REG - EQTEC PLC - Mechanical and electrical completion at Italia MDC

EQTECAnnouncement

22/12/2022 07:00

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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

 Strand Hanson - Nomad & Financial Adviser                     +44 207 409 3494
 James Harris / Richard Johnson

 Panmure Gordon - Joint Broker                                 +44 207 886 2500
 John Prior / Hugh Rich

 Canaccord Genuity - Joint Broker                              +44 207 523 8000
 Henry Fitzgerald-O'Connor / James Asensio / Patrick Dolaghan

 Alma PR - Financial Media & Investor Relations                +44 203 405 0205
 Josh Royston / Sam Modlin                                     EQTEC@almapr.co.uk (mailto:EQTEC@almapr.co.uk)

 Instinctif - General Media Enquiries                          +44 207 457 2381 / +44 788 788 4794
 Chris Speight / Tim Field                                     EQTEC@instinctif.com (mailto: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
(http://www.eqtec.com/) .

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