StockMarketWire.com - Eqtec, a gasification technology solutions company, said it had signed an €2m equipment sale and services contract with German EPC company, ewerGy.

EwerGy operated in Greece through its local EPC partner, ECO Hellas SA. The contract related to the 0.5MWe waste gasification project in Larissa, in central Greece, which was the first waste gasification plant in the country.

Under the terms of the contract, Eqtec would sell equipment and engineering and design services worth €2.0m, which would be paid in stages over up to 18 months.

Financial close for the plant in Larissa had occurred and the first milestone payment to be made to EQTEC of €200K was expected to be invoiced and paid in September 2020, the company said.

'Construction of the plant is expected to begin next month and complete in Q4 2021, creating local jobs during the construction phase and once operational,' it added.

'Once operational, the plant will use EQTEC's advanced gasification technology to convert agricultural waste from wheat, corn and cotton harvests, otherwise destined for landfill or burning in the fields, into green electricity that will be exported to the grid.'


At 9:04am: [LON:EQT] Eqtec Plc Ord Eur0.001 share price was +0.05p at 0.67p



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