Receipt of funds under Settlement Agreement

4 September 2024

EQTEC plc

("EQTEC", the "Company" or the "Group") 

Receipt of funds under

Settlement Agreement with Logik Developments

EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation is pleased to announce that, further to its announcement of 14 August 2024, it has received confirmation from its solicitors that monies amounting to £2 million have been received on the Company's behalf comprising the full amount of the sum agreed under the settlement agreement with Logik Developments Limited and its wholly-owned subsidiary Logik WTE Limited.

With the receipt of the funds all matters under the settlement agreement are fully resolved and concluded.

As announced in the funding update of 23 May 2024, the Company will pay £500,000, being 25% of the settlement amount, to YA II PN Ltd and Riverfort Global Opportunities PCC Limited to reduce the balances outstanding under the existing secured Term Loan maturing on 23 May 2026. The Term Loan, with no fixed monthly payment or conversion rights, was designed to reduce the Group's then short-term liabilities and to enable the Company to focus on funding immediate and ongoing working capital obligations.

The balance of the settlement monies will be deployed for general working capital purposes and to accelerate the implementation of the Company's strategy.

Unless otherwise defined herein, all capitalised terms used in this announcement shall have the same meanings as ascribed to them in the Company's announcements of 23 May 2024.

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

ENQUIRIES 

About EQTEC

As one of the world's most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.

EQTEC designs, specifies and delivers clean, syngas production solutions in the USA, EU and UK, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of feedstock, including forestry waste, agricultural waste, industrial waste and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of renewable natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.

The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.

Further information on the Company can be found at www.eqtec.com.