Technology solution company, EQTEC (AIM:EQT) , has signed an MOU to develop what would be the first advanced gasification plant in Greece.
The AIM-listed firm, which focuses on sustainable solutions from converting waste to clean energy, said the agreement will cover key terms of the proposed cooperation with regional companies, Eco Hellas and Agrigas and German EPC company, ewerGy.
Together, the companies will own and operate the fully permitted gasification installation in Larissa, in central Greece, referred to as the Initial Plant.
Under the agreement, EQTEC will undertake the role of technology provider in the engineering design and installation of the plant.
The statement noted that bank funding is in place for the first plant which is anticipated to host some 0.5 megawatts of capacity.
Shares in EQTEC were trading 12.12% higher at 0.185p during Tuesday trading.
Together, the parties are also committing to the development of a second project elsewhere in Greece which would hold the capacity of 1MW.
In respect of the Initial Plant, EQTEC said that it will soon provide formal quotes for the full scope of its works to ewerGy.
“The Mediterranean agro-industry sector is one of our three main verticals, and entering Greece has been a high priority for us,” said David Palumbo, Chief Executive of EQTEC.
“The strong support in Greece for the Green Economy is driven by the absence of adequate Energy from Waste infrastructure and by the recently announced EU Green Deal Policy, of which the newly elected President of Greece, Mrs Katerina Sakellaropoulou, is a strong advocate,” added Palumbo.
EQTEC said it remains confident of the opportunities in Greece and the Greater Mediterranean area and maintains its objective to develop the market through “strategic partnerships in the relevant geographies.”
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