Mechanical and electrical completion at Italia MDC

RNS Number : 4895K

EQTEC PLC

22 December 2022

 

22 December 2022

EQTEC plc

("EQTEC", the "Company" or the "Group")

Mechanical and electrical completion at Italia MDC

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 confirm mechanical and electrical completion at its Italia Market Development Centre ("Italia MDC") near Castiglione d'Orcia, Tuscany, Italy (the "Plant"), for an expected commercial operations date ("COD") of the Plant in early 2023.

Further to its project status update of 22 November 2022, the Company can now confirm that all equipment has been delivered on site, installed and individually tested. This is a major milestone where all mechanical and electrical components are in place and installed, with all enhancements to the Plant including the additional feed-in system, the dryer and the thermal oxidizer added to improve the resilience of the Plant's business model.

Work at the Plant has proceeded in a timely way, but due to supply chain delays and the late arrival of critical components, the inavailability of suppliers to support testing of ancillary equipment and recent weeks of severe weather at the site, final performance testing and COD will be completed early in the new year.  

The Company intends to continue communicating its progress with Italia MDC, in the run-up to full operation. Italia MDC will be the Company's first such facility, and is pursuing construction and commissioning of additional MDCs in Croatia, France and the UK.

Yoel Alemán, CTO of EQTEC, commented:

"Work has proceeded at pace, with our team responding decisively and effectively to the tactical situation on site caused by adverse weather conditions and availability of external suppliers. I am pleased that everything is now installed and commissioned and I am proud of the team's hard work in getting us to complete the construction of our first MDC in 2022. We expect early in the new year to carry out the biochar test required for the offtake contract and commence export of electricity to the grid under the existing power purchase agreement. The trying conditions have revealed the dedication and resilience of the Plant's commissioning and operations team, for which we are grateful, and I am confident they will successfully operate a productive and profitable Italia MDC."

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	[phone]
David Palumbo / Nauman Babar
Strand Hanson - Nomad & Financial Adviser	[phone]
James Harris / Richard Johnson
Panmure Gordon - Joint Broker	[phone]
John Prior / Hugh Rich
Canaccord Genuity - Joint Broker	[phone]
Henry Fitzgerald-O'Connor / James Asensio / Patrick Dolaghan
Alma PR - Financial Media & Investor Relations	[phone]
Josh Royston / Sam Modlin	[e-mail]
Instinctif - General Media Enquiries	[phone] / [phone]
Chris Speight / Tim Field	[e-mail]

About the project

The Project constitutes a plant located on a site owned by Toscana Cereali Societa' Cooperativa Agricola, from whom EQTEC Italia MDC Srl is leasing. The 1MWe plant currently approaching full commercial operation is capable of converting multiple types of biomass feedstock into electrical power and thermal energy. Initially, the plant will export electrical power to the national grid, for which a connection has been secured with a preferential tariff. Biomass feedstock will be provided by at least one local supplier with alternative suppliers also prepared to supply feedstock.

In addition to being a profitable, commercial-scale facility with an important role in the local, agricultural community, the Plant is expected to become a Market Development Centre for the Company, so that it can showcase EQTEC technology to prospective clients including Industrial, Utility, Municipal or other Agricultural clients looking to replicate success with sustainable, waste-to-energy technology.

The Company currently owns 19.99% of EQTEC Italia MDC Srl, with an option to acquire further equity in the Project.

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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