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(Sharecast News) - Eqtec announced the launch of a subsidiary company in France on Monday, as well as completion of a collaboration agreement for the handling of contaminated plastic waste.
The AIM-traded firm said it had signed a strategic collaboration agreement with SEPS - a French company specialising in the management and recycling of industrial waste.
It said the agreement confirmed the parties' shared intent to pursue the development of contaminated waste treatment plants that apply the combined capabilities of SEPS and Eqtec technologies, with an initial focus on specific offtake applications including electricity, heat, combined cooling, heat and power (CCHP), and biofuels.
The company said completion of the agreement followed the signing of a letter of intent in December, as a first step towards full collaboration, which also indicated their intention to pursue the deployment of technologies at an on-premise industrial facility in Haute-Garonne, France.
It said the new agreement reaffirmed their intention to pursue the project as the first focus for the collaboration, at a site already owned by SEPS.
The project would construct and commission a plant for the transformation of contaminated plastic waste into clean syngas,, with the new agreement further expressing an intent to "identify, pursue and replicate success" with the project at other locations.
Eqtec said the agreement also followed the successful completion of a series of tests on contaminated plastics, undertaken with SEPS at the company's technology innovation facility in France, through its partnership with the Université de Lorraine.
Additionally, to support a "growing pipeline" of opportunities in France, Eqtec said it had formalised its entry into the market with the establishment of the new wholly-owned subsidiary Eqtec France.
It said that since its interim results in September, it had been presented with a number of opportunities and "strong encouragement" from French stakeholders, which suggested France would be a "market of strong demand" for Eqtec technology.
The company said it had defined a further pipeline of a dozen opportunities in France, and was bidding on three projects, including a waste-to-power project and two waste-to-biofuels projects.
It said the development of the projects was progressing through collaboration with two established owner-operators, each with "significant" waste and energy infrastructure experience and holdings in the country.
"Formalisation of our market entry into France is a big step as we focus on building a pipeline of go-to-market entities and future licensors, each with a pipeline of projects," said chief executive officer David Palumbo.
"France is a major market with a strong history in progressive investment and development of new energy and we believe this will prove true also for baseload renewables such as clean syngas.
"As a leader in clean syngas production, we are proud to set our sights first on contaminated, plastic waste, in partnership with our colleagues at SEPS, who have a strong track record with this feedstock."
At 1150 GMT, shares in Eqtec were up 17.5% at 0.94p.
