The EQTEC PLC (LON: EQT) share price rose 11.8% after revealing that it had signed a contract for the Front End Engineering Design (FEED) with Idex Services, a French infrastructure owner and utility company. EQTEC Iberia SLU, an Eqtec subsidiary, signed the contract with Idex.
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Through the FEED contract, the Company has agreed to its scope of services and an execution plan to support all design work up to the financial close. The work streams detailed in the FEED Contract are expected to start immediately and be completed by December 2023. Eqte expects to receive €440,000 for the full scope of FEED work.
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The FEED will provide owner-operator Idex with all technical information necessary to achieve a Final Investment Decision (FID) toward the retrofitting and constructing of the France MDC. The Company and Idex are targeting to reach the FID in Q1 2024.
Assuming that the FID is based on the current configuration, EQTEC would be the core technology supplier for France MDC. The company will receive fees for equipment, engineering services, commissioning and licensing from Q4 2023 to Q1 2025, estimated to hit €15 million.
David Palumbo, EQTEC CEO, commented: “We are pleased to be working with Idex on this second project together, which is of particular importance to us as our France MDC. We appreciate the impetus Idex has shown through its agreement of an ambitious schedule toward completion of design and progression toward construction start by early 2024. This third MDC for EQTEC and second project in partnership with Idex together indicate growing demand from innovative, blue-chip partners and funders to build and operate new energy infrastructure powered by EQTEC to futureproof their operations.”
Stephane Guillet, Idex Director of New Energy Vectors, commented: “We are looking forward to completing all the engineering and developing work required at Grand-Combe by year-end so that we may progress to procurement and construction early in 2024. Our team is very familiar with the project's potential and the local market dynamics, and we believe with our expertise and resources, we will be able to operate another successful plant that will be a reference for this type of new energy infrastructure in France.”
Eqtec share price.
The Eqtec share price rose 11.76% to trade at 0.19p, from Wednesday’s closing price of 0.17p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.