Eqtec signs memorandum with Nobilis for projects in Greece

The AIM-traded firm described Nobilis as a private Greek company with a “strong” track record in the planning and construction of metal structures, metal buildings and other complex structures in Greece and abroad.

As an established supporter of the waste-to-energy proposition, it said Nobilis had for a number of years researched options for waste treatment at olive mills and wineries, and had received a licence and key permissions for a 0.9MWe gasification plant in Almyros, Greece.

The company said the memorandum provided for the collaborative development of Nobilis' existing pipeline of opportunities in Thessalia and central Greece, and for the proposed delivery of those and further advanced gasification projects, starting with the Almyros Plant.

It said the collaboration would be underpinned by a joint venture between Eqtec and ewerGy, with the memorandum, to be formalised contractually, envisaging that project special purpose vehicles would be established for each project opportunity taken forward by the parties, with the joint venture being the majority shareholder of each vehicle and Nobilis as the minority shareholder.

Each project would be subject to definitive agreements, funding and the granting of relevant permissions.

The board said the memorandum set out that Nobilis would be expected to provide the project pipeline, while the joint venture would be expected to source and provide project funding and project delivery capabilities.

Eqtec said it would provide the design and core gasification technology, and ewerGy would provide engineering, procurement and construction services.

“We are pleased to be on track for the development of another advanced gasification plant in Greece,” said chief executive officer David Palumbo.

“Through our relationship with Nobilis, we expect to develop a pipeline of sustainable waste to energy projects in Greece that will benefit from Eqtec’s advanced biomass gasification as a great solution for clean energy generation.

“The memorandum of understanding also highlights the growing strength of our partnership with ewerGy, as we pursue a growing pipeline of opportunities in Greece and across the Balkans.”

At 0908 GMT, shares in Eqtec were up 2.39% at 2.36p.