LONDON, UK: EQTEC plc (AIM: EQT) introduced the launch of a subsidiary firm in France, along with completion of a collaboration settlement for dealing with of contaminated plastic waste.
EQTEC has signed a Strategic Collaboration Agreement with SEPS SAS, a French firm specialising inside the administration and recycling of industrial waste.
The Agreement confirms the Parties’ shared intent to pursue development of contaminated waste treatment plants that apply the mixed capabilities of SEPS and EQTEC applied sciences with preliminary curiosity focused on specific, offtake applications collectively with electricity, heat, mixed cooling, warmth & energy (CCHP) and biofuels.
Completion of the Agreement follows the announcement on 1 February 2022 that the Parties signed a Letter of Intent in December 2021 as a primary step towards full collaboration, additionally indicating their intention to pursue deployment of each Parties’ applied sciences at an on-premise, industrial facility in Haute-Garonne, France.
The Agreement reaffirms the intention to pursue the Project because the primary focus for the collaboration, at a site already owned by SEPS. The Project would assemble and fee a plant for transformation of contaminated plastic waste into clear syngas, making use of each Parties’ technologies. The Agreement additional expresses the intent to identify, pursue and replicate success with the Project at different locations.
The Agreement additionally follows the Company’s profitable completion of a series of tests on contaminated plastics, undertaken with SEPS at EQTEC’s technology innovation facility in France through its partnership with the Université de Lorraine.
Launch of EQTEC France
To support a rising pipeline of alternatives in France, collectively with the Project and different potential alternatives with SEPS, the Company has formalised its entry into the French market with institution of EQTEC France SAS (EQTEC France), a wholly-owned subsidiary of EQTEC plc. As introduced in its interim outcomes in September 2021, the Company has taken note of a extremely active and accelerating curiosity in cleantech from the French national, regional and native governments and from potential lenders and development companions in France. Since then, the Company has been presented with a variety of alternatives and strong encouragement from French stakeholders that suggest France will be a market of strong demand for EQTEC technology.
The Company has outlined a additional pipeline in France of a dozen alternatives and is bidding on three projects, collectively with a waste-to-power project and two waste-to-biofuels projects. The development of those projects is progressing through collaboration with two, established owner-operators, every with significant waste and energy infrastructure expertise and holdings in France. The Company will notify the market in due course about the progress of those bids.
EQTEC France is the third, formal, go-to-market entity established by the Company, following institution of two, majority-owned joint ventures: Synergy Projects d.o.o. for Croatia in July 2021 and Synergy Projects Limited for Greece and the Aegean in September 2021. Establishment of the France subsidiary represents one other step inside the Company’s formalisation of go-to-market entities to support deployment of its applied sciences and handle native pipelines, partnerships and projects in a variety of geographies the place there is rising curiosity in changing traditional, baseload energy options with EQTEC’s distinctive capabilities. The Company intends to announce additional entities in different goal markets later this year.
To lead EQTEC France, the Company has appointed David Le Saint, who has been working in France with the Company since July 2021. David’s application of deep expertise inside project finance, enterprise capital and investment, along with his wide community of stakeholders, have resulted in rapid development of a various pipeline of alternatives in France, backed by the support of a few of France’s largest monetary institutions. David’s 20-plus years’ of expertise includes roles in monetary analysis, private fairness and funding banking with JP Morgan Securities-Acofi, ABN AMRO and Hoche Inovalis Partners. He has overseen transactions throughout Europe and managed a mezzanine fund of €250 million, deploying capital in renewable energy, capital regulatory and actual property transactions. Just previous to becoming a member of EQTEC, he arrange and led the worldwide actual asset funding administration practice of a multi-billion-pound, single household office. David is a member of the Royal Institution of Chartered Surveyor (MRICS) and holds levels from Cass Business School, Paris II Pantheon-Assas University and the University of Cambridge.
David Palumbo, CEO of EQTEC, commented: “Formalisation of our market entry into France is a big step as we focus on constructing a pipeline of go-to-market entities and future licensors, every with a pipeline of projects. France is a main market with a strong historical previous in progressive funding and development of new energy and we believe this will show true additionally for baseload renewables such as clear syngas. As a chief in clear syngas production, we’re proud to set our sights first on contaminated, plastic waste, in partnership with our colleagues at SEPS, who’ve a strong track record with this feedstock. We are additionally proud that our France market entry was made possible not solely by David Le Saint’s tireless management there, however additionally on the strength of our R&D programme on the Université de Lorraine. The work we do collectively in France will make a direct contribution to discount of rising volumes of plastic waste, transforming it into baseload energy and biofuels.”
Laurent Rousseau, CEO of SEPS, commented: “This collaboration with EQTEC has been thoroughly ready over the previous months, based on thorough review of 1 another’s applied sciences and culminating in joint testing on the EQTEC facility at Université de Lorraine. It is based on the confirmed success with contaminated plastic waste-to-syngas manufacturing we witnessed in situ that we’re so happy to proceed. SEPS has a strong historical previous with treatment of contaminated plastics, however with EQTEC’s main syngas technology, we now see many doorways opening for market growth and development in France and beyond. Our dedication to clear treatment of contaminated waste, along with EQTEC’s transformation of that waste into clear syngas will now support a vary of applications for power, hydrogen and biofuels in support of local, energy safety and fossil fuel replacement.”
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