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EQTEC agrees new collaboration to develop green energy parks in Ireland

The parks will use the company's gasifier technology and will be designed to handle forestry and agri-waste, sourced locally from under-utilised forest waste biomass supply

EQTEC PLC -

EQTEC PLC (LON:EQT) has formed an agreement with Ireland’s Carbon Sole Group to jointly develop green energy solutions for the Irish market.

Using EQTEC's Gasifier Technology, the pair initially plan to co-develop three green energy parks in Ireland utilising advanced biofuels, energy storage and district heating networks.

The first two proposed sites are already zoned for enterprise or industrial use and are suitable for heat and electricity generation using biofuels, the companies said.

READ: EQTEC cuts losses, highlights increasing demand for services in 2020

In line with biofuels obligation schemes and certification requirements, these plants will be designed to handle forestry and agri-waste, sourced locally from under-utilised forest waste biomass supply.

Carbon Sole, which develops and operates green energy heat and power plants, will be responsible for obtaining the permits, licences and authorisations, power purchase agreements and feedstock agreements for the projects, which are all anticipated to be in place by the first quarter of 2021.

David Palumbo, chief executive of EQTEC, said: “Developing partnerships with high quality and established stakeholders in our target markets has been a key focus of EQTEC since I joined the company. 

“We are particularly excited about this collaboration agreement with Carbon Sole as we rarely find a developer with such a great understanding of the sector matched with a thorough understanding of the energy needs of the towns and available resources in which the projects are to be vested.”

He added: ”Ireland is a very interesting market for us, offering numerous opportunities, particularly given its unique characteristic of being now the only EU state in the islands of the North Atlantic. It is also the location of our corporate headquarters and we intend to be a significant player in the decarbonisation process of its industries.”

The pair will work together to source the necessary equity and debt financing for projects in the pipeline, including project acquisition costs.

Carbon Sole will also act as an ongoing business developer for EQTEC, with any project that the parties decide to take forward and develop to be subject to a separate detailed contract.

EQTEC will have the option but not the obligation to obtain up to a 25% equity interest in each project progressed under the agreement.

Shares in the company rose 14% to 0.76p in early trade on Monday.

Quick facts: EQTEC PLC

Price: 0.375 GBX

AIM:EQT
Market: AIM
Market Cap: £15.97 m
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