May 22 (Renewables Now) - Irish gasification technology supplier EQTEC Plc (LON:EQT) has entered into an agreement with California-based power firm Phoenix Biomass Energy Inc to jointly develop biomass gasification power projects in the US.
EQTEC said today that the two parties have already identified five projects. The capacity of each individual project will generally be between 2 MW and 3 MW, and their value will range from USD 15 million (EUR 13.4m) to USD 20 million.
The Irish firm will supply its proprietary Gasifier Technology (EGT) for each site and will work with Phoenix to secure the necessary project development funding.
The agreement follows a joint review of the Californian and US biomass markets through which the two partners have identified significant revenue generating opportunities. The pair intends to capitalise on these opportunities in the near term, EQTEC said in a statement.
(USD 1.0 = EUR 0.895)