site at Weighbridge Road in Deeside Industrial Park. The Company has received confirmation of conditional exchange for the sale of the land, with completion expected in the first half of August 2024. Upon completion, EQTEC is due to receive £2,000,000 under the settlement agreement.
The Company has been informed that dialogue continues between the parties to the transaction, and legal execution of final funding documents relating to the sale of the land is ongoing. While there are still certain conditions to be satisfied for completion, the Company anticipates receiving the funds on or around the completion date.
EQTEC is a global technology innovator powering distributed, decarbonized, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation. The company's technology is at the center of clean energy projects, sourcing local waste, creating local jobs, and supporting the transition to localised, decentralized, and resilient energy systems. EQTEC's solutions produce a pure, high-quality synthesis gas that can be used for electricity and heat generation, renewable natural gas production, biofuels, and hydrogen reforming.
The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) and has been awarded the Green Economy Mark, recognizing its environmental and green solutions. EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.