“This collaboration agreement with Wood is an important start to our entry into these growth markets”
Under the deal, EQTEC will combine its advanced gasification technology and synthesis gas production with Wood’s established VESTA methanation technology.
“The markets for SNG and hydrogen are maturing rapidly”, Jeff Vander Linden, EQTEC’s chief operating officer said.
“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.
“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.
Brian McCarthy, Wood’s VP of Technology and Products, 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.
“By combining EQTEC’s and Wood’s breakthrough technologies and leveraging our combined capabilities, this collaboration will provide the opportunity to innovate and create solutions to support the path to net zero.”
Shares in EQTEC rose 7.6% to 1,43p while Wood fell 3.5% to 203.7p on a tough day for the FTSE 250.
— adds EQTEC share price —
Read More: Eqtec PLC and Wood Group (John) PLC team up for syngas and hydrogen opportunities