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EQTEC and MetalNRG team up for Italian waste-to-energy project

EQTEC PLC (LON:EQT) and MetalNRG PLC (LON:MNRG) are teaming up to acquire and recommission a waste-to-energy plant in Italy.

The plant was built around EQTEC’s proprietary and patented Advanced Gasification Technology. It was originally commissioned in 2015, with a capacity of 1 megawatt.

Once it is operational again, its intended that the plant will convert straw and forestry wood waste from local farms and forests into green electricity and heat which will be used in the local community.

The partners envisage that the plant will be fully recommissioned and operational by the second quarter of 2022. The project is already connected to the grid and the venture partners expect that the project will benefit from favourable tariffs for electricity produced from waste biomass until the end of 2027.

EQTEC will lead the venture, and it will own a 20% stake in the project, alongside MetalNRG which will own 26.66% and two additional partners (an Irish family office and an Italian family office).

“I am very pleased that EQTEC will lead the effort with our partners to re-commission and revive this biomass-to-energy plant in Italy, providing power and heat to the area and demonstrating sustainable, commercial success with EQTEC advanced gasification,” said David Palumbo, EQTEC chief executive.

“I am delighted to see us secure this with a well-balanced consortium of experienced partners and this is an approach we hope can be achieved for other projects in our pipeline.”

MetalNRG chief executive Rolf Gerritsen, meanwhile, added: “This is our first waste-to-energy project and I am extremely excited by the opportunity that this sustainable plant offers to investors, local businesses and the local community. I look forward to working with our partners to progress this initial project.”

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