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Eqtec signs MoU with Phoenix Biomass Energy worth about €10m

EcoCrops International reports that a Technology solution company Eqtec said on Monday it had signed a memorandum of understanding, with Phoenix Biomass Energy, a USA company located in California.  Phoenix Biomass Energy a power company, to supply the company's proprietary Eqtec Gasifier Technology for two power plants in California, USA.

The two contacts to be signed are collectively are expected to be valued in the regions of €10m
The Financial close is expected in the last fourth quarter of 2018 and the purchase contracts are expected to be signed and executed shortly after that Eqtec reported.

Under the terms of the contact, Eqtec was the exclusive technology supplier of a 2MWe gasification plant and a 3MWe gasification plant to Phoenix for the 12 months from the date of the memorandum of understanding.

'We are delighted to be the exclusive supplier of technology to Phoenix Energy. The USA is a key country for waste to gasification technology and we are excited to be entering this market with our first project with Phoenix Energy,' said Ian Price, CEO of Eqtec.

'These Californian projects are exciting opportunities for EQTEC and we're extremely proud to be selected by Phoenix. This demonstrates the flexibility of EQTEC technology and our ability to be commercially competitive in delivering projects of differing scale and operating on many fuel types globally.' 

James Grainger of EcoCrops International stated he was happy with this development and it was a movement in the right direction.  To see images of EcoCrops International please click here
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