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EQTEC PLC clarifies its position in relation to North Fork Community Power LLC project

(), a gasification technology and engineering company, clarified its position in relation to North Fork Community Power LLC (NFCP) project in California.

The AIM-listed company said it is the technology provider to the waste-to-energy project and has no role or scope in relation to project management.

EQTEC said it was obliged to clarify certain matters with respect to recently published minutes on the website of North Fork Community Development Council (NFCDC), following its regular board meeting held on June 28.

The minutes contained some claims in relation to NFCP, its partners, its funding and management of the project underway to build a 2MWe plant based on EQTEC technology and that will transform locally sourced forestry waste into power and biochar for the local community.

“As some of the comments in the minutes suggest a lack of understanding of project accountabilities and contractual relationships, the company has written directly to NFCDC to clarify these points and express its concerns,” EQTEC said.

As a Managing Member and equity owner in NFCP, EQTEC has made a non-binding proposal to provide requisite funding, as a convertible loan facility, to take the project to completion. The proposed facility, if fully drawn down and converted, would result in the company taking a controlling interest in NFCP and the project.

“The plant at North Fork, enabled by EQTEC’s Advanced Gasification Technology, is the beginning of our efforts to generate cleaner energy for California and reduce the risk of forest fires, through clearing out forestry waste and putting it to constructive use,” said EQTEC chief executive David Palumbo.

Read More: EQTEC PLC clarifies its position in relation to North Fork Community Power LLC project

2021-07-12 01:38:00

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