TIDMEQT
RNS Number : 0289H
EQTEC PLC
25 July 2023
25 July 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
Collaboration Framework Agreement with Domi Ost
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
Collaboration Framework Agreement (the "Agreement") with Domi Ost
Limited ("Domi Ost"), an Irish development and project management
company dedicated to bringing advanced biofuel production to
Ireland, other European markets and the UK.
Through the Agreement, the Company and Domi Ost (together, the
"Parties") will collaborate on the design and development of
projects in Ireland that deploy EQTEC synthesis gas ("syngas")
technology for conversion of forestry, agricultural, industrial,
municipal or other waste into renewable natural gas ("RNG"),
hydrogen or other advanced applications such as ethanol or
methanol.
The Parties have identified four projects to pursue together and
have already undertaken qualification on one of them, including
engagement with the prospective client. The Company will update the
market as projects under review are qualified and managed through
the pipeline.
Under the Agreement, Domi Ost will incubate and shape demand in
Ireland and potentially other markets, manage stakeholders and
drive project implementation. Domi Ost will also source and
contract key parties for investment and delivery of projects,
leaving EQTEC to focus on engineering and core technology
integration and licensing. The Parties envision working with other
third parties for syngas-to-molecule applications, as well as for
construction of new energy plants.
The Agreement envisions no investment of either capital or
unpaid resources by EQTEC into any projects targeted by the
Parties. Any projects the Parties elect to progress to full
development will be subject to separate, detailed contracts.
Domi Ost is a development and project management company whose
management bring decades of experience shaping and managing
petrochemical and renewable energy projects in Ireland, across
Europe and around the world. Domi Ost anticipates a good market in
Ireland for advanced syngas technology for production of RNG,
hydrogen and other chemicals.
The Agreement follows the Company's announcement together with
its annual results on 05 May 2023 that it was engaging with
partners toward Ireland-based projects in support of Ireland's IT
services industry, de-carbonisation of the national grid and
creation of autonomous, sustainable alternatives to traditional
energy solutions. The Company's 2023 annual report also contains a
profile of Domi Ost as a partner.
Jeffrey Vander Linden, COO of EQTEC, commented:
"EQTEC's ability to design, model, deploy and commission its
proprietary and patented process technology to produce highly
efficient, versatile and clean syngas from a wide range of waste
types makes us uniquely fit for a range of offtake applications,
including advanced biofuels. We are pleased to extend our
engagement with RNG and hydrogen opportunities and to explore the
potential for syngas-to-ethanol or similar applications.
"We have long been interested in working more in Ireland, and
with the government's commitment to decarbonisation standing
alongside increasing investor interest in supporting the journey,
we are very happy to formalise our working relationship with Domi
Ost. Our work to date with Domi Ost has been a pleasure-we are
particularly inspired by its commitment to the highest professional
standards and its dedication to quality project execution."
Kieran Gaughan, Director of Domi Ost, commented:
"Ireland is really just getting started with advanced energy
applications such as those made possible by syngas-based solutions.
We at Domi Ost have always been passionate about bringing advanced
biofuel production to Ireland, as well as to other European markets
and the UK, so a collaboration with EQTEC is a natural choice for
us in making that possible.
"Although syngas-based applications are not a one-size-fits-all
solution for Ireland or anywhere else, they offer true potential
for baseload energy and therefore for replacing fossil fuels. Given
our commitment and the Irish government's commitment to
decarbonisation of the national grid, the syngas approach makes a
lot of sense. We know of no one better than EQTEC for syngas-based
solutions, and so we are very happy to work alongside it on our
journey toward fuel sustainability and business resilience while
decarbonising Ireland."
ENQUIRIES
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 EQTEC@instinctif.com
relations enquiries +44 791 717 8920 / +44 788
Guy Scarborough / Tim Field 788 4794
About Domi Ost
Domi Ost Limited is an Ireland-based project development company
with the mission of sustainably decarbonising Ireland while
ensuring business resilience. As Ireland seeks to decarbonise its
energy grid and transport sectors by encouraging new, renewable
technologies that support the country's economic growth, Domi Ost
is quickly finding routes to market for EQTEC's syngas technology,
as well as for other, complementary technologies.
Domi Ost's founding directors' objectives are identifying and
forming high-quality and high-impact clean energy opportunities and
driving project success, as a response to Ireland's 'green'
challenge. The company is also dedicated to decarbonising Ireland
while creating value for stakeholders and business resilience
though fuel sustainability and deployment of EQTEC's clean, syngas
technology in Ireland, be it for combined heat and power (CHP),
renewable natural gas (RNG) or other applications including
bioethanol or biomethanol production.
EQTEC and Domi Ost are currently discussing sustainability
opportunities for heavy energy user sectors and transport services
in Ireland. Both sectors have grown significantly over the past two
decades, and Ireland intends to grow them further, with a clean
energy footprint. Beyond the considerable power requirements
inherent in delivery of services, investors in the industry sector
are looking at options for strong investment cases for clean
generation of baseload power. The transport sector is looking at a
decarbonisation strategy that includes biofuels or other chemicals
to support Ireland's overall objective of a clean carbon
footprint.
About EQTEC
As one of the world's most experienced thermochemical conversion
technology and engineering companies, EQTEC delivers waste
management and new energy solutions through best-in-class
innovation and infrastructure engineering and value-added services
to owner-operators. EQTEC is one of only a few technology providers
directly addressing the challenge of replacing fossil fuels for
reliable, baseload energy. 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, specifies and delivers clean, syngas production
solutions in the USA, EU and UK, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process 60 varieties of feedstock, including forestry
waste, agricultural waste, industrial waste 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 renewable 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 the London Stock Exchange's Alternative
Investment Market (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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