LONDON, UK: EQTEC plc (AIM: EQT) has agreed with French infrastructure owner and utility company Idex to the sale of 95% of the share capital of Grande-Combe SAS, the project company for the Company’s France Market Development Centre (MDC) and the project to construct and commission it.

Idex’s acquisition of Grande-Combe from the Company has been formalised through execution of a share-purchase agreement and a shareholders’ agreement.

Under the terms of the Agreement, Idex acquires the project for construction and commissioning of France MDC and EQTEC remains the integrator and licensor of core technology, also retaining the right to utilise France MDC as a MDC.

The agreement follows the EQTEC announcement on 27 March 2023 that it and Idex had been awarded a project by the Limoges Métropole in Nouvelle-Aquitaine, France through which the partners intend to commission a plant able to convert up to 45,000 tonnes per year of mixed waste, including contaminated wood waste, into up to nine million normal cubic metres per year of renewable natural gas, with Idex developing, owning and operating the plant.

The agreement supports the EQTEC’s business strategy of working with top-tier partners able to support the development, construction, commissioning and operations of plants running EQTEC technology, so that the Company may focus on executing and earning revenue from its core capabilities of technology development and engineering.

David Palumbo, EQTEC CEO, commented: “We believe this Agreement cements our commitment to the live operation of the France MDC whilst evidencing the growing profile of EQTEC technology among well-established utilities and operators of energy infrastructure. This third MDC and second project in partnership with Idex, which is owned by leading private equity firm Antin Infrastructure Partners, indicates growing demand from innovative, blue-chip partners and funders to build and operate new energy infrastructure powered by EQTEC to futureproof their operations. With the strength and track record of Idex alongside EQTEC’s disruptive technology, this Agreement and our growing partnership represent joint leadership in the exciting and diverse market for renewable energy in France. We believe this deepening relationship will result in more plants in France in years to come.

“In addition to positioning itself as an innovative, vertically integrated, decarbonising energy company, Idex has been a constructive and valuable partner to the Company and represents a strong, future route to market for EQTEC technology as well as a collaborator in deploying our Utility solutions and a well-known name with the capability to develop, own and operate a portfolio of plants with EQTEC technology.”

Benjamin Fremaux, Idex CEO, commented: “Idex has a strong track record deploying waste-to-energy infrastructure in France that contributes to French baseload energy requirements.

“Idex is willing to grow its footprint in this domain and has selected EQTEC technology to do so. We are delighted to cooperate with EQTEC at both Limoges and now Grande-Combe, where EQTEC technology enables Idex to propose attractive commercial terms, paving the way for future developments to grow.

“Idex is today the only vertically integrated market operator across the entire energy value chain.  We engage in energy production from local and carbon-free energy resources, energy distribution through heating and cooling networks and up to energy optimisation of its final use in industrial, residential and tertiary buildings.”

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