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 subject to the sale of a site at Weighbridge Road in Deeside Industrial Park. The company has received notification from the buyer that the exchange for the sale of the land is now unconditional, with a long stop date of 16 August 2024 for completion funds transfers to be initiated following contractual closing. Upon completion, the company is due to receive £2,000,000 under the settlement agreement.
EQTEC PLC is a global technology innovator that delivers waste management and new energy solutions through innovation and infrastructure engineering. The company's technology is at the center of clean energy projects, sourcing local waste and supporting the transition to localised, decentralised, and resilient energy systems. EQTEC's solutions process various feedstock, producing 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 build sustainable waste reduction and green energy infrastructure worldwide. A further update will be provided following contractual closing and receipt of the settlement funds.