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EQTEC PLC - Upgrade Contract with University of Extremadura

RNS Number : 8030D
EQTEC PLC
24 February 2020
 

24 February 2020

 

EQTEC plc

 

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

 

Upgrade Contract with University of Extremadura

 

 

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that the Group has been awarded a contract for the upgrade of the existing syngas research and development facility (the "Facility") (the "Upgrade Contract") at the University of Extremadura in Badajoz, Spain (the "University").

 

The award of the Upgrade Contract follows a successful funding application by the University to the European Regional Development Fund ("ERDF") to secure funding for the testing of the production of biofuels from syngas using a Fisher-Tropsch process and unit. Installation of a Fisher-Tropsch unit will allow the production of sustainable biofuels utilising the high quality syngas produced from EQTEC's advanced gasification process, which has been used at the Facility since 2010.

 

Pursuant to the Upgrade Contract, EQTEC is responsible for purchasing, installing, commissioning and startup of the Fischer-Tropsch unit, for which it has secured short-term project level financing from CAIXA Bank in Spain. The installation of the Fischer-Tropsch unit, along with sign off from the University, is anticipated to be completed in Q3 2020. On completion, the University will reimburse EQTEC out of the ERDF funding.

 

The Fischer-Tropsch process is a catalytic chemical reaction in which compounds in syngas are converted into liquid transportation fuels. Following completion of this upgrade, EQTEC will have the ability to carry out tests with a variety of biomass and waste feedstocks, which will be processed into a clean syngas and then into sustainable biofuels such as biodiesel and other transportation fuels.   

 

The University of Extremadura was founded in 1973. EQTEC has been collaborating with Dr. Juan Félix González, from the School of Industrial Engineering, since 2007, in the research of breakthrough technologies in renewable energy and alternative fuels.

 

Dr. Yoel Aleman, Chief Technology Officer of EQTEC, commented:

 

"Our continuous work with universities and technology research centres is a testament of our ambition to remain a technology thought leader in our sector and our desire to continue to develop our technology for wider applications. Having access to the testing Facility, where we could use the pure syngas produced from our advanced gasification technology to produce biofuels, should assist in validating to all future stakeholders the quality of our process and the versatility of application of our technology."

 

Dr. Juan Félix González González,  Professor of the School of Industrial Engineering of the University of Extremadura, commented:

 

"We have been working with Yoel Aleman and the engineering team at EQTEC for a number of years now.  We believe that their depth of knowledge and technical capabilities are second to none and that they have developed a technology that it is unrivalled in its versatility and reliability. We continue to endorse them to any player in the sector looking for a knowledgeable team, with technical expertise that can be applied to the most complex projects."

 

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

+353 21 2409 056

David Palumbo / Gerry Madden

 


Strand Hanson - Nomad & Financial Adviser

+44 207 409 3494

James Harris / James Dance / Jack Botros

 


SI Capital Limited - Broker

+44 148 341 3500 

Nick Emerson / Jon Levinson

 


IFC Advisory - Financial PR & IR

+44 203 934 6630

Tim Metcalfe / Graham Herring / Zach Cohen


 

Notes to Editors

 

About EQTEC plc

 

EQTEC is the technological solution partner for converting waste to clean energy.

 

EQTEC mission is to provides sustainable technological solutions to address two of the world's greatest challenges: managing rising levels of waste and meeting the growing demand for clean energy.

 

EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects which will convert waste into clean energy, to which it will ultimately sell its EQTEC Advanced Gasification Technology and O&M services.  EQTEC Advanced Gasification Technology enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.

 

EQTEC sources projects that have a local supply of waste in need of elimination and conversion.  It builds relationships and brings together the developers, the waste owners, the building contractors and funders.  It then supplies the energy recovery technology and provides engineering services to the projects.

 

EQTEC also seeks to provide O&M services to established operating co-generation plants generating recurring revenues over the life of the projects.

 

The Company is quoted on AIM, bears the Green Economy Mark awarded by the London Stock Exchange and trades as EQT.  Further information on the Company can be found at www.eqtecplc.com.

 

 


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