REG - FORGENT PLC - Gasification Strategy

ForgentAnnouncement

12/03/2026 07:00

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RNS Number : 3845W  FORGENT PLC  12 March 2026

12 March 2026

FORGENT PLC

("FORGENT" or the "Company")

Gasification Strategy - focus on commissioning and rebuilding revenue pipeline

Forgent plc, the technology-led energy transition company, is pleased to
provide an update on the strategy and operational progress of its gasification
business, which operates under the EQTEC brand.

 

The Company confirms that the immediate strategic priority for its
gasification activities is the successful commissioning and stabilisation of
operating reference plants at customer sites in Greece and at North Fork,
California, USA.

 

The Board believes that sustained and reliable operations at these sites are
critical to demonstrating the repeatability, bankability and commercial
scalability of EQTEC's proprietary gasification technology. The Company's
focus is therefore on disciplined project execution, technical optimisation
and operational support to ensure that these facilities achieve consistent
performance in line with design parameters and customer requirements.

 

Successful commissioning and stable operations at these sites are expected to:

• provide validated reference plants under EQTEC's technology and
integration model;

• strengthen customer confidence in the Company's delivery capability;

• support the rebuilding and conversion of the commercial pipeline; and

• enhance the Company's ability to secure further scaled project
opportunities.

 

Greece
In Greece, the Company is working closely with its customer Agrigas and local
partners to complete final commissioning activities, optimise feedstock
handling and syngas performance, and support the transition to steady-state
operations. EQTEC personnel are on site this week and a further announcement
will be made upon successful commissioning.

 

North Fork
At North Fork in California, EQTEC continues to provide technical oversight,
engineering support and operational integration services as the plant
progresses through commissioning and performance testing. The Company's
technical teams have been deployed on site several times during Q4 2025 and Q1
2026 and are expected to return in April as commissioning progresses.

 

As previously announced the Company remains a joint defendant along with five
others in a legacy claim brought by SCV North Fork LLC ("SCV"), the original
tax-credit investor at the North Fork project. SCV was removed as a member of
the project's operating company after failing to meet its payment obligations
under the agreed tax credit schedule, a decision that was subsequently upheld
by the bankruptcy court. SCV originally filed a number of claims, most of
which were rejected by the Courts following defensive action, with just one
legacy claim outstanding. The defendants, through their legal representatives,
have filed a cross complaint against SCV and continue to believe that the SCV
claim is without merit. As part of the legal process the defendants, including
the Company, have agreed to a mediation in San Francisco in April 2026.

 

Market Opportunities

The Board notes the growing potential for EQTEC's gasification technology in
applications such as sustainable aviation fuel ("SAF") production, where
gasification provides a pathway to convert waste and biomass feedstocks into
syngas that can be further processed into advanced fuels. This represents a
potential route for EQTEC technology to participate in emerging low-carbon
fuel markets where demand is expected to grow significantly in the coming
years.

 

The Board also notes the opportunity for decentralised energy systems in
island and remote-grid environments, where energy security challenges, waste
management needs and high electricity costs create favourable conditions for
waste-to-energy solutions. Hawaii represents a clear example where these
factors are present, and where EQTEC's technology may provide a practical
solution addressing both waste management and local energy generation needs.

 

Technology Insurance
The Company is also in advanced discussions with a specialist insurance broker
and investment grade underwriter, which has already undertaken technical due
diligence on EQTEC's technology platform, regarding the potential provision of
insurance coverage for certain technical performance risks associated with
plants deploying EQTEC's technology.

 

If progressed to binding coverage, such insurance would provide additional
protection to project developers and financing counterparties and reduce
reliance on the Company's balance sheet in respect of technology warranties.

 

Pipeline Rebuild
In parallel with commissioning activities, the Board is focused on a
disciplined rebuild of the commercial pipeline, which it considers essential
to restoring commercial momentum, improving contract conversion rates and
establishing a more predictable and resilient revenue base over time.

 

This process includes a renewed focus on project quality, counterparty
strength, feedstock security and appropriate capital structures, ensuring that
future opportunities are aligned with EQTEC's delivery capabilities and
financial position.

 

Review of Geographic Footprint and Subsidiaries
The Board has initiated a review of certain country-level joint ventures and
subsidiaries, including in Croatia, France, Italy and Greece, as well as
certain legacy dormant UK entities, as part of the Company's broader strategic
progression.

 

The review will assess ongoing strategic relevance, cost base and alignment
with the Company's revised priorities, and will consider whether the continued
operation of certain entities remains appropriate or whether rationalisation
would better support long-term value creation. The Board believes that a more
focused operational footprint centred on a limited number of priority projects
may represent a more sustainable model than maintaining a presence across
multiple jurisdictions.

 

 

 

For further information on FORGENT PLC, visit the Company's website
www.eqtec.com (https://eqtec.com/) or contact:

 

ENQUIRIES 

 

 FORGENT plc                                     www.EQTEC.com

 James Parsons

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

 James Harris / Richard Johnson 

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

  

 Christopher Kipling

 Samantha Esqulant 

  

 

 

 

 

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