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
.
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END
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