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EQTEC hooks up with ewerGy to open up Greece and environs to gasification

ewerGy will act as an ongoing business developer for EQTEC in the Greek and Balkan territories. EQTEC will provide engineering & technical design services, technology and project development support.

EQTEC PLC -

EQTEC PLC (LON:EQT) has signed a collaboration framework agreement with the German engineering, procurement and construction company, ewerGy.

The five-year agreement covers the key terms of the proposed cooperation for the development of a portfolio of projects in Greece and the Balkan region.

Waste to energy specialist EQTEC said the parties to the framework agreement will use EQTEC's advanced gasification technology in projects that will include electricity generation, heat supply and/or CCHP (combined cooling heating and power), as well as syngas to chemicals.

The parties have identified 11 potential projects in the pipeline; two are under development, with the remaining projects under due diligence.

READ EQTEC inks agreement for Greek biomass project

All of the projects have the required permitting, economic feasibility studies and secured biomass feedstock, supplied by the local communities, for proposed development.

“Since January, we have been working with ewerGy and its local partner, ECO Hellas, on the development of the first advanced gasification plant in Greece, for which we recently announced an MOU [memorandum of understanding]. This collaboration has already been very productive, and the expertise, professionalism and local know-how of ewerGy and ECO Hellas have made clear to us the value of a wider collaboration with them,” said David Palumbo, the chief executive officer (CEO) of EQTEC.

“We are looking forward to opening up Greece and neighbouring countries for advanced gasification plants, and we are convinced ewerGy and ECO Hellas are the right partners to do so and have, already inside their network, access to an interesting prospective pipeline of projects,” he added.

Gerd Kromarck, the CEO of ewerGy, said that as the project developer ewerGy will work closely together with EQTEC and ECO Hellas to execute as fast as possible the current projects pipeline.

"The opportunity is there: Greece and the Balkans can progress from a sub-standard waste management situation to a world-class best practice in Waste-to-Energy,” Kromarck said.

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Price: 0.75 GBX

AIM:EQT
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Market Cap: £51.52 m
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