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 confirm that its Italy Market Development Centre (“MDC”) is operational.
EQTEC’s technical commissioning team has commenced handover protocols for transferring plant operations to EQTEC Italia MDC srl (“Italia MDC”), the MDC’s operating company (the “Handover Protocols”). The Plant is the first of EQTEC’s MDCs to become operational.
The 1.1 MWe plant, located in Gallina, near Castiglione d’Orcia, Tuscany, Italy (the “Plant”) had already commissioned gasification and biochar production capabilities in January 2023. On 8 March 2023, following commissioning of the Jenbacher 612 engine, the Plant exported its first electricity to the national power grid. To finalise calibration and performance testing of the engine and to support Handover Protocols, a representative of INNIO Jenbacher (Italia) will be on site from 15 March 2023. Following completion of this work on the engine and before the end of March, the Company expects to fully transfer plant operations to the Italia MDC staff.
Additionally, Italia MDC is pursuing refinance of the plant asset by an Italian bank. The technical advisor to the bank visited the plant in March to complete a technical survey. Subject, inter alia, to the finalisation of the technical report, the Company expects that a funding agreement with the bank will be completed during Q2 2023.
MDCs are reference plants that demonstrate EQTEC technology in live, commercial environments, with application of EQTEC’s versatile syngas to one of four, target solution models: Industrial; Utility; Municipal; or Agricultural. The Italia MDC is focused on the Agricultural solution model, which demonstrates the potential for smaller-scale, autonomous plants in remote areas to convert agricultural and forestry biomass into value for the local community.
The Company has a number of scheduled visits to the Plant by prospective investors and partners, starting in late March. The visits include a utilities company, infrastructure investors and private investors with whom EQTEC plc is in discussions towards securing funding and the sale of equity in Croatia MDC.
The Company is targeting launch of the Croatia MDC later this year in Beliše, Croatia, to demonstrate the Industrial solution model, converting industrial waste from a nearby paper mill into electrical power and biochar, returning the former to the paper mill and selling the latter on the open market.
A third MDC is being pursued in eastern France that would demonstrate the Utility solution model, helping utility companies decarbonise their plant footprints and create new energy infrastructure for new lines of business in a post-fossil fuel world. The France MDC is expected to become operational in 2024.
David Palumbo, CEO of EQTEC, commented:
“Having our first MDC transitioning to live operations is a significant catalyser to EQTEC’s strategy of becoming a technology licensor for distributed new energy infrastructure. We cannot underestimate the importance of the MDCs not only to incubate demand for our technology but also to accelerate the timescales typically required from engagement to transaction, with owner operators and funding sources. We expect a busy schedule of site visits in the coming months, with strategic stakeholders including utility companies and infrastructure investors.”
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.
David Palumbo / Nauman Babar
+44 20 3883 7009
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