REG - EQTEC PLC - Technical Services Agreement for Plant in USA

EQTECAnnouncement

29/11/2023 07:00

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RNS Number : 9796U  EQTEC PLC  29 November 2023

29 November 2023

 

EQTEC plc

("EQTEC", the "Company" or the "Group")

 

New contract for engineering toward waste wood-to-electricity plant in Hawaii,
USA

 

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 signed a technical services agreement for engineering services and
equipment supply (the "Agreement") for a plant that would convert
approximately 15,000 tonnes per year of wood waste into synthesis gas
("syngas"), which in turn would fuel a gas-fired boiler to generate steam for
use in a steam turbine with an alternator to generate up to 2 MW of electrical
power to power an organic fertilizer production facility and demolition waste
sorting and recycling operation.

 

The Agreement is with Simonpietri Enterprises LLC ("SEL"), a waste-to-energy
development company based in Hawaii, USA. SEL provides innovative technical
and business solutions in waste management, renewable fuels and energy
production, transportation, and agriculture in Hawaii, the continental USA,
and island locations in the Pacific. This engineering contract is for the
gasification system for SEL's Sustainable Materials Recycling and Fertilizer
Facility (the "SMRFF") under development in Kapolei, Hawaii. At the SMRFF, the
planned EQTEC gasification system will convert construction and demolition
debris, landscaping waste, and invasive plant biomass from landscape
restoration and wildfire prevention projects, into biochar and electricity for
organic fertilizer production. SEL has a particular interest in gasification
as a clean energy alternative to landfilling, burning, or incineration for
solving waste problems and creating recycled-material products, and has
recognised EQTEC's leading capabilities with gasification technology.

 

The Company expects to commence basic engineering work at the end of 2023 and
to invoice $180,000 (c. €165,000) for this work, which the Company expects
to complete in early 2024. The Company and SEL have also agreed a quotation
for front-end engineering design ("FEED") that would follow the basic
engineering and for which the Company expects to invoice a further €300,000.
Additionally, the Company has provided to SEL a comprehensive quotation to
deliver detailed engineering, equipment, construction advisory and
commissioning services for approximately €7 million, should, inter alia, the
requisite funding be secured by SEL to enable the project to proceed. The
Company will make further announcements if and when any work beyond FEED is
agreed.

 

David Palumbo, Group CEO, commented:

 

"EQTEC's syngas technology, modular build and limited footprint are attractive
to many developers working in island environments, and we have been approached
by a range of local authorities and developers from island communities in the
Caribbean, the Mediterranean and elsewhere. This opportunity in Hawaii is the
one moving first and fastest. We are happy to work with SEL which has shown
itself to be extremely well organised, well mobilised and capable of driving
this relatively small-scale project forward with pace and purpose. We look
forward to seeing EQTEC technology help solve the dual problems of waste
management and energy generation in island environments, and hope that this
Agreement opens a range of new opportunities for us."

 

Joelle Simonpietri, President, Simonpietri Enterprises LLC, commented:

 

"We have been evaluating wood and waste gasification technology vendors for
several years, searching for companies with a technical fit for our
island-style waste streams as well as a record of commercial plants operating
at this scale. EQTEC's strong track record, with thousands of hours of
operating data, currently operational commercial plants, and a plant under
construction in California, all help us to accelerate our own project
development and execution. In addition, EQTEC's systems and intellectual
property are complementary with our own proprietary techniques for
gasification of difficult waste streams like construction and demolition
debris including treated, painted, and resinated lumber. That EQTEC's team is
fast, thorough, experienced, and easy to work with are other bonuses for us.
We are happy to select EQTEC for our inaugural project in Hawaii."

 

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 20 3883 7009

 David Palumbo / Jeffrey Vander Linden

 Strand Hanson - Nomad & Financial Adviser      +44 20 7409 3494

 James Harris / Richard Johnson

 Global Investment Strategy UK Ltd - Broker     +44 20 7048 9045

 Samantha Esqulant

 Fortified Securities - Broker                  +44 20 3411 7773

 Guy Wheatley

 Panmure Gordon - Broker                        +44 20 7886 2500

 John Prior / Hugh Rich

 

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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