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EQT Eqtec Plc

2.05
-0.10 (-4.65%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eqtec Plc LSE:EQT London Ordinary Share IE000955MAJ1 ORD EUR0.01 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -4.65% 2.05 2.00 2.10 2.15 2.05 2.15 1,897,191 12:08:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electric Services 7.97M -10.53M -0.0712 -0.29 3.03M

EQTEC PLC Technical Services Agreement for Plant in USA (9796U)

29/11/2023 7:00am

UK Regulatory


Eqtec (LSE:EQT)
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TIDMEQT

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. EUR165,000) 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 EUR300,000. Additionally, the Company has provided to SEL a comprehensive quotation to deliver detailed engineering, equipment, construction advisory and commissioning services for approximately EUR7 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 
 David Palumbo / Jeffrey Vander Linden       +44 20 3883 7009 
Strand Hanson - Nomad & Financial Adviser 
 James Harris / Richard Johnson              +44 20 7409 3494 
                                             ---------------- 
Global Investment Strategy UK Ltd - Broker 
 Samantha Esqulant                           +44 20 7048 9045 
                                             ---------------- 
Fortified Securities - Broker 
 Guy Wheatley                                +44 20 3411 7773 
                                             ---------------- 
Panmure Gordon - Broker 
 John Prior / Hugh Rich                      +44 20 7886 2500 
                                             ---------------- 
 

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 .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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November 29, 2023 02:00 ET (07:00 GMT)

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