EQTEC PLC has announced a settlement agreement with Logik Developments Limited and its subsidiary, Logik WTE Limited. The agreement relates to a claim previously announced in September 2023. As part of the settlement, Logik will pay EQTEC a settlement sum of £1.7 million upon the completion of the sale of a site at Weighbridge Road in Deeside Industrial Park. If the sale completes between May 2024 and November 2024, the settlement sum will be £2 million. If the sale does not complete by December 2024, Logik will be liable to pay £2,000,000 to EQTEC. Additionally, EQTEC will receive interest at 4% above the Bank of England Base Rate on any part of the settlement sum that is not paid according to the terms of the Settlement Agreement.
The Company has received confirmation from Logik that the Land is in the process of being sold and that the proposed purchaser is funded by a global investment company. The sale is expected to complete shortly, and the Company will make a further announcement when the intended completion date is confirmed by Logik.
EQTEC is a thermochemical conversion technology and engineering company that delivers waste management and new energy solutions. 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 listed companies with 50% or more of revenues from environmental/green solutions.