TIDMEQT
RNS Number : 6671R
EQTEC PLC
07 July 2022
07 July 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Collaboration Framework Agreement with CompactGTL
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 signed a Collaboration Framework Agreement
(the "Agreement") with CompactGTL Limited ("CompactGTL"), a
leading, small scale, modular, gas-to-liquids ("GTL") company
specialising in the production and use of synthetic fuels from
gases, including natural gas, synthesis gas and off-gases.
With a strong track record applying innovative approaches to GTL
in the oil & gas industry, CompactGTL is actively considering
application of its capabilities to production of new fuels, and
especially to conversion of synthesis gas ("syngas") into
sustainable, drop-in, liquid fuels for industries that are more
difficult to decarbonise, such as the aviation and heavy haulage
industries. Given EQTEC's track record with production of syngas
tuned to specific feedstock and offtake requirements, CompactGTL
view EQTEC's syngas as a strong complement to its GTL capabilities
for production of sustainable, synthetic fuels.
Through the Agreement, the Company and CompactGTL (together, the
"Parties") have agreed to collaborate on the design, development,
construction and operation of waste-to-fuel projects and other
synthetic fuel and energy infrastructure projects, with an initial
focus on small-scale, modular, waste-to-fuel plants. The Parties
intend to integrate their respective technologies and know-how to
pursue a growing number of opportunities for clean, sustainable
liquid fuel production. The Company will provide project
development, syngas technology solutions, engineering and technical
design services. CompactGTL will provide GTL technology solutions
and access to development sites, funders, infrastructure investors
and blue chip offtakers.
The Parties have also agreed to promote and introduce each other
to commercial opportunities and to jointly develop projects . The
Parties have identified a potential pilot-demonstration project
(the "Project") for which they will commence feasibility work as
soon as possible. The Project would focus on designing and
developing the first, small-scale, commercial plant utilising RDF
as feedstock in the production of sustainable liquid fuels,
applying both Parties' technologies. The Parties have identified a
location for the project and are currently in discussions with the
site owner about acquiring rights to developing the project.
The Agreement, valid for an initial, two-year period, comes in
the wake of several similar announcements by the Company since
2021, whereby it has confirmed formal agreements with a range of
technology and delivery partners whose capabilities complement the
Company's own. Through these relationships, the Company seeks to
develop a global partner network to support delivery of EQTEC's
proposition of its world-leading syngas technology for a range of
baseload energy and biofuel solutions in the Net Zero future. With
this most recent Agreement, the Company aims to position itself in
the emerging market for synthetic fuels and commits its
capabilities to developing clean, efficient fuels through
conversion of a variety of waste products.
Any projects the Parties elected to progress to full development
would be subject to separate, detailed contracts. The Company will
update the market as projects under review are qualified and
managed through the pipeline.
David Palumbo, CEO of EQTEC, commented:
"EQTEC's ability to design, model, deploy and commission its
proprietary and patented process technology to produce highly
efficient, versatile and clean syngas from a wide range of waste
types makes us uniquely fit for a range of offtake applications,
including liquid fuels. To date, we have targeted our efforts on
projects for clean power, thermal energy, hydrogen and synthetic
natural gas. I am especially happy now to add liquid fuels to that
list, as market interest grows for sustainable aviation and ground
fleet fuels. CompactGTL are uniquely positioned as partners, with
the technology and a team deeply expert in process technologies, to
collaborate with us toward rapid realisation of highly efficient
fuels for the Net Zero future. We are excited to get moving in this
market."
Anar Asgarov, CEO of CompactGTL, commented:
"CompactGTL has already proven itself in the oil & gas
sector and is very happy now to be turning our attention to the
growing sector for clean, renewable energy. Our ability to
transform a variety of gases into liquid fuels is well suited to
syngas conversion, and our technology works. Our greatest challenge
to date has been finding a sufficiently pure syngas that can be
tuned for the sorts of fuels that are suitable for markets such as
aviation and heavy haulage. Discovering EQTEC's end-to-end process
capabilities and the quality of syngas its technology produces was
decisive. We are delighted to formalise our relationship, with a
view to joint work on a demonstration plant that will open the door
to new markets for syngas-to-fuel solutions."
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
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Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
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James Harris / Richard Johnson
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Arden Partners - Joint Broker +44 20 7614 5900
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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 / Matthew Young EQTEC@almapr.co.uk
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+44 20 7457 2381 / +44
Instinctif - General Media Enquiries 7887 884794
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Chris Speight / Tim Field EQTEC@instinctif.com
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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
.
About CompactGTL
CompactGTL (CGTL), with headquarters in the UK, is one of the
world's leading, small scale, modular Gas- To Liquids (GTL)
companies. Since its inception in 2006, CGTL has focused its
technology development and commercialisation programme on the
upstream oil & gas sector, recognising problematic stranded gas
as the most compelling market opportunity.
CGTL has focussed its development activities on delivering what
commercially viable plants need to achieve and has developed a
unique, patent- protected and proven GTL process utilising Fischer
Tropsch (FT) catalytic conversion. The CGTL small- scale GTL
technology has been proven to work for the conversion of associated
gas into synthetic liquids at the point of production. The
technology has powerful oil company endorsement by Petrobras who
successfully operated CGTL's Commercial Demonstration Plant for 3
years in Brazil.
CGTL now sees a huge new opportunity to transition the company
from a focus on primary fossil derived feedstocks to a focus on
biogenic feedstocks, such as residual biomass, refuse derived fuels
and municipal solid wastes, that can be turned into valuable and
sustainable liquid fuels. To achieve this CGTL has partnered with
EQTEC as we believe there is significant synergies in the
integration of CGTL's FT technology and EQTEC's proven ability to
produce high quality synthesis gas from a range of feedstocks.
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END
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July 07, 2022 04:34 ET (08:34 GMT)
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