ESI made the purchase agreement to significantly enhance its biological waste-to-oil offering Enersludge.
The company said the acquisition had been agreed to by all parties and would proceed subject to due diligence by ESI and shareholder approval.
The company plans to convene a shareholder meeting towards the end of next month to approve the acquisition and is expected to invite three APCS nominees to join its board.
APCS’s patented dewatering technology is said to reduce the moisture content of sewage waste and lignite – brown coal – by up to 85%, resulting in a transportable, high-energy feedstock suitable for Enersludge conversion to bio oil or other uses.
The APCS acquisition will be funded by a consideration of 16 million fully paid ordinary shares.
