TIDMEQT
RNS Number : 2183U
EQTEC PLC
27 March 2023
27 March 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
France project award for waste-to-RNG plant with Idex Group
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 it has been awarded a
project in partnership with French utility company and
infrastructure owner Idex, by the Limoges Métropole ("Limoges
Metropolis") in Nouvelle-Aquitaine, France (the "Project").
The Project, to be developed by Idex with engineering and
technology from EQTEC, is expected to result in a plant able to
convert up to 45,000 tonnes per year of mixed waste, including
contaminated wood waste, into up to nine million normal cubic
metres per year of renewable natural gas ("RNG") (the "Plant). Once
operational, the partners expect that Idex will own and operate the
Plant.
The Project was awarded to the Company and Idex through a
competitive tender and panel interview process that completed in
late 2022. In addition to the French national government and expert
engineering laboratories, the panel included Gaz Réseau
Distribution France (GrDF) SA, France's primary natural gas
distribution network operator and the Nouvelle-Aquitaine regional
government, both of whom will supply funding to the Project. The
Company and Idex worked together throughout the process, with a
joint submission and presentation that won approval over competing
bids. Limoges Metropolis has reserved the right to join a
consortium with the Company and Idex as the project develops.
The Project supports the Company's business strategy and is an
important next step for demonstrating EQTEC's capabilities with
applying its versatile synthesis gas ("syngas") technology to a
variety of applications, including RNG. It builds on the waste wood
conversion capabilities it is applying at its France Market
Development Centre ("MDC") in Villers-sous-Montrond, France and on
the steam-oxygen capabilities it installed 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.
The Company expects financial close for the Project to occur in
the second half of 2024 with the Plant completing construction and
commissioning by early 2026, for live operation in the first half
of 2026.
David Le Saint, EQTEC Market Lead for France, commented:
"The Project represents a major win for EQTEC and the first
formal collaboration with a significant partner in Idex. The RNG
market in France has substantial growth potential as the country
moves to set its first RNG feed-in tariff later this year, further
supported by the anticipated announcement from European Sovereign
funds to accelerate project financing. EQTEC is already pursuing
several RNG opportunities in addition to the Project and will make
the most of the momentum toward RNG.
In addition to positioning itself as an innovative,
decarbonising energy company, Idex has been a constructive and
valuable partner to the Company and represents a strong, future
route to market for EQTEC technology as well as a collaborator in
deploying our Utility solutions and a well-known name with the
capability to develop, own and operate a portfolio of plants with
EQTEC technology."
Stéphane Guillet, Idex New Energy Vectors Director,
commented:
"Idex has a strong record deploying innovative technologies,
which is closely aligned with EQTEC's leading expertise and clean
syngas technology. Idex has committed itself to evolving its own
business model to bring on new technologies that decarbonise
France's energy footprint and deliver sustainable infrastructure to
support baseload requirements. We look forward to continued
collaboration with EQTEC and to making the Limoges project a
success together."
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 EQTEC@instinctif.com
relations enquiries +44 791 717 8920 / +44 788
Guy Scarborough / Tim Field 788 4794
About Limoges
The communauté urbaine Limoges Métropole ("Limoges Metropolis")
is a community of municipalities that includes the City of Limoges
and surrounding, suburban municipalities. It is in the Haute-Vienne
department, in the Nouvelle-Aquitaine region, in southwestern
France. Occupying an area of 520.6 square kilometres, its total
population was 207,385 in 2018, of which 131,479 resided within
Limoges city limits.
In 2021, Limoges Metropolis adopted a Climate-Air-Energy Plan
for the Area (the "Plan"), which set a target for annual energy
production of 1,000 gigawatt-hours ('GWh") from renewable sources,
including production of biogas and specifically, a renewable
natural gas ("RNG") capability. The feasibility study undertaken as
part of deployment of the Plan concluded that 40,000 tonnes per
year of feedstock per year could be made available for waste-to-RNG
conversion, of which up to 60% would be Grade B wood waste.
About Idex
Founded in France in 1963, Idex develops, designs, finances,
builds and operates local energy and carbon-free infrastructure,
which provides renewable heat and local electricity supply to
buildings, cities & industry.
With 5,700 employees and a turnover of EUR2 billion in 2022,
Idex is currently the only vertically integrated market operator
delivering the complete value chain for local energy provision. The
Group is involved in the production of thermal or electrical energy
from local and low-carbon energy resources (geothermal, solar,
biomass, waste), the distribution of this energy through district
heating and cooling networks, to its final use in industrial,
residential and tertiary buildings and other applications.
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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