EQTEC (EQT) has signed a collaborative agreement with the engineering firm Wood whereby the two companies will work together to develop and deploy clean, waste-to-synthetic natural gas ("SNG") and waste-to-hydrogen solutions and to deliver related projects.
EQTEC, which provides gasification solutions to the cleaner waste-to-energy industry, said it will work with Wood, an energy-focused consulting and engineering firm, to advance the roll-out of its advanced gasification technology. It expects its technology to be complemented by Wood's ‘technologies, leading engineering capabilities, market access and global scale.’
The collaboration is expected to enable both companies to innovate and create solutions to support “a path to net zero", said Brian McCarthy, VP of Technology and Products at Wood.
Under the terms of the deal, the Company and Wood will jointly target and pursue market opportunities relating to the development and deployment of clean, waste-to-synthetic natural gas ("SNG") and waste-to-hydrogen solutions and the delivery of related projects.
The deal is aimed at expanding availability and application of EQTEC's Advanced Gasification Technology and synthesis gas production into new markets, combining it with Wood's established VESTA methanation technology, engineering capabilities and capacity for scale.
The parties plan to jointly develop new capabilities and solutions 'to lead innovations in the emerging market for renewable SNG and hydrogen and support the drive to net zero.'
Shares in EQTEC were trading 11.32% higher at 1.475p this morning following the news.
Specifically, the company and Wood will work alongside each other to develop and deploy waste-to-SNG and hydrogen solutions by uniting the EQT's gasification capabilities, as well as Wood's proprietary VESTA methanation and other ancillary technologies, it noted.
Jeff Vander Linden, COO of EQTEC, commented: "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. This collaboration agreement with Wood is an important start to our entry into these growth markets.”
He added, “Wood's teams are among the very best at what they do, and we are excited to have the opportunity to work shoulder-to-shoulder with them to bring our 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.”
McCarthy added, “Our VESTA methanation technology enables producers of clean syngas, such as EQTEC, to connect to existing natural gas networks, offering an alternative route to distribute the low carbon energy produced by EQTEC's Advanced Gasification Technology.”
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