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(Sharecast News) - Waste-to-energy gasification technology company Eqtec has signed a collaboration deal with energy consulting and engineering company Wood, it announced on Friday.
The AIM-traded firm said that under the terms of the agreement, the two companies would target and pursue market opportunities for the development and deployment of "clean" waste-to-synthetic natural gas (SNG) and waste-to-hydrogen solutions, and the delivery of related projects.
It said the deal was aimed at expanding the availability and application of Eqtec's advanced gasification technology and synthesis gas (syngas) production into new markets, combining it with Wood's established 'VESTA' methanation technology, engineering capabilities and capacity for scale.
The parties expected the joint development of new capabilities and solutions to lead innovations in the emerging market for renewable SNG and hydrogen, and support the drive to "net zero".
For any customer-facing project undertaken, one of the two firms would be agreed as the lead for customer interaction and would subcontract to the other company, under terms "clearly defined" for collaborative working.
Eqtec said the companies expected that all work undertaken jointly by them would be governed by the agreement, whether it be within the immediate focus of SNG and hydrogen solutions or not.
"The markets for SNG 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," said Eqtec's chief operating officer Jeff Vander Linden.
"This collaboration agreement with Wood is an important start to our entry into these growth markets."
Vander Linden said Wood's teams were "among the very best", with Eqtec "excited" to have the opportunity to work with them to bring its waste-to-syngas capabilities to new solutions in more geographies.
"With Wood, we believe we will open new markets and add further credibility to our assertion that Eqtec advanced gasification has a clear place in the clean energy ecosystem of the present and future."
At 1120 GMT, shares in Eqtec were up 8.98% at 1.44p.
6 Jun 2024 17:05
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