EQTEC and its subsidiary EQTEC Iberia will be merged in a move to form a leading player in the UK waste gasification to energy segment.
As part of it, EQTEC has entered into non-binding heads of terms with Inava Ingenieria de Analisis and with its majority stakeholder EBIOSS Energy to spin off their jointly-owned subsidiary EQTEC Iberia.
EQTEC, which provides technology solutions for waste gasification to energy projects, will carry out a fundraising by placing of new ordinary shares. This is likely to be done to increase additional working capital for the combined company and also to fund the immediate pipeline of projects.
The combined company which will operate under the EQTEC name is anticipated to become a major provider of advanced gasification technology for industrial size power plants to facilitate conversion of waste into synthetic gas for power generation.
It is also expected that the enlarged group will be led by a highly experienced management team with expertise in waste supply, energy markets and fuel sources, clean technologies and project development engineering.
The combined group will also feature a pipeline of projects across the UK and Croatia like the Reliable Melton Hull, Reliable Seal Sand, Zebec Energy, Catfoss Newcastle among others.
EQTEC CEO Gerry Madden said: “It is a logical step to take after partnering with EBIOSS at the start of the year. A lack of domestic incineration and gasification capacity is forcing the UK to pay European incinerators to take our waste.
“Now, by using our best-in-class technology we have an opportunity, once the transaction is concluded, to redirect this waste to our pipeline of UK projects, thereby becoming a leading player in creating electricity by converting waste into synthetic gas.”
The combined company will also have highly advanced modular gasification technologies that are capable of delivering higher efficiency in comparison to the other electricity generation technologies.