TIDMEQT

RNS Number : 7474Q

EQTEC PLC

30 June 2022

30 June 2022

EQTEC plc

("EQTEC", the "Company" or the "Group")

Selection of Wood for Waste-to-Hydrogen Solution at Southport

EQTEC plc (AIM: EQT), a world-leading technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production , is pleased to announce that it has selected Wood ("Wood") as its technology partner for design and deployment of a clean, waste-to-hydrogen solution during Phase 2 development of the Company's multi-technology, waste-to-energy project at Southport Hybrid Energy Park, Merseyside, UK (the "Plant"). The Company and Wood (together, the "Parties") have signed a Letter of Intent ("LoI") to formalise their joint intent to collaborate at Southport.

The Phase 1 plant

The Phase 1 plan for the Plant includes a waste processing facility, an anaerobic digestion ("AD") facility, combined heat and power ("CHP") engines and a 2MW battery storage facility, all developed with Anaergia, Inc., which has also agreed to provide EPC and O&M services for Phase 1, as the Company announced on 24 June 2022. The waste processing facility would separate renewables for recycling elsewhere, separate organics for use by the AD facility and produce refuse-derived fuel ("RDF"). The Phase 1 Plant would convert 80,000 tonnes of waste per year for six million cubic metres of biomethane to be injected into the national gas transmission system, also pulling gas from the grid to generate 9MWe for export to the national electricity transmission system.

The Phase 2 RDF-to-hydrogen solution

The Company, which is leading development of the Plant, has been working on a Phase 2 plan which could add EQTEC synthesis gas ("syngas") technology to convert 25,000 tonnes of RDF per year, supplied by the Plant's waste processing facility, into an estimated 2.5 - 3.0MWe of clean electricity.

More recently, and in line with their Strategic Collaboration Agreement ("SCA"), the Company and Wood have agreed to co-develop a RDF-to-clean hydrogen solution that would replace or augment the Phase 2 RDF-to-electricity solution. The RDF-to-hydrogen solution would combine the Company's syngas technology with Wood's VESTA syngas-to-hydrogen technology. Implementation of the solution is subject to further planning permission.

With both Phase 1 and Phase 2 solutions in place, the full Plant facilities are expected to export to the grid the equivalent of 20% or more of Southport's energy requirement.

Letter of intent

To formalise the collaboration with Wood at Southport, the Parties have signed a LoI based on their formal SCA and which specifies they will:

   --    Be exclusive partners for pursuit of the Southport RDF-to-hydrogen solution; 
   --    Jointly develop an integrated, RDF-to-hydrogen solution applicable at the Plant; 

-- Appoint EQTEC to lead the customer interaction for the joint proposal and sub-contract to Wood for the VESTA elements of the integrated, RDF-to-hydrogen solution;

-- Collaborate toward formal, integrated solution proposal and contract in good time and in line with the development schedule; and

-- Pursue development of end-to-end technology solutions that apply EQTEC and Wood technologies more generally, with the Southport project serving as a demonstration of the integrated capability.

The Parties' intent to work together on the proposed RDF-to-hydrogen solution for the Plant represents the active application of the SCA as announced by the Company on 26 November 2021. Under the terms of the SCA, the Parties will jointly target and pursue market opportunities for collaborative development and deployment of clean, waste-to-hydrogen and waste-to-synthetic natural gas ("SNG") solutions and delivery of related projects.

The SCA is aimed at expanding availability and application of EQTEC's Advanced Gasification Technology and syngas production into new markets, combining it with Wood's established VESTA methanation technology, engineering capabilities and capacity for scale. The Parties anticipate joint development of new capabilities and solutions to lead innovations in the emerging market for renewable hydrogen and SNG and support the drive to net zero.

Jeff Vander Linden, COO of EQTEC, commented:

"Since the start of our formal collaboration in late 2021, we have enjoyed a close, working relationship with Wood characterised by common plans, regular meetings and visits, a joint pipeline of opportunities and active, documented contributions to multiple projects. We have been impressed with Wood's commitment to true collaboration and to advancing the development of innovative technology. Our joint efforts at Southport with Wood will not only generate a unique, waste-to-hydrogen solution, but will also introduce the Southport community to a solution for clean, circular, sustainable energy from waste. The future of renewable energy will be a mixed economy with diverse technologies, and even the relatively compact Southport plant will demonstrate that. Such projects are at the cutting edge of innovation in the UK. We look forward to these and future opportunities with Wood to demonstrate successful, sustainable cleantech in practice."

Further information about Southport Hybrid Energy Park

EQTEC is co-developer and gasification technology provider of the development project for Southport Hybrid Energy Park, working closely in partnership with Rotunda Group Limited and its subsidiary Shankley Biogas Limited at Watts Industrial Estate, Southport Hybrid Energy Park, Crowland Street, Southport, Merseyside, UK. In September 2021 the Company signed a conditional Share Purchase Agreement to acquire full ownership of the Project.

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

ENQUIRIES

 
 EQTEC plc                                    +44 203 883 7009 
 David Palumbo / Nauman Babar 
                                             ----------------------- 
 
 Strand Hanson - Nomad & Financial Adviser    +44 20 7409 3494 
                                             ----------------------- 
 James Harris / Richard Johnson 
                                             ----------------------- 
 
 Arden Partners - Joint Broker                +44 20 7614 5900 
                                             ----------------------- 
 Ruari McGirr (Corporate) / Simon Johnson 
  (Sales) 
                                             ----------------------- 
 
 Canaccord Genuity - Joint Broker             +44 20 7523 8000 
                                             ----------------------- 
 Henry Fitzgerald-O'Connor / James Asensio 
  / Patrick Dolaghan 
                                             ----------------------- 
 
 Alma PR - Financial Media & Investor 
  Relations                                   +44 20 3405 0205 
                                             ----------------------- 
 Josh Royston / Sam Modlin                    EQTEC@almapr.co.uk 
                                             ----------------------- 
 
                                              +44 (0) 20 7457 2381 
 Instinctif - General Media Enquiries          / +44 (0) 7887 884794 
                                             ----------------------- 
 Chris Speight / Tim Field                    EQTEC@instinctif.com 
                                             ----------------------- 
 

About EQTEC plc

As one of the world's most experienced gasification technology and engineering companies, with a growing track record of delivering operational and commercial success for transforming waste-to-energy through best-in-class technology innovation, engineering and project development , EQTEC brings together design innovation, project delivery discipline and solid commercial experience to add momentum to the global energy transition. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.

EQTEC designs, supplies and builds advanced gasification facilities in the UK, EU and US, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process over 50 varieties of feedstock, including forestry wood waste, vegetation and other agricultural waste from farmers, industrial waste and sludge from factories and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of synthetic natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.

The Company is quoted on AIM (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.

Further information on the Company can be found at www.eqtec.com .

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June 30, 2022 02:05 ET (06:05 GMT)

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