Eqtec (EQT) , a bioscience energy company focused on turning waste to fuel, has been awarded a contract for the Front End Engineering Design (FEED) at new owner-operator Idex’s waste-to-fuel France Market Development Centre (MDC).
The work outlined in the FEED Contract is expected to start immediately and be completed by December 2023. Eqtec expects to receive €440,000 for the full scope of FEED work.
The FEED will provide Idex with all technical information essential to the achievement of Final Investment Decision (FID) toward retrofit and construction at the France MDC.
In July, Eqtec sold 95% of the MDC to Idex for €3 million, with Eqtec set to receive a further €15 million for services equipment, commissioning and licensing during the construction period.
David Palumbo, Eqtec CEO, commented: "We are pleased to be working with Idex on this second project together, which is of particular importance to us as our France MDC. We appreciate the impetus Idex has shown through its agreement of an ambitious schedule toward completion of design and progression toward construction start by early 2024. This third MDC for EQTEC and second project in partnership with Idex together indicate growing demand from innovative, blue-chip partners and funders to build and operate new energy infrastructure powered by EQTEC to futureproof their operations."
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The news today builds on the news of the sale in July, and is a significant endorsement of Eqtec’s advanced gasification technology and further solidifies its leading position in the renewable natural gas and e-fuels space.
The RNG market in France has substantial growth potential, with its government aiming to produce 8 terawatt hours of renewable natural gas by 2023, and a 7-10% target for RNG in the grid by 2030. Once operational, the 6.5 MWe plant that Idex and Eqtec are working to build is well positioned to support this target, with the potential to convert up to 45,000 tonnes of mixed waste wood and refuse-derived fuel to export clean electricity to the French national grid.
Eqtec’s is also well-positioned to provide renewable natural gas for transportation in France, as the government sets sights on promoting RNG for transport, particularly for heavy goods vehicles. The number of natural gas vehicles in the transportation sector is expected to increase to 300,000 by 2035.
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