EQTEC (EQT,), a bioscience energy company focused on turning waste to fuel, has been awarded a project in partnership with Idex, the French utility company and infrastructure owner.
The project should result in a plant able to convert 45,000 tonnes of mixed waste per year, including contaminated wood, into 9 million normal cubic meters of renewable natural gas per year. EQTEC said the project is the next step in demonstrating its capabilities in applying its versatile synthesis gas technology to a variety of applications.
The project also builds on the wastewood conversion capabilities it is applying at its France Market Development Centre in Villers-sous-Montrond, and on its steam-oxygen capabilities being researched at its R&D facility hosted by the Université de Lorraine.
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. The project was awarded to EQTEC and Idex through a competitive tender and panel interview process that was completed in late 2022.
In addition to the French national government and expert engineering laboratories, the awarding panel included Gaz Réseau Distribution France SA, France's primary natural gas distribution network operator and the Nouvelle-Aquitaine regional government, both of whom will supply funding to the project.
Limoges Metropolis has reserved the right to join a consortium with EQTEC and Idex as the project develops.
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The news today further solidifies EQTEC’s leading position in the RNG and e-fuels space, building on the announcement last week of the French government appointing EQTEC to lead a feasibility exploration at the Gardanne power station in France. 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.
EQTEC 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.
EQTEC remains in a stable cash position following fundraisings in FY20, FY21, FY22 and FY23. Longspur Research places the value of the company at 2.7p per share (currently 1.95p_
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