TIDMEQT
RNS Number : 8207S
EQTEC PLC
14 March 2023
14 March 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
Italy Market Development Centre operational
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 that its Italy Market Development
Centre ("MDC") is operational. EQTEC's technical commissioning team
has commenced handover protocols for transferring plant operations
to EQTEC Italia MDC srl ("Italia MDC"), the MDC's operating company
(the "Handover Protocols"). The Plant is the first of EQTEC's MDCs
to become operational.
The 1.1 MWe plant, located in Gallina, near Castiglione d'Orcia,
Tuscany, Italy (the "Plant") had already commissioned gasification
and biochar production capabilities in January 2023. On 8 March
2023, following commissioning of the Jenbacher 612 engine, the
Plant exported its first electricity to the national power grid. To
finalise calibration and performance testing of the engine and to
support Handover Protocols, a representative of INNIO Jenbacher
(Italia) will be on site from 15 March 2023. Following completion
of this work on the engine and before the end of March, the Company
expects to fully transfer plant operations to the Italia MDC
staff.
Additionally, Italia MDC is pursuing refinance of the plant
asset by an Italian bank. The technical advisor to the bank visited
the plant in March to complete a technical survey. Subject, inter
alia, to the finalisation of the technical report, the Company
expects that a funding agreement with the bank will be completed
during Q2 2023.
MDCs are reference plants that demonstrate EQTEC technology in
live, commercial environments, with application of EQTEC's
versatile syngas to one of four, target solution models:
Industrial; Utility; Municipal; or Agricultural. The Italia MDC is
focused on the Agricultural solution model, which demonstrates the
potential for smaller-scale, autonomous plants in remote areas to
convert agricultural and forestry biomass into value for the local
community.
The Company has a number of scheduled visits to the Plant by
prospective investors and partners, starting in late March. The
visits include a utilities company, infrastructure investors and
private investors with whom EQTEC plc is in discussions towards
securing funding and the sale of equity in Croatia MDC.
The Company is targeting launch of the Croatia MDC later this
year in Belišće, Croatia, to demonstrate the Industrial solution
model, converting industrial waste from a nearby paper mill into
electrical power and biochar, returning the former to the paper
mill and selling the latter on the open market.
A third MDC is being pursued in eastern France that would
demonstrate the Utility solution model, helping utility companies
decarbonise their plant footprints and create new energy
infrastructure for new lines of business in a post-fossil fuel
world. The France MDC is expected to become operational in
2024.
David Palumbo, CEO of EQTEC, commented:
"Having our first MDC transitioning to live operations is a
significant catalyser to EQTEC's strategy of becoming a technology
licensor for distributed new energy infrastructure. We cannot
underestimate the importance of the MDCs not only to incubate
demand for our technology but also to accelerate the timescales
typically required from engagement to transaction, with owner
operators and funding sources. We expect a busy schedule of site
visits in the coming months, with strategic stakeholders including
utility companies and infrastructure investors."
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
David Palumbo / Nauman Babar +44 20 3883 7009
Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard Johnson +44 20 7409 3494
----------------------------
Panmure Gordon - Broker
John Prior / Hugh Rich +44 20 7886 2500
----------------------------
Instinctif - Media & investor relations EQTEC@instinctif.com
enquiries +44 791 717 8920 / +44 788
Guy Scarborough / Tim Field 788 4794
----------------------------
About EQTEC Italia MDC srl
EQTEC Italia MDC srl ("Italia MDC") is a company registered in
Italy for the purpose of transforming agricultural and forestry
waste into electrical power and biochar in a relatively remote and
heaviliy agrarian community. The Company currently owns 19.99% of
Italia MDC, with an option to acquire further equity in future.
Italia MDC owns and operates a 1.1 MWe plant in Gallina (the
"Plant"), a village near Castiglione d'Orcia in Tuscany's Val
d'Orcia, an area considered to be the region's most scenic. It is
on a site owned by Toscana Cereali Societa' Cooperativa Agricola,
from whom Italia MDC is leasing. With EQTEC technology at its core,
the Plant is capable of converting multiple types of biomass
feedstock into electrical power and thermal energy.
Initially, the Plant is converting higher-density wood waste
into electrical power for export to the national grid, for which a
connection has been secured with a preferential tariff. In addition
to the electricity, the Plant is producing biochar for purchase by
two European wholesalers of the product. Thermal energy produced
through the continuous EQTEC thermochemical conversion process is
being recycled to dry the feedstock, improving the Plant's
waste-to-energy conversion efficiency.
Feedstock is being delivered by multiple, local suppliers, and
Italia MDC has identified additional, potential suppliers in order
to maintain continuity of supply and leverage over cost and
availability. Further, the Plant has been upgraded to support
lower-density feedstocks such as straw or other agricultural waste.
This ability to switch amongst feedstock types and suppliers adds
resilience to Italia MDC's business model.
In addition to being a profitable, commercial-scale facility
with an important role in the local, agricultural community, the
Plant is a Market Development Centre for the Company, providing a
showcase of EQTEC technology for prospective clients including
Industrial, Utility, Municipal or other Agricultural clients
looking to replicate success with sustainable, waste-to-energy
technology. The Company already has a number of prospective clients
scheduling time to visit Italia MDC in 2023.
About EQTEC plc
As one of the world's most experienced thermochemical conversion
technology and engineering companies, EQTEC delivers waste
management and new energy solutions through best-in-class
innovation and infrastructure engineering and value-added services
to owner-operators. EQTEC is one of only a few technology providers
directly addressing the challenge of replacing fossil fuels for
reliable, baseload energy. 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, specifies and delivers clean, syngas production
solutions in the USA, EU and UK, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process 60 varieties of feedstock, including forestry
waste, agricultural waste, industrial waste 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 renewable 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 the London Stock Exchange's Alternative
Investment Market (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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