TIDMEQT
RNS Number : 5853E
EQTEC PLC
14 March 2022
14 March 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Formal launch of EQTEC business in France
to address growing pipeline including treatment of contaminated
plastic waste
EQTEC plc (AIM: EQT), a world-leading technology innovation
company enabling the Net Zero Future through advanced solutions for
hydrogen, biofuels, SNG and other energy production , is pleased to
announce the launch of a subsidiary company in France, together
with completion of a collaboration agreement for handling of
contaminated plastic waste.
Collaboration for clean energy from contaminated plastic
waste
The Company has signed a Strategic Collaboration Agreement (the
"Agreement") with SEPS SAS ("SEPS"), a French company specialising
in the management and recycling of industrial waste (together, the
"Parties"). The Agreement confirms the Parties' shared intent to
pursue development of contaminated waste treatment plants that
apply the combined capabilities of SEPS and EQTEC technologies with
initial interest focused on specific, offtake applications
including electricity, heat, combined cooling, heat & power
(CCHP) and biofuels.
Completion of the Agreement follows the announcement on 1
February 2022 that the Parties signed a Letter of Intent in
December 2021 as a first step toward full collaboration, also
indicating their intention to pursue deployment of both Parties'
technologies at an on-premise, industrial facility in
Haute-Garonne, France (the "Project"). The Agreement reaffirms the
intention to pursue the Project as the first focus for the
collaboration, at a site already owned by SEPS. The Project would
construct and commission a plant for transformation of contaminated
plastic waste into clean syngas, applying both Parties'
technologies. The Agreement further expresses the intent to
identify, pursue and replicate success with the Project at other
locations.
The Agreement also follows the Company's successful completion
of a series of tests on contaminated plastics, undertaken with SEPS
at EQTEC's technology innovation facility in France through its
partnership with the Université de Lorraine.
Launch of EQTEC France
To support a growing pipeline of opportunities in France,
including the Project and other potential opportunities with SEPS,
the Company has formalised its entry into the French market with
establishment of EQTEC France SAS ("EQTEC France"), a wholly-owned
subsidiary of EQTEC plc. As announced in its interim results in
September 2021, the Company has taken note of a highly active and
accelerating interest in cleantech from the French national,
regional and local governments and from potential lenders and
development partners in France. Since then, the Company has been
presented with a number of opportunities and strong encouragement
from French stakeholders that suggest France will be a market of
strong demand for EQTEC technology.
The Company has defined a further pipeline in France of a dozen
opportunities and is bidding on three projects, including a
waste-to-power project and two waste-to-biofuels projects. The
development of these projects is progressing through collaboration
with two, established owner-operators, each with significant waste
and energy infrastructure experience and holdings in France. The
Company will notify the market in due course about the progress of
these bids.
EQTEC France is the third, formal, go-to-market entity
established by the Company, following establishment of two,
majority-owned joint ventures: Synergy Projects d.o.o. for Croatia
in July 2021 and Synergy Projects Limited for Greece and the Aegean
in September 2021. Establishment of the France subsidiary
represents another step in the Company's formalisation of
go-to-market entities to support deployment of its technologies and
manage local pipelines, partnerships and projects in a number of
geographies where there is growing interest in replacing
traditional, baseload energy solutions with EQTEC's unique
capabilities. The Company intends to announce additional entities
in other target markets later this year.
To lead EQTEC France, the Company has appointed David Le Saint,
who has been working in France with the Company since July 2021.
David's application of deep experience within project finance,
venture capital and investment, together with his wide network of
stakeholders, have resulted in rapid development of a diverse
pipeline of opportunities in France, backed by the support of some
of France's largest financial institutions. David's 20-plus years'
of experience includes roles in financial analysis, private equity
and investment banking with JP Morgan Securities-Acofi, ABN AMRO
and Hoche Inovalis Partners. He has overseen transactions across
Europe and managed a mezzanine fund of EUR250 million, deploying
capital in renewable energy, capital regulatory and real estate
transactions. Just prior to joining EQTEC, he set up and led the
international real asset investment management practice of a
multi-billion-pound, single family office. David is a member of the
Royal Institution of Chartered Surveyor (MRICS) and holds degrees
from Cass Business School, Paris II Pantheon-Assas University and
the University of Cambridge.
David Palumbo, CEO of EQTEC, commented:
"Formalisation of our market entry into France is a big step as
we focus on building a pipeline of go-to-market entities and future
licensors, each with a pipeline of projects . France is a major
market with a strong history in progressive investment and
development of new energy and we believe this will prove true also
for baseload renewables such as clean syngas. As a leader in clean
syngas production, we are proud to set our sights first on
contaminated, plastic waste, in partnership with our colleagues at
SEPS, who have a strong track record with this feedstock. We are
also proud that our France market entry was made possible not only
by David Le Saint's tireless leadership there, but also on the
strength of our R&D programme at the Université de Lorraine.
The work we do together in France will make a direct contribution
to reduction of rising volumes of plastic waste, transforming it
into baseload energy and biofuels."
Laurent Rousseau, CEO of SEPS, commented:
"This collaboration with EQTEC has been very well prepared over
the past months, based on thorough review of one another's
technologies and culminating in joint testing at the EQTEC facility
at Université de Lorraine. It is based on the proven success with
contaminated plastic waste-to-syngas production we witnessed in
situ that we are so happy to proceed. SEPS has a strong history
with treatment of contaminated plastics, but with EQTEC's leading
syngas technology, we now see many doors opening for market growth
and development in France and beyond. Our commitment to clean
treatment of contaminated waste, together with EQTEC's
transformation of that waste into clean syngas will now support a
range of applications for power, hydrogen and biofuels in support
of local, energy security and fossil fuel replacement."
This announcement follows previous announcements, including on
28 September 2021 that the Company had identified p otential
projects for biomass-to-energy and for gasification of industrial
and contaminated waste and in its Q4 2021 Trading Update, EQTEC
stated that it had: formed the alliance with SEPS; progressed
negotiations to a development agreement towards financial close for
the Biomasse31 project; and identified an additional five project
opportunities for a range of biomass, RDF and other feedstock, as
well as a range of offtake applications.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
ENQUIRIES
EQTEC plc +44 203 883 7009
David Palumbo / Nauman Babar
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
James Harris / James Dance
Arden Partners - Joint Broker +44 20 7614 5900
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
Canaccord Genuity - Joint Broker +44 20 7523 8000
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
Alma PR - Financial Media & Investor Relations +44 20 3405 0205
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
+44 7554 014 188 / +44
BECG - General Media Enquiries 7867 452 269
Carrie Lowe / Tom Gosschalk EQTEC@BECG.com
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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