Sale of France Market Development Centre to Idex

12 July 2023

12 July 2023



("EQTEC", the "Company" or the "Group")


Sale of France Market Development Centre to Idex


EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels and energy generation is pleased to announce that it has agreed with French infrastructure owner and utility company Idex to the sale of 95% of the share capital of Grande-Combe SAS ("Grande-Combe"), the project company for the Company's France Market Development Centre ("MDC") and the project to construct and commission it ("France MDC").


Idex's acquisition of Grande-Combe from the Company has been formalised through execution of a share-purchase agreement (the "SPA") and a shareholders' agreement (together with the SPA, the "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.



Under the SPA, Idex acquires 95% of the share capital in Grande-Combe, with EQTEC retaining a 5% carried interest; EQTEC's carried interest requires no financial investment by EQTEC;

In respect of the acquired share capital, the Company receives a fixed consideration of €750,000, payable at completion of the transaction (the "Fixed Consideration");

In addition to the Fixed Consideration, the Company is eligible to receive additional payments up to full commissioning of the France MDC, subject to achieving performance milestones and for a combined total of up to €750,000;

In addition, under the Agreement, EQTEC will receive fees for engineering services, equipment, commissioning and licensing over the period Q4 2023 - Q1 2025, estimated to amount in total c. €15 million; and

Under the Agreement, the Company is entitled to utilise France MDC for one prospective client visit per month, with more visits possible under specific terms.


The Agreement follows the Company's 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 Company'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."


This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.





David Palumbo / Nauman Babar


+44 20 3883 7009

Strand Hanson - Nomad & Financial Adviser

James Harris / Richard Johnson


+44 20 7409 3494

Panmure Gordon - Broker

John Prior / Hugh Rich


+44 20 7886 2500

Instinctif - Media & investor relations enquiries

Guy Scarborough / Tim Field

+44 791 717 8920 / +44 788 788 4794


About the project


The project will see the replacement of core technology and relevant ancillary equipment at an existing plant originally developed by Group Bonnefoy at its stone quarry site located at Villers-sous-Montrond, Doubs, France, near the Franco-Swiss border. The existing gasification plant was designed using non-EQTEC technologies but was never fully commissioned, as the previous technology did not successfully complete performance and endurance tests. As a result, the previous project company, SPV Synnov Déchets SAS, entered bankruptcy in November 2021, after which the Company was approached as a potential buyer.


The Company on 14 March 2021 announced its intention to acquire, upgrade and recommission the 6.5 MWe plant, replacing the failed gasification technology with EQTEC technology. On 07 September 2022, the acquisition was approved and finalised by France's Ministère de l'Économie, des Finances et de l'Industrie (MINEFI). It is the Company's intention that the France MDC process diverse feedstock, with a combination of wood, contaminated wood and RDF and is expected to be France's largest ever gasification project for combined heat and power.


About Idex


Founded in France in 1963, Idex develops, designs, finances, builds and operates local energy and carbon-free infrastructure, which provides renewable heat and local electricity supply to buildings, cities & industry. 


With 5,700 employees and a turnover of €2 billion in 2022, Idex is currently the only vertically integrated market operator delivering the complete value chain for local energy provision. The Group is involved in the production of thermal or electrical energy from local and low-carbon energy resources (geothermal, solar, biomass, waste), the distribution of this energy through district heating and cooling networks, to its final use in industrial, residential and tertiary buildings and other applications.


About EQTEC plc


As one of the world's most experienced gasification technology and engineering companies, with a growing track record of delivering operational and commercial success for transforming waste-to-energy through best-in-class technology innovation, engineering and project development, EQTEC brings together design innovation, project delivery discipline and solid commercial experience to add momentum to the global energy transition. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.


EQTEC designs, supplies and builds advanced gasification facilities in the UK, EU and US, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process over 50 varieties of feedstock, including forestry wood waste, vegetation and other agricultural waste from farmers, industrial waste and sludge from factories and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of synthetic natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.


EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.


The Company is quoted on AIM (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.


Further information on the Company can be found at


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Eqtec (CDI) (EQT)
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