Strategic Collaboration Agreement with Wood for Synthetic Natural Gas and Hydrogen Market Solutions
EQTEC plc (AIM: EQT), a world-leading gasification solutions company building a cleaner waste-to-energy industry , is pleased to announce that it has signed a Strategic Collaboration Agreement (the “Agreement”) with Wood, a leading consulting and engineering company across energy and the built environment (“Wood”).
Under the terms of the Agreement, the Company and Wood (the “Parties”) will jointly target and pursue market opportunities for collaborative development and deployment of clean, waste-to-synthetic natural gas (“SNG”) and waste-to-hydrogen solutions and delivery of related projects.
The Agreement is aimed at expanding availability and application of EQTEC’s Advanced Gasification Technology and synthesis gas (“syngas”) production into new markets, combining it with Wood’s established VESTA methanation technology, engineering capabilities and capacity for scale. The Parties anticipate joint development of new capabilities and solutions to lead innovations in the emerging market for renewable SNG and hydrogen and support the drive to net zero.
· The Parties have signed a Strategic Collaboration Agreement through which they intend to pursue opportunities for further rollout and successful application of EQTEC Advanced Gasification Technology in new markets, complemented by Wood’s technologies, leading engineering capabilities, market access and global scale;
· The Company and Wood will collaborate to:
- Assess and target specific market opportunities for deployment of new commercial solutions for SNG and hydrogen production from syngas, based on EQTEC’s proven and proprietary Advanced Gasification Technology;
- Develop and deploy waste-to-SNG and hydrogen solutions, uniting the Company’s leading-edge gasification capabilities and Wood’s proprietary VESTA methanation and other ancillary technologies;
- Establish a Collaboration Management Team (“CMT”) that will advise and propose opportunities to the Parties for joint pursuit; and
- For each market opportunity identified, clarify the commercial business case in order to safeguard the competitiveness of the offering(s);
· For any customer-facing project undertaken by the Parties, one of the two Parties will be agreed as the lead for customer interaction and will sub-contract to the other Party, under terms clearly defined for collaborative working; and
· The Parties anticipate that all work undertaken jointly by them would be governed by the Agreement, whether it be within the immediate focus of SNG and hydrogen solutions or not.
Jeff Vander Linden, COO of EQTEC, commented:
“The markets for SNG and hydrogen are maturing rapidly. EQTEC’s unique capabilities in producing high-quality syngas have always positioned us well as a supplier of intermediate fuel for both applications. This collaboration agreement with Wood is an important start to our entry into these growth markets. Wood’s teams are among the very best at what they do, and we are excited to have the opportunity to work shoulder-to-shoulder with them to bring our waste-to-syngas capabilities to new solutions in more geographies. With Wood, we believe we will open new markets and add further credibility to our assertion that EQTEC advanced gasification has a clear place in the clean energy ecosystem of the present and future.”
Brian McCarthy, Vice President of Technology and Products at Wood, commented:
“Wood has a long-established experience in the development of technologies for low carbon intensity fuels and hydrogen. Our VESTA methanation technology enables producers of clean syngas, such as EQTEC, to connect to existing natural gas networks, offering an alternative route to distribute the low carbon energy produced by EQTEC’s Advanced Gasification Technology .
“By combining EQTEC’s and Wood’s breakthrough technologies and leveraging our combined capabilities, this collaboration will provide the opportunity to innovate and create solutions to support the path to net zero.”
As previously announced, EQTEC in October 2020 awarded an independent technology and market review to Wood, both of which were completed in Q1 2021. The independent market review assessed the potential for market expansion of the Company’s technology solutions for a variety of waste types with a remit to report technology availability, regional policies, regulations and capital cost comparisons.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company’s obligations under Article 17 of that Regulation.
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David Palumbo / Nauman Babar
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