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
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Arden Partners - Joint Broker +44 20 7614 5900
-----------------------
Ruari McGirr (Corporate) / Simon Johnson
(Sales)
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Canaccord Genuity - Joint Broker +44 20 7523 8000
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Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
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Alma PR - Financial Media & Investor
Relations +44 20 3405 0205
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Josh Royston / Sam Modlin EQTEC@almapr.co.uk
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+44 (0) 20 7457 2381
Instinctif - General Media Enquiries / +44 (0) 7887 884794
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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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