EQTEC and Phoenix Energy to develop biomass gasification projects

24 May 2019 (Last Updated May 24th, 2019 12:51)

EQTEC has signed a framework agreement with Phoenix Biomass Energy to jointly develop biomass gasification power projects in the US.

EQTEC has signed a framework agreement with Phoenix Biomass Energy to jointly develop biomass gasification power projects in the US.

California-based power company Phoenix Energy builds, owns and operates on-site biomass gasification plants.

According to the agreement, the two companies have already identified five projects.

The size of the projects will range from 2MW to 3MW and each will have an estimated project value between $15m and $20m.

EQTEC CEO Ian Price said: “Phoenix has a track record of successfully delivering projects in California and the wider US, and we are very pleased that our initial technical and commercial interactions have led to this important agreement.

“It presents a perfect opportunity to combine our experiences and expertise to expand our reach, open new doors and bring further revenue generating opportunities to apply our EGT in the biomass to the energy sector in California and throughout the US.

“As announced in our business strategy update, the board believes that developing key partnerships with proven counterparties with a secured projects pipeline is the most effective way to deliver multiple projects.”

After taking a final decision on taking a project forward, EQTEC will be responsible for providing its gasifier technology (EGT), technical design and engineering.

“We are very pleased that our initial technical and commercial interactions have led to this important agreement.”

Both parties will jointly work to arrange financing for the project development.

Phoenix has already collaborated with EQTEC and selected its EGT for two power plants in California.

Phoenix Energy CEO Gregory Stangl said: “Having worked closely with EQTEC on our initial projects, we are delighted to be taking our relationship to the next level with the signing of the agreement, as we seek to jointly exploit what we know to be significant opportunities for both parties in the Californian and US Biomass Distributed Energy markets.”