EQTEC PLC Equipment Supply Agreement for Plant in USA (9508V)
2023年12月7日 - 4:00PM
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TIDMEQT
RNS Number : 9508V
EQTEC PLC
07 December 2023
07 December 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
New contract for engineering toward waste wood-to-electricity
plant in California, 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 an equipment
supply agreement for engineering services and equipment supply (the
"Agreement") for a plant in Wilseyville, California, USA that is
being developed to cleanly convert approximately 25,000 tonnes per
year of wood waste into synthesis gas ("syngas") to fuel a gas
engine coupled to alternators for production of c. 3.0 MWe
electricity (the "Plant"). The Plant would also produce c. 2,400
tonnes per year of saleable biochar for agricultural and other
uses.
The Agreement is with Blue Mountain Electric Company LLC
("BMEC"), a project company set up and operated by Phoenix Biomass
Energy, Inc. ("Phoenix"), a developer of renewable energy projects
in California, especially in the Sierra and Central Valley where
forest fires are prevalent, and where fire prevention is aided by
the clearing and clean, safe disposal of forestry waste wood. Along
with the Company, Phoenix is also one of three equity shareholders
in the 2.0 MWe North Fork, California plant where the Company is
also driving for commercial operations. The BMEC and North Fork
projects apply similar EQTEC designs and capabilities and represent
the first two in an expected series of potential, future projects
for Phoenix and EQTEC in California.
The Company expects to commence basic engineering work in early
2024 and to invoice c. $330,000 (c. EUR302,000) for this work,
which the Company expects to complete in the first half of 2024.
The Company and BMEC have also agreed a comprehensive quotation to
deliver detailed engineering, equipment, construction advisory and
commissioning services for approximately $10.3 million (c. EUR9.4
million), should, inter alia, the requisite funding be secured by
BMEC to enable the project to proceed. The Company will make
further announcements if and when any work beyond basic engineering
is agreed.
Jeff Vander Linden, Group COO, commented:
"We are pleased to finally execute this contract with BMEC. The
opportunity to support forest fire prevention in California through
the application of EQTEC technology for clean, safe disposal of
forestry waste has long been an ambition for us. The Project has
secured credible funding from national and state funding sources as
well as private lenders, so we feel this work can proceed
successfully. Although the North Fork project has taken much longer
than we have liked, it has also allowed us to learn and improve
project execution. It is on this basis that we very much look
forward to pressing ahead with our second project in
California."
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 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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