TIDMEQT
EQTEC PLC
14 December 2021
14 December 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
North Fork project partnership with Carbonfuture and Phoenix
Energy
EQTEC plc (AIM: EQT), a world-leading technology innovation
company enabling the Net Zero Future through advanced solutions for
hydrogen, biofuels, SNG and other energy production is pleased to
announce a unique triple-bottom-line partnership of Phoenix Energy,
EQTEC plc, the North Fork Community Development Council and
Carbonfuture to help Sierra Nevada forests and communities remove
carbon from the atmosphere and reduce wildfire risk, generate
renewable energy, create jobs and support the local community.
North Fork Community Power (NFCP) will soon commission and
utilise Advanced Gasification Technology from EQTEC to convert
forest stewardship residues into renewable electricity, heat and
biochar - a solid carbon byproduct with applications in agriculture
and water filtration that sequesters carbon for centuries.
The climate action-oriented waste-to-energy project is aligned
with state and international Net Zero targets and in support of
circular economy principles. This positive climate action is newly
rewarded with carbon removal credits by Carbonfuture through its
platform and marketplace. The project is the first forest biomass
plant in California to join the scheme.
Catastrophic wildfires in California have made clear the urgency
of forest management efforts that reduce risk and improve forest
health. NFCP, located in North Fork, California, is a forest-based
biomass gasification plant that will utilize sustainable local
forest biomass as well as fire threat reduction activities from the
Sierra and Yosemite National Forest areas which will benefit local
communities.
The project is located on the site of an abandoned sa wmill from
the 1990s, bringing back sustainable jobs to this rural community
in the Sierra Nevada. The project originated by the North Fork
Community Development Council as a way to both steward the
environment and promote economic redevelopment in the wake of the
sawmill closing.
Thanks to the proprietary Advanced Gasification Technology
developed and supplied by EQTEC, which is also a material capital
investor in the North Fork project, the process does not involve
burning or combusting the wood and so the CO(2) does not go up a
stack. The waste wood is transformed through EQTEC's patented
process, reduced and left in solid form as pure carbon as it is
converted into a hydrogen-rich synthesis gas 'syngas'. The process
will generate 2 MWe of renewable electricity and biochar. Once
produced, biochar is sold mostly to farms in California's Central
Valley to improve water efficiency, nutrient conservation,
beneficial microbial composition, and overall quantity of stable
organic matter. As the carbon remains in the soil permanently,
these positive characteristics are important for its carbon
sequestration ability as well as ecosystem benefits. The produced
biochar will help sequester 20,000t CO(2) equivalent over the next
5 years.
Carbonfuture's fully-digital platform is used to guarantee the
secure and stringent documentation of all climate-preserving
activities generated in this project. The company issues removal
credits for carbon sequestration services through biochar, such as
the one provided in this triple-bottom-line approach. Focusing on
solid climate performance, Carbonfuture uses a defensively
quantified carbon sink value, resulting in high-quality, long-term
and scientifically verified credits. To support the integrity of
the credits even further, tamper-proof, digital tracking based on
an innovative and low-energy blockchain is implemented. The use of
this technology not only enables unique "credit-to-cradle cradle
look-through" but also eliminates the possibility of
double-counting.
EQTEC CEO David Palumbo said:
"I'm very pleased that our partnership in North Fork is now even
more compelling by working with Carbonfuture. Once operational, the
plant at North Fork will service the local community by
demonstrating a better way to use forestry waste that would
otherwise pose a fire risk and to both produce biochar for
watershed protection, carbon sequestration and soil enrichment, as
well as use the syngas produced from the wood as a fuel to produce
electricity."
Phoenix Energy CEO, Gregory Stangl, said:
"This project is so impactful because it provides California
with carbon negative, 24/7 renewable power, created from a unique
sustainable waste-to-energy process and at the same time it reduces
catastrophic wildfire risk and returns lost jobs to a struggling
Sierra Nevada community."
Carbonfuture co-founder, Andreas Hoelzl, said:
"The North Fork project is a unique collaboration that showcases
that triple bottom line projects can be accomplished by the
collaboration of the right parties, spanning development,
investment and technology innovation. Carbonfuture is really happy
to help to support and remunerate the climate service of the
project and to provide our carbon removal credit customers with
high-quality, impactful credits."
ENQUIRIES
EQTEC plc +44 203 883 7009
David Palumbo / Nauman Babar
-----------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
-----------------------
James Harris / James Dance
-----------------------
Arden Partners - Joint Broker +44 20 7614 5900
-----------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
-----------------------
Canaccord Genuity - Joint Broker +44 20 7523 8000
-----------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
-----------------------
Alma PR - Financial Media & Investor Relations +44 20 3405 0205
-----------------------
Josh Royston / Sam Modlin / Matthew Young EQTEC@almapr.co.uk
-----------------------
+44 7554 014 188 / +44
BECG - General Media Enquiries 7867 452 269
-----------------------
Carrie Lowe / Tom Gosschalk EQTEC@BECG.com
-----------------------
About the companies
Phoenix Energy is an independent power producer that develops
and operates distributed biomass plants in partnership with
businesses and communities. By focusing on small plants in the 1-3
MW range, the company strives to keep electricity, heat and fuel
local to the plant where the value of energy is highest and
transportation costs are avoided. The gasification technology also
produces biochar, which serves to permanently sequester carbon in
solid form and is valued for its benefits to soil health and water
filtration. More information at https://www.phoenixenergy.net/
EQTEC is a world-leading technology innovation company enabling
the Net Zero future through advanced solutions for hydrogen,
biofuels, SNG and other energy production through waste-to-energy
transformation projects. EQTEC designs, supplies and builds
advanced gasification facilities in the UK, EU and US, with highly
efficient equipment that is modular and scalable from 1MW to 30MW.
EQTEC's versatile solutions process over 50 varieties of feedstock,
including forestry wood waste, vegetation and other agricultural
waste, industrial waste and sludge from factories and municipal
waste. EQTEC's solutions produce a pure, high-quality synthesis gas
("syngas") that can be used for the widest range of applications,
including the generation of electricity and heat, production of
synthetic natural gas or biofuels and reforming of hydrogen. More
information can be found at www.eqtec.com.
North Fork Community Development Council is a joint venture
between Phoenix Energy and the North Fork Community Development
Council that will own and operate the biomass gasification facility
in North Fork, California.
Carbonfuture is a provider and platform for trusted,
high-quality carbon removal credits. Carbonfuture's credits empower
individuals and organizations to effectively remove CO(2) from the
atmosphere. The innovative carbon removal credits offer highest
trust level and climate impact through scientific quantification,
independent verification, and full biochar life cycle tracking. The
Carbonfuture platform is the most advanced carbon removal platform
for biochar based credits. Carbonfuture also provides financial
revenue to biochar producers and applicants through multi-year
purchase agreements. For more details, get in contact:
https://carbonfuture.earth
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRATIBBTMTBBBRB
(END) Dow Jones Newswires
December 14, 2021 06:18 ET (11:18 GMT)
React Energy (LSE:REAC)
Historical Stock Chart
From Jan 2025 to Feb 2025
React Energy (LSE:REAC)
Historical Stock Chart
From Feb 2024 to Feb 2025
