EQTEC PLC EQTEC Response to Aries Clean Energy LLC Filing (2246U)
July 28 2020 - 1:00AM
UK Regulatory
TIDMEQT
RNS Number : 2246U
EQTEC PLC
28 July 2020
28 July 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
EQTEC Response to Aries Clean Energy LLC Filing
Strong rejection of US patent infringement claims and
Reaffirmation of commitment to North Fork Community project
EQTEC plc (AIM: EQT), a world leading technology solutions
company for waste gasification-to-energy projects, announces that,
further to its announcement of 13 July 2020, its attorneys,
Kirkland & Ellis LLP, have issued a letter to Aries Clean
Energy LLC of Franklin, Tennessee, USA ("Aries") (the "Letter").
The Letter invites Aries to withdraw all of its claims of patent
infringement made on 9 July 2020 (the "Complaint"). EQTEC
reiterates its absolute rejection of those claims and of Aries'
anti-competitive application of legal threat to achieve undue
commercial ends.
EQTEC has been advised that Aries has yet to legally serve its
Complaint on EQTEC. As a result, EQTEC has not formally responded
to Aries' lawsuit. Nonetheless, the Letter has been sent in order
to correct misinformation in Aries' Complaint and to put Aries on
notice of its potential liability and legal obligations if it does
not withdraw the Complaint immediately.
The Letter explains that Aries' entire Complaint relies on
infringement theories that would prove the asserted patents held by
Aries are invalid. EQTEC Iberia, wholly owned subsidiary of EQTEC
plc, itself developed prior art gasifiers over 15 years ago. The
exact EQTEC gasifier pictured and discussed throughout the
infringement claims in Aries' Complaint was first sold by EQTEC
Iberia in 2008 and is virtually identical to an even earlier EQTEC
gasifier, originally sold in 2005. The Letter also discusses
evidence that Aries did not invent any of the asserted patents but
instead acquired them in a bankruptcy auction for US$140,000, a
package that also included other plant and equipment. That
bankruptcy auction was in 2014, nine years after EQTEC Iberia sold
gasifiers that predate all of the asserted Aries patents.
As the Letter also explains, months before Aries filed its suit,
EQTEC demonstrated to Aries, with supporting evidence, that the
asserted patents are not infringed and are irrelevant to EQTEC's
far different, and far superior, technology. Despite knowing this,
and after initially agreeing to business discussions to resolve
these issues, Aries abruptly filed suit on the same day that EQTEC
announced its institutional fundraising effort. EQTEC continues to
refute every element of Aries' allegations. Further, having
reviewed the claims in detail, EQTEC believes it has a strong case
to invalidate all four of the asserted patents held by Aries.
The Letter further notifies Aries regarding the substantial
liability Aries may incur for pursuing patent infringement claims
in bad faith. If Aries persists in its suit, EQTEC intends to
pursue its available claims and defences to protect the market from
the invalid patents that Aries acquired, bring Aries' unfair
competition to an end, and prevent Aries from further interfering
with EQTEC's contracts and business relations. EQTEC further
intends to ask the court to declare the case exceptional and award
EQTEC all of its attorneys' fees and costs incurred in defending
against Aries' claims.
EQTEC reaffirms its commitment to the North Fork Community Power
("NFCP") development in North Fork, California, USA, to the State
of California and the interests of its residents in California's
Sierra. The NFCP development is a pioneering project to reduce
forest fire hazard while producing clean, renewable energy and
creating permanent rural employment in the Sierra Foothill
community. Investment from the State of California and the
continuing support and dedication of the local community will
result in the construction and operation of a 2MW biomass plant in
California's Sierra. EQTEC is proud to support the NFCP project and
is more committed than ever to providing leading clean energy
technologies to California and wider international markets.
EQTEC has received legal counsel from Isern Patentes y Marcas of
Spain and from Kilpatrick, Townsend & Stockton LLP and Kirkland
& Ellis LLP, both of the USA.
Further announcements will be made in due course as
appropriate.
ENQUIRIES
EQTEC plc +353 21 2409 056
David Palumbo / Gerry Madden
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Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
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James Harris / James Dance / Jack Botros
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Arden Partners - Broker +44 20 7614 5900
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Paul Shackleton (Corporate) / Fraser Marshall
(Sales)
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Maitland/AMO - Strategic Communications &
IR Adviser +44 20 7379 5151
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James Benjamin
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IFC Advisory - Retail PR & IR Adviser +44 20 3934 6630
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Tim Metcalfe / Graham Herring / Zach Cohen
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About EQTEC plc
EQTEC is a technology partner with proven proprietary and
patented technology for waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that
have a higher efficiency product offering and are modular and
scalable from 2MW to 30MW. Of particular importance is the
versatility of our solutions to process over 50 different types of
feedstock, including industrial waste, agricultural waste, biomass
and plastics. Our solutions produce a uniquely pure high-quality
synthesis gas (syngas), that is capable of being used for the
widest applications in energy, hydrogen and biofuels.
Proprietary technology design together with deployment and
maintenance capabilities mitigate the risks when using third party
equipment. Our Technology Integration capabilities enable us to
lead collaborative ecosystems that build sustainable, waste
elimination and green energy infrastructure.
The Company is quoted on AIM, bears the Green Economy Mark
awarded by the London Stock Exchange and trades as EQT.
Further information on the Company can be found at
www.eqtec.com
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END
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