France project award for waste-to-RNG plant with Idex Group
EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation is pleased to announce that it has been awarded a project in partnership with French utility company and infrastructure owner Idex, by the Limoges Métropole (“Limoges Metropolis”) in Nouvelle-Aquitaine, France (the “Project”).
The Project, to be developed by Idex with engineering and technology from EQTEC, is expected to result in a plant able to convert up to 45,000 tonnes per year of mixed waste, including contaminated wood waste, into up to nine million normal cubic metres per year of renewable natural gas (“RNG”) (the “Plant). Once operational, the partners expect that Idex will own and operate the Plant.
The Project was awarded to the Company and Idex through a competitive tender and panel interview process that completed in late 2022. In addition to the French national government and expert engineering laboratories, the panel included Gaz Réseau Distribution France (GrDF) SA, France’s primary natural gas distribution network operator and the Nouvelle-Aquitaine regional government, both of whom will supply funding to the Project. The Company and Idex worked together throughout the process, with a joint submission and presentation that won approval over competing bids. Limoges Metropolis has reserved the right to join a consortium with the Company and Idex as the project develops.
The Project supports the Company’s business strategy and is an important next step for demonstrating EQTEC’s capabilities with applying its versatile synthesis gas (“syngas”) technology to a variety of applications, including RNG. It builds on the waste wood conversion capabilities it is applying at its France Market Development Centre (“MDC”) in Villers-sous-Montrond, France and on the steam-oxygen capabilities it installed in 2022 at its R&D facility hosted by the Université de Lorraine in Épinal, France. It also builds on the RNG trials targeted for investment by the Company from the recent fundraise announced on 21 March 2023.
The Company expects financial close for the Project to occur in the second half of 2024 with the Plant completing construction and commissioning by early 2026, for live operation in the first half of 2026.
David Le Saint, EQTEC Market Lead for France, commented:
“The Project represents a major win for EQTEC and the first formal collaboration with a significant partner in Idex. The RNG market in France has substantial growth potential as the country moves to set its first RNG feed-in tariff later this year, further supported by the anticipated announcement from European Sovereign funds to accelerate project financing. EQTEC is already pursuing several RNG opportunities in addition to the Project and will make the most of the momentum toward RNG.
In addition to positioning itself as an innovative, decarbonising energy company, Idex has been a constructive and valuable partner to the Company and represents a strong, future route to market for EQTEC technology as well as a collaborator in deploying our Utility solutions and a well-known name with the capability to develop, own and operate a portfolio of plants with EQTEC technology.”
Stéphane Guillet, Idex New Energy Vectors Director, commented:
“Idex has a strong record deploying innovative technologies, which is closely aligned with EQTEC’s leading expertise and clean syngas technology. Idex has committed itself to evolving its own business model to bring on new technologies that decarbonise France’s energy footprint and deliver sustainable infrastructure to support baseload requirements. We look forward to continued collaboration with EQTEC and to making the Limoges project a success together.”
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company’s obligations under Article 17 of that Regulation.
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EQTEC plc
David Palumbo / Nauman Babar
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