(Alliance News) - Eqtec PLC on Monday said that it has signed a collaboration framework agreement with Tresca Energia SA, a Spain-based engineering group, infrastructure developer, and project manager.
Shares in the thermochemical conversion technology company were up 17% at 0.047 pence each in London on Monday morning.
Under the terms of the agreement, Eqtec and Tresca will collaborate on joint development projects, applying the former's technology to advance biofuels solutions.
The first project will focus on a facility in Castilla y Leon in Spain, which if successful, would convert 50,000 tonnes per year of biomass into renewable natural gas. According to Eqtec, a "main Spanish bank" is already interested in providing funding.
Other projects, the firm added, are also likely to focus on renewable natural gases, as well as methanol generation from synthesis gas.
"We are delighted to cement this agreement with Tresca, especially with at least one project already in mind for active collaboration with them in the near future. For Eqtec, this agreement represents another step forward with our strategy of safeguarding our role as innovator and technology licensor, with another partner who can assure our technology is professionally deployed for maximum impact as new energy infrastructure," said Chief Executive Officer David Palumbo.
By Holly Beveridge, Alliance News reporter
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Eqtec (EQT)