Shares of EQTEC PLC (LON: EQT) rallied 21.9% after the firm announced that it had received approval from the Stockton-on-Tees Borough Council for its 25MWe waste-to-gas facility at Haverton Hill, Billingham, UK.
The approval was for an improved plan that reduces the project’s environmental impact and creates a better financial outcome for all stakeholders.
Eqtec’s last update on the project was in mid-December where it announced that it had signed a call option and exclusivity agreement with Scott Bros. Enterprises Limited to purchase additional land for the project giving the company up to 28 February 2021 to exercise its rights.
The firm is a global leader in advanced gasification technology that turns waste materials to energy and the Billingham project is its biggest project to date.
David Palumbo, EQTEC’s CEO, commented: “We are delighted to start 2021 with the achievement of a significant milestone for the Project and Company, by securing planning approval on the Project Site for our revised scheme, and so soon after signing the Call Option and Exclusivity Agreement last December.”
“EQTEC estimates that, with the application of our advanced gasification technology, this sustainable waste-to-energy Project will convert 200,000 tonnes of non-recyclable household and commercial waste each year into 25MWe of green electricity and 34MW of thermal heat production. This is waste that would otherwise be diverted to less economically and environmentally beneficial options such as landfill or incineration. The Project is expected to deliver jobs and environmental and economic improvements to the local area and attractive returns to our shareholders.”
The project planning is at an advanced stage EQTEC is currently in negotiations with potential financiers and co-developers having received earlier planning permissions for advanced thermal conversion.
Eqtec share price
Eqtec shares opened 21.9% higher to trade at 2.95p having risen from Tuesday’s closing price of 2.42p.
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