Technical Services Agreement for Plant in USA

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 signed a technical services agreement for engineering services and equipment supply (the "Agreement") for a plant that would convert approximately 15,000 tonnes per year of wood waste into synthesis gas ("syngas"), 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. €165,000) 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 €300,000. Additionally, the Company has provided to SEL a comprehensive quotation to deliver detailed engineering, equipment, construction advisory and commissioning services for approximately €7 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.

David Palumbo, Group CEO, commented:

"EQTEC's syngas technology, modular build and limited footprint are attractive to many developers working in island environments, and we have been approached by a range of local authorities and developers from island communities in the Caribbean, the Mediterranean and elsewhere. This opportunity in Hawaii is the one moving first and fastest. We are happy to work with SEL which has shown itself to be extremely well organised, well mobilised and capable of driving this relatively small-scale project forward with pace and purpose. We look forward to seeing EQTEC technology help solve the dual problems of waste management and energy generation in island environments, and hope that this Agreement opens a range of new opportunities for us."

Joelle Simonpietri, President, Simonpietri Enterprises LLC, commented:

"We have been evaluating wood and waste gasification technology vendors for several years, searching for companies with a technical fit for our island-style waste streams as well as a record of commercial plants operating at this scale. EQTEC's strong track record, with thousands of hours of operating data, currently operational commercial plants, and a plant under construction in California, all help us to accelerate our own project development and execution. In addition, EQTEC's systems and intellectual property are complementary with our own proprietary techniques for gasification of difficult waste streams like construction and demolition debris including treated, painted, and resinated lumber. That EQTEC's team is fast, thorough, experienced, and easy to work with are other bonuses for us. We are happy to select EQTEC for our inaugural project in Hawaii."

Further information on the Company can be found at www.eqtec.com.