EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonized, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels and energy generation is pleased to announce that it has entered into a Collaboration Framework Agreement (the “CFA“) with Poseidon LNG Hub Srl (“PLH“), a sister company of Belleli Group, an energy technology project developer with extensive global expertise in engineering, construction and operations of large petrochemical and power plants, with interests in the LNG, RNG and green fuels sectors.
Under the terms of the CFA, the Company and PLH will jointly target and pursue market opportunities in Italy for collaborative development and deployment of clean, waste-to-RNG and waste-to-hydrogen solutions and delivery of related projects.
Highlights
- PLH has identified and selected four, potential initial locations in a portfolio of projects (the “Colibrì Plants“) through engagement with the province of Cremona, northern Italy, in the following locations: Corte dei Frati, Piadena, Castelverde and Cremonese Grumello;
- Each plant in the portfolio, if developed, is expected to be capable of transforming c. 100,000 tonnes of mixed waste and biomass into RNG and other green biofuels;
- PLH, in its capacity as lead integrator and developer, has carried out in-depth, technical due diligence and subsequently selected expert companies to design and implement specific scope for each Colibrì Plant, based on the specialist field of expertise of each service provider / partner. EQTEC was selected to join the consortium as the exclusive syngas technology partner;
- Other companies in the consortium include: Linde plc, Wood plc, Alfa Laval AB and Chemprod Srl;
- PLH is to be solely responsible for securing funding for the Colibri Projects with no contribution required from EQTEC. PLH is already in advanced discussions with a number of international banks, public funds and equity partners for funding of the pipeline; and
- The first project, located in Corte dei Frati, is expected to reach full permitting for construction in 2023 and financial close in H1 2024. EQTEC intends to generate from the project engineering services, technology sales, licensing fees and other value added services.
The CFA was originated inside the scope of the Company’s existing, strategic collaboration agreement with Wood, aimed at expanding availability and application of EQTEC’s synthesis gas (“syngas“) capabilities into new markets, combining it with Wood’s established VESTA methanation technology, engineering capabilities and capacity for scale.
The CFA supports the Company’s business strategy of becoming a global technology licensor and is an important step toward demonstrating EQTEC’s capabilities with application of its versatile syngas technology to a variety of applications, especially RNG. It builds on the steam-oxygen capabilities installed by EQTEC in 2022 at its R&D facility hosted by the Université de Lorraine in France and on the profile enjoyed by EQTEC in the sector following the award of two projects in France at Gardanne and at Limoges, both announced in March 2023. It also builds on the RNG trials targeted for investment by the Company from the recent fundraising announced on 21 March 2023.
David Palumbo, EQTEC CEO, commented:
“This agreement further cements EQTEC’s position as a leading syngas technology company within a consortium of leading, global companies with complementary capabilities. The RNG market in Europe shows substantial growth potential, as the continent moves to set feed-in tariffs later this year, supported even further by the anticipated announcement from European Sovereign funds toward acceleration of project financing. EQTEC is already pursuing several RNG opportunities and is well placed to seize new opportunities created by the current momentum toward RNG.
We are extremely pleased to work with Poseidon, which brings extensive experience in development, construction, and operations of complex chemical process infrastructure around the world. We are excited by the know-how to be developed through this collaboration and look forward to a relationship that creates new revenue opportunities whilst accelerating the adoption of new energy infrastructure.”
Luigi Conte, Poseidon LNG Hub Srl President, commented:
“We are passionate to build a future of energy infrastructure projects that apply business integrity with social responsibility. Our commitment is to deliver successful projects through an integrated, innovative project philosophy. We developed and engineered the first LNG floating terminal in the world and now with this collaboration with EQTEC we will continue to innovate syngas-to-RNG applications from non-fossil fuel feedstocks.
By combining EQTEC’s and Wood’s breakthrough technologies and leveraging our combined capabilities, this collaboration will provide the opportunity to innovate and create solutions to support the path to net zero.”
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.
About Belleli Group
Belleli Group (“BG“) is an engineering, construction and operations group of companies covering the full energy chain infrastructure onshore and offshore. BG is active in engineering, project management, procurement, construction and O&M services globally, for international projects in Oil & Gas (onshore and offshore), Power, Water and Infrastructure, backed by 70 years’ experience in more than 50 oil refineries and 40 petrochemical plants.
BG is committed to developing innovative technology for complex projects, with the most advanced solutions, while protecting the environment and promoting local content and community social development, with the support of BEI (Belleli Engineering & Infrastructures), supplying value-added services: feasibility studies, conceptual engineering, preliminary design, basic design, detail engineering, construction management, commissioning. BG is a top partner for added value solutions in the energy and water industry through advanced technology. Further information on BG can be found at (http://www.bg-belleligroup.com/index.html)
About Poseidon LNG Hub Srl
Poseidon LNG Hub Srl (“PLH“) is a sister company of BG, acting as energy technology project developer and integrator, specifically active in LNG, RNG, green fuels and other green energy projects. PLH draws on the extensive experience, resources and the network of BG to establish consortia with top global partners for delivery of new energy infrastructure.
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 localized, decentralized 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.
INQUIRIES
| EQTEC plc – David Palumbo / Nauman Babar | +44 20 3883 7009 |
| Strand Hanson – Nomad & Financial Adviser – James Harris / Richard Johnson | +44 20 7409 3494 |
| Panmure Gordon – Broker – John Prior / Hugh Rich | +44 20 7886 2500 |
| Instinctif – Media & investor relations inquiries – Guy Scarborough / Tim Field | EQTEC@instinctif.com+44 791 717 8920 / +44 788 788 4794 |