Shares of gasification solutions company EQTEC (LON: EQT) rallied Thursday morning after it released an update stating it has secured a resolution to grant planning consent for an advanced gasification facility at its Deeside Refuse Derived Fuel project and entered into a co-operation agreement with Anaergia.
The AIM-quoted firm said Flintshire County Council has granted planning permission for the proposed 9.9 MWe plant to enable a complete and local waste-to-energy solution with EQTEC Advanced Gasification Technology.
EQTEC shares are currently trading at 1.23p, up 6%.
“The additional Phase 2 permission creates an enhanced integrated waste-to-energy solution, one that is more environmentally friendly and economically efficient than legacy alternatives,” said EQTEC.
In addition, the company has entered into a co-operation agreement through Logik WTE Limited with Anaergia to develop a proposal for the delivery of the multi-technology waste-to-energy project at Deeside.
Under the agreement, Anaergia will develop the engineering design for the waste processing facility and the anaerobic digestion plant.
EQTEC said Anaergia has deferred the majority of its fees for the front-end engineering and design until the financial close to “demonstrate commitment in the project and partnership.”
The firms have also agreed to collaborate to achieve commercial agreements for the design and construction of the waste processing and AD technologies and for the plant's management and maintenance for a minimum of 5 years.
In March, EQTEC announced that it entered a 3-year collaboration framework agreement with Toyota.
EQTEC and Toyota are investigating a waste-to-energy solution for Toyota's engine production factory in Deeside through the Deeside RDF Project.
Speaking on the planning permission grant, David Palumbo, CEO of EQTEC, said: “This decision paves the way for us to formalise our agreement with Anaergia, with appetite and synergies between the two parties to replicate this type of project configuration on other plants in the UK and potentially worldwide.
“It will also accelerate our partnership with Toyota, taking us a step closer to delivering a localised and environmentally friendly waste-to-energy plant for the area around Deeside.”
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