EQTEC joins forces with Phoenix Biomass Energy to develop US biomass plants

The companies have already identified five projects in the US

Phoenix has already chosen EQTEC’s technology for two power plants in California

UK waste-to-energy group EQTEC Plc (LON:EQT) has signed a framework agreement with California-based firm Phoenix Biomass Energy to develop biomass gasification power plants in the US.

The companies have already identified five projects in the US.

READ: EQTEC updates on collaborative growth strategy

The target projects will be around 2MW to 3MW in size with an estimated project value between US$15mln and US$20 million each.

EQTEC will provide its proprietary gasifier technology, together with technical design and engineering for the power plants.

The group said it will work together with Phoenix to secure the necessary funding to develop such projects.

EQTEC said the deal builds on its strategy to focus on the recovery of clean energy from biomass, on of its three key verticals, as announced last week.  

It also builds on an existing relationship with Phoenix, which has already chosen EQTEC’s technology for two power plants in California. The design work for the first power plant has been completed.

“Phoenix has a track record of successfully delivering projects in California and the wider US and we are very pleased that our initial technical and commercial interactions have led to this important agreement,” said EQTEC chief executive Ian Price.

“It presents a perfect opportunity to combine our experiences and expertise to expand our reach, open new doors and bring further revenue generating opportunities to apply our EGT in the Biomass to Energy sector in California and throughout the US. 

“As announced in our business strategy update, the board believes that developing key partnerships with proven counterparties with a secured projects pipeline is the most effective way to deliver multiple projects."

Quick facts: EQTEC PLC

Price: 0.4601 GBX

Market: AIM
Market Cap: £18.66 m

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