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EQTEC PLC adds carbon credit partner to California forest project

It is the first forest biomass plant in California to join the Carbonfuture scheme

EQTEC PLC (AIM:EQT) has added a carbon credit partner to its waste-to-energy project at North Fork in California.

The project will receive carbon removal credits from Carbonfuture through its platform and marketplace, making it the first forest biomass plant in the US state to join the scheme. 

North Fork will use EQTEC’s waste-to-gas technology to help both reduce carbon emission and ease the growing problem of wildfires.

In a collaboration that also includes Phoenix Energy and the North Fork Community Development Council, EQTEC’s Advanced Gasification Technology will convert forest residues into renewable electricity, heat and biochar – a solid carbon byproduct.

David Palumbo, EQTEC chief executive 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.”

EQTEC is a major backer of the North Fork project and invested another US$2.8mln (£2.1mln) in October to take its stake to 49%.

The AIM-quoted company added that it has also provided a two-year convertible loan facility of up to US$4.5mln to fund the 2MWe biomass-to-energy plant.

Read More: EQTEC PLC adds carbon credit partner to California forest project

2021-12-14 06:57:00

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