RNS 22/12/20221 Mar 2023 11:30
RNS Number : 4895K
EQTEC PLC
22 December 2022
22 December 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Mechanical and electrical completion at Italia MDC
EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, is pleased to confirm mechanical and electrical completion at its Italia Market Development Centre ("Italia MDC") near Castiglione d'Orcia, Tuscany, Italy (the "Plant"), for an expected commercial operations date ("COD") of the Plant in early 2023.
Further to its project status update of 22 November 2022, the Company can now confirm that all equipment has been delivered on site, installed and individually tested. This is a major milestone where all mechanical and electrical components are in place and installed, with all enhancements to the Plant including the additional feed-in system, the dryer and the thermal oxidizer added to improve the resilience of the Plant's business model.
Work at the Plant has proceeded in a timely way, but due to supply chain delays and the late arrival of critical components, the inavailability of suppliers to support testing of ancillary equipment and recent weeks of severe weather at the site, final performance testing and COD will be completed early in the new year.
The Company intends to continue communicating its progress with Italia MDC, in the run-up to full operation. Italia MDC will be the Company's first such facility, and is pursuing construction and commissioning of additional MDCs in Croatia, France and the UK.
Yoel Alemán, CTO of EQTEC, commented:
"Work has proceeded at pace, with our team responding decisively and effectively to the tactical situation on site caused by adverse weather conditions and availability of external suppliers. I am pleased that everything is now installed and commissioned and I am proud of the team's hard work in getting us to complete the construction of our first MDC in 2022. We expect early in the new year to carry out the biochar test required for the offtake contract and commence export of electricity to the grid under the existing power purchase agreement. The trying conditions have revealed the dedication and resilience of the Plant's commissioning and operations team, for which we are grateful, and I am confident they will successfully operate a productive and profitable Italia MDC."
We should get an update soon…
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