TIDMEQT
RNS Number : 4895K
EQTEC PLC
22 December 2022
22 December 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Mechanical and electrical completion at Italia MDC
EQTEC plc (AIM: EQT), a global technology innovator powering
distributed, decarbonised, new energy infrastructure through its
waste-to-value solutions for hydrogen, biofuels, and energy
generation, is pleased to confirm mechanical and electrical
completion at its Italia Market Development Centre ("Italia MDC")
near Castiglione d'Orcia, Tuscany, Italy (the "Plant"), for an
expected commercial operations date ("COD") of the Plant in early
2023.
Further to its project status update of 22 November 2022, the
Company can now confirm that all equipment has been delivered on
site, installed and individually tested. This is a major milestone
where all mechanical and electrical components are in place and
installed, with all enhancements to the Plant including the
additional feed-in system, the dryer and the thermal oxidizer added
to improve the resilience of the Plant's business model.
Work at the Plant has proceeded in a timely way, but due to
supply chain delays and the late arrival of critical components,
the inavailability of suppliers to support testing of ancillary
equipment and recent weeks of severe weather at the site, final
performance testing and COD will be completed early in the new
year.
The Company intends to continue communicating its progress with
Italia MDC, in the run-up to full operation. Italia MDC will be the
Company's first such facility, and is pursuing construction and
commissioning of additional MDCs in Croatia, France and the UK.
Yoel Alemán, CTO of EQTEC, commented:
"Work has proceeded at pace, with our team responding decisively
and effectively to the tactical situation on site caused by adverse
weather conditions and availability of external suppliers. I am
pleased that everything is now installed and commissioned and I am
proud of the team's hard work in getting us to complete the
construction of our first MDC in 2022. We expect early in the new
year to carry out the biochar test required for the offtake
contract and commence export of electricity to the grid under the
existing power purchase agreement. The trying conditions have
revealed the dedication and resilience of the Plant's commissioning
and operations team, for which we are grateful, and I am confident
they will successfully operate a productive and profitable Italia
MDC."
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 +44 207 409 3494
---------------------------
James Harris / Richard Johnson
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Panmure Gordon - Joint Broker +44 207 886 2500
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John Prior / Hugh Rich
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Canaccord Genuity - Joint Broker +44 207 523 8000
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Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
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Alma PR - Financial Media & Investor Relations +44 203 405 0205
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Josh Royston / Sam Modlin EQTEC@almapr.co.uk
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+44 207 457 2381 / +44 788
Instinctif - General Media Enquiries 788 4794
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Chris Speight / Tim Field EQTEC@instinctif.com
---------------------------
About the project
The Project constitutes a plant located on a site owned by
Toscana Cereali Societa' Cooperativa Agricola, from whom EQTEC
Italia MDC Srl is leasing. The 1MWe plant currently approaching
full commercial operation is capable of converting multiple types
of biomass feedstock into electrical power and thermal energy.
Initially, the plant will export electrical power to the national
grid, for which a connection has been secured with a preferential
tariff. Biomass feedstock will be provided by at least one local
supplier with alternative suppliers also prepared to supply
feedstock.
In addition to being a profitable, commercial-scale facility
with an important role in the local, agricultural community, the
Plant is expected to become a Market Development Centre for the
Company, so that it can showcase EQTEC technology to prospective
clients including Industrial, Utility, Municipal or other
Agricultural clients looking to replicate success with sustainable,
waste-to-energy technology.
The Company currently owns 19.99% of EQTEC Italia MDC Srl, with
an option to acquire further equity in the Project.
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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END
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December 22, 2022 02:00 ET (07:00 GMT)
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