EQTEC PLC has provided an update on the settlement agreement with Logik Developments Limited and its subsidiary, Logik WTE Limited. The agreement's payment is subject to the sale of a site at Weighbridge Road in Deeside Industrial Park. The company has received confirmation that the exchange for the sale of the land has taken place, with completion expected by the end of May 2024. Upon completion, EQTEC is due to receive £2,000,000 under the settlement agreement.
The long stop date for completion has been set for 28 June 2024, with the final legal execution of certain documents pertaining to the project being the remaining condition for completion. The company has stated that a further update will be provided in due course.
EQTEC PLC is a global technology innovator that provides waste-to-value solutions for hydrogen, biofuels, and energy generation. The company's technology is focused on replacing fossil fuels for reliable, baseload energy and is at the center of clean energy projects. EQTEC's solutions process various types of 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 listed 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.