EQTEC PLC (LON:EQT) has inked an agreement that envisages the development of the first advanced gasification plant in Greece.
The memorandum of understanding signed covers key terms of a proposed co-operation with regional companies - Eco Hellas and Agrigas Energy.
EQTEC would fulfil the role of technology provider in the engineering design and installation of the plant.
In a statement, the company noted that bank funding is in place for the first plant which would have some 0.5 megawatts of capacity.
The partners in the venture are also committing to a second project that would have a capacity of 1 MW.
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EQTEC told investors that it will shortly provide formal quotes for the full scope of its work, in turn enter into a binding agreement for the first plant. It is expected that these agreements will be finalised in the coming weeks.
"We are delighted to have been chosen as the preferred partner for the first biomass project in Greece utilising advanced gasification technology,” said David Palumbo, EQTEC chief executive.
“The Mediterranean agro-industry sector is one of our three main verticals, and entering Greece has been a high priority for us. During the discussions with ewerGy and Eco Hellas, we became convinced that we had found the right partners in this very promising region for our proven advanced gasification technology.”
Palumbo added: “We remain confident of the opportunity that exists for the group in Greece and the Greater Mediterranean area.
“Our intention is to develop this market through strategic partnerships in the relevant geographies."