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EQTEC PLC enters into collaboration with Germany’s H2 Energy Solutions and enhances partnership with MetalNRG

EQTEC and H2 will collaborate to develop opportunities for deployment of waste-to-hydrogen capabilities in Germany and Turkey

EQTEC PLC (AIM:EQT) announced a collaboration deal with German hydrogen technology investment company H2 Energy Solutions and strengthened ties with partner MetalNRG PLC (LSE:MNRG) by raising its stake in the company.

EQTEC and H2 will develop opportunities to deploy waste-to-hydrogen capabilities, particularly in Germany and Turkey, with any project developed through the collaboration subject to commercial terms.

Two opportunities have been identified in Germany and are currently being qualified, EQTEC revealed.

The partners will focus efforts on a select project portfolio toward integration of EQTEC’s Advanced Gasification Technology for Combined Cooling Heat and Power and syngas-to-chemical applications.

H2 will be EQTEC’s go-to-market partner in Germany and Turkey with a focus on on-premise, industrial solution opportunities.

Meanwhile, EQTEC will provide project development, technology solutions, engineering and technical design services.

The company also announced it expanded its partnership with MetalNRG, first announced in March this year, through a share-for-share exchange.

MetalNRG will issue 100mln shares to EQTEC which, at yesterday’s closing price, equates to a consideration of £295,000. In return, EQTEC will issue 23.6mln new shares to MetalNRG, also equating to a consideration of around £295,000.

In addition, MetalNRG will issue EQTEC with 50mln warrants with an exercise price of 0.45p and a maturity date three years from the date of issue.

Once completed, the share swap will see EQTEC’s investment in MetalNRG increase to 14.1%.

EQTEC said it retains its right to appoint a director to the board of MetalNRG and expects to exercise that right in the first half of 2022.

READ: EQTEC adds carbon credit partner to California forest project

“Throughout 2021, the importance of forming and working within robust, strategic collaboration agreements has been a key enabler of EQTEC’s strategic growth,” commented EQTEC CEO David Palumbo.

“I look forward to our strengthened working relationship with MetalNRG as they support us with identifying and qualifying new projects and I am eager to collaborate with H2 to expand the geographical reach and application breadth for our highly versatile, waste-to-syngas capabilities for hydrogen and beyond.”

EQTEC shares rose 4% to 1.30p. MetalNRG was unchanged at 0.30p.


Read More: EQTEC PLC enters into collaboration with Germany’s H2 Energy Solutions and enhances partnership with MetalNRG

2021-12-16 03:23:00

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