TIDMEQT
RNS Number : 6369T
EQTEC PLC
26 November 2021
26 November 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
Strategic Collaboration Agreement with Wood for Synthetic
Natural Gas and Hydrogen Market Solutions
EQTEC plc (AIM: EQT), a world-leading gasification solutions
company building a cleaner waste-to-energy industry , is pleased to
announce that it has signed a Strategic Collaboration Agreement
(the "Agreement") with Wood, a leading consulting and engineering
company across energy and the built environment ("Wood").
Under the terms of the Agreement, the Company and Wood (the
"Parties") will jointly target and pursue market opportunities for
collaborative development and deployment of clean,
waste-to-synthetic natural gas ("SNG") and waste-to-hydrogen
solutions and delivery of related projects.
The Agreement is aimed at expanding availability and application
of EQTEC's Advanced Gasification Technology and synthesis gas
("syngas") production into new markets, combining it with Wood's
established VESTA methanation technology, engineering capabilities
and capacity for scale. The Parties anticipate joint development of
new capabilities and solutions to lead innovations in the emerging
market for renewable SNG and hydrogen and support the drive to net
zero.
Highlights
-- The Parties have signed a Strategic Collaboration Agreement
through which they intend to pursue opportunities for further
rollout and successful application of EQTEC Advanced Gasification
Technology in new markets, complemented by Wood's technologies,
leading engineering capabilities, market access and global
scale;
-- The Company and Wood will collaborate to:
o Assess and target specific market opportunities for deployment
of new commercial solutions for SNG and hydrogen production
from syngas, based on EQTEC's proven and proprietary Advanced
Gasification Technology;
o Develop and deploy waste-to-SNG and hydrogen solutions, uniting
the Company's leading-edge gasification capabilities and Wood's
proprietary VESTA methanation and other ancillary technologies;
o Establish a Collaboration Management Team ("CMT") that will
advise and propose opportunities to the Parties for joint pursuit;
and
o For each market opportunity identified, clarify the commercial
business case in order to safeguard the competitiveness of
the offering(s);
-- For any customer-facing project undertaken by the Parties,
one of the two Parties will be agreed as the lead for customer
interaction and will sub-contract to the other Party, under
terms clearly defined for collaborative working; and
-- The Parties anticipate that all work undertaken jointly by
them would be governed by the Agreement, whether it be within
the immediate focus of SNG and hydrogen solutions or not.
Jeff Vander Linden, COO of EQTEC, commented:
"The markets for SNG and hydrogen are maturing rapidly. EQTEC's
unique capabilities in producing high-quality syngas have always
positioned us well as a supplier of intermediate fuel for both
applications. This collaboration agreement with Wood is an
important start to our entry into these growth markets. Wood's
teams are among the very best at what they do, and we are excited
to have the opportunity to work shoulder-to-shoulder with them to
bring our waste-to-syngas capabilities to new solutions in more
geographies. With Wood, we believe we will open new markets and add
further credibility to our assertion that EQTEC advanced
gasification has a clear place in the clean energy ecosystem of the
present and future."
Brian McCarthy, Vice President of Technology and Products at
Wood, commented:
"Wood has a long-established experience in the development of
technologies for low carbon intensity fuels and hydrogen. Our VESTA
methanation technology enables producers of clean syngas, such as
EQTEC, to connect to existing natural gas networks, offering an
alternative route to distribute the low carbon energy produced by
EQTEC's Advanced Gasification Technology .
"By combining EQTEC's and Wood's breakthrough technologies and
leveraging our combined capabilities, this collaboration will
provide the opportunity to innovate and create solutions to support
the path to net zero."
More information
As previously announced, EQTEC in October 2020 awarded an
independent technology and market review to Wood, both of which
were completed in Q1 2021. The independent market review assessed
the potential for market expansion of the Company's technology
solutions for a variety of waste types with a remit to report
technology availability, regional policies, regulations and capital
cost comparisons.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 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
-----------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
-----------------------
James Harris / James Dance
-----------------------
Arden Partners - Joint Broker +44 20 7614 5900
-----------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
-----------------------
Canaccord Genuity - Joint Broker +44 20 7523 8000
-----------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
-----------------------
Alma PR - Financial Media & Investor Relations +44 20 3405 0205
-----------------------
Josh Royston / Sam Modlin / Matthew Young EQTEC@almapr.co.uk
-----------------------
+44 7554 014 188 / +44
BECG - General Media Enquiries 7867 452 269
-----------------------
Carrie Lowe / Tom Gosschalk EQTEC@BECG.com
-----------------------
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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