TIDMEQT
RNS Number : 9341T
EQTEC PLC
23 March 2023
23 March 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
France government award towards potential waste-to-RNG
project
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 announce that EQTEC France SAS ("EQTEC
France") has been appointed by the French national government via
the Préfet de la Région Provence-Alpes-Côte-d'Azur (the
"Prefecture") to lead a technical and commercial feasibility (the
"Feasibility") on the site of a decommissioned, coal-fired power
station in Meyreuil, Aix-en-Provence, Bouches-du-Rhône, France (the
"Site").
The Feasibility is fully funded by national and regional
governments under the Pact for Ecological and Industrial Transition
of Gardanne-Meyreuil with an initial budget granted to EQTEC France
of EUR1 million. The Feasibility will consider one of four
potential projects at the Site, where the Gardanne power station
("Gardanne") formally operated. The Feasibility is expected to
complete in the first half of 2023.
EQTEC France will lead the Feasibility, to review the Site's
requirements and the potential for EQTEC solutions, working with
local development consultants to assess the commercial viability
and development requirements. EQTEC's engineering team will take
the lead in assessing design, engineering and other technical
considerations.
The intention of national and regional stakeholders is to
revitalise the Site by deploying new energy infrastructure that is
clean, sustainable, and commercially viable, and to employ local
people, particularly workers from the legacy plant. Through the
Feasibility, the Prefecture and other stakeholders intend to
explore the technical and commercial viability of a potential
facility built around EQTEC technology, with particular interest in
production of renewable natural gas ("RNG") from a variety of wood
waste types.
Following the Feasibility, the Company will have the opportunity
for additional design work, in partnership with France-based
developers, to formalise a project and advance it toward financial
close. The Company will provide further progress updates in due
course.
Gardanne, also known as the Provence power station, was an 850
MWe coal-fired power station owned by Gazel Energie France, the
fourth largest provider of electricity and gas in France and a
wholly owned subsidiary of Czech multinational energy
infrastructure owner-operator Energetický a pr myslový holding,
a.s. ("Group EPH"). Following its July 2019 acquisition of Gardanne
and other assets previously owned by Uniper France, which coincided
with the French government's pledge to phase out coal power by
2022, Group EPH closed the plant at the end of 2020 and in 2022
reopened part of the plant as a 150 MWe biomass incineration
facility.
The Feasibility supports the Company's business strategy and is
an important next step for demonstrating EQTEC's capabilities in
applying its versatile synthesis gas ("syngas") technology to a
variety of applications, including RNG. It builds on the
steam-oxygen capabilities installed by EQTEC in 2022 at its R&D
facility hosted by the Université de Lorraine in Épinal, France. It
also builds on the RNG trials targeted for investment by the
Company from the recent fundraise announced on 21 March 2023.
Finally, because the Feasibility is fully funded from the outset of
the project lifecycle, the payment structure realises the Company's
intent to charge for engineering services prior to financial
close.
David Le Saint, EQTEC Market Lead for France, commented:
"Gardanne was a huge plant and a big part of life in
Gardanne-Meyreuil. When visiting the area, it is evident what an
impact the plant made on the local community and what its closure
has meant to so many families there. The opportunity to help
revitalise the Site is extremely exciting for us and in line with
our approach to local-for-local, waste-to-value solutions. With
this initial Feasibility, we believe that the versatility of EQTEC
technology will provide technically and commercially interesting
propositions for the Site and for the community. It will also
create another opportunity for EQTEC to deliver RNG in what is
shaping up to be a very active market for it. I look forward to
growing EQTEC France's partner network and local capabilities to
support this exciting growth market for Gardanne-Meyreuil and for
France more generally."
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 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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