EQTEC plc announced that it has signed a technical services agreement for engineering services and equipment supply for a plant that would convert approximately 15,000 tonnes per year of wood waste into synthesis gas, which in turn would fuel a gas-fired boiler to generate steam for use in a steam turbine with an alternator to generate up to 2 MW of electrical power to power an organic fertilizer production facility and demolition waste sorting and recycling operation. The Agreement is with Simonpietri Enterprises LLC ("SEL"), a waste-to-energy development company based in Hawaii, USA. SEL provides innovative technical and business solutions in waste management, renewable fuels and energy production, transportation, and agriculture in Hawaii, the continental USA, and island locations in the Pacific.

This engineering contract is for the gasification system for SEL's Sustainable Materials Recycling and Fertilizer Facility (the "SMRFF") under development in Kapolei, Hawaii. At the SMRFF, the planned EQTEC gasification system will convert construction and demolition debris, landscaping waste, and invasive plant biomass from landscape restoration and wildfire prevention projects, into biochar and electricity for organic fertilizer production. SEL has a particular interest in gasification as a clean energy alternative to landfilling, burning, or incineration for solving waste problems and creating recycled-material products, and has recognised EQTEC's leading capabilities with gasification technology.

The Company expects to commence basic engineering work at the end of 2023 and to invoice $180,000 (c. EUR165,000) for this work, which the Company expects to complete in early 2024. The Company and SEL have also agreed a quotation for front-end engineering design (" FEED") that would follow the basic engineering and for which the Company expects to invoice a further EUR300,000. Additionally, the Company has provided to SEL a comprehensive quotation to deliver detailed engineering, equipment, construction advisory and commissioning services for approximately EUR7 million, should, inter alia, the requisite funding be secured by SEL to enable the project to proceed.

The Company will make further announcements if and when any work beyond FEED is agreed.