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(Alliance News) - Eqtec PLC on Friday announced it has partnered with consulting and engineering company Wood to work on the development of products in the synthetic natural gas and hydrogen space.
Shares in Eqtec were trading up 5.0% at 1.39 pence each in London on Friday.
The collaboration agreement will see the pair jointly target market opportunities for the development and deployment of what they describe as "clean, waste-to-synthetic natural gas and waste-to-hydrogen solutions and delivery of related projects".
Gasification and engineering company Eqtec said the agreement is aimed at expanding availability and application of its gasification technology and synthesis gas, or syngas, production into new markets. Eqtec hopes to benefit from the use of Wood's established VESTA methanation technology and engineering capabilities, the company stated.
Eqtec Chief Operating Officer Jeff Vander Linden commented: "The markets for syngas 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."
The two companies highlighted that the joint development could lead to innovations in the emerging market for renewable syngas and hydrogen and support the drive to net zero.
By Will Paige; willpaige@alliancenews.com
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