Bioscience energy group in talks over sale of its Deeside plant
EQTEC, the bioscience energy company, said it is in advanced talks with a third party over the sale of its advanced gasification facility in Deeside.
The Refuse Derived Fuel (RDF) project is run with with partner, Logik Developments.
Both parties are in negotiations with the third party, they said today (September 1).
However, they said there can be no certainty that a deal will be reached by the end of September 2022, according to heads of terms agreements.
The Deeside site is a 182,000-tonne waste reception plant along with 2 MW anaerobic digestion facility and a 9.9 MWe EQTEC Advanced Gasification Technology facility.
EQTEC also announced today that it is in advanced stages of discussions with car maker Toyota Motor Manufacturing (UK) Limited, on heads of terms for the supply of gas and electricity to its Deeside Engine Plant from the Deeside project.
The company and Toyota are exploring an innovative, circular and sustainable waste-to-energy solution for Toyota’s engine manufacturing plant in Deeside. The site is currently on 6.27 hectares of land on Deeside Industrial Estate, one of Europe’s largest such industrial sites.
It has also received updated head of terms, subject to contract, for gas and power offtake from TotalEnergies, a broad energy company that produces and markets energies on a global scale, with new tariffs which significantly improve project economics.
Discussions with shortlisted technology partners and EQTEC are ongoing, so that the selected companies can provide their technical and commercial proposal for the downstream technology to convert syngas into hydrogen.
The Deeside project is one of three waste-to-energy/fuel projects the group is developing in the UK, including at Billingham, Teesside and Southport, Merseyside.
EQTEC also announced today that it is proposing to issue 20,100,000 new ordinary shares to certain strategic service providers providing business development and advisory services to the group, in satisfaction of fees due to them.
These are expected to begin trading on AIM on September 6, following which, there will be 9,401,782,212 ordinary shares in issue.
