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Equivalent Exchange 2 is a defunct mod, and is only available for Minecraft version 1.2.5 and earlier. The mod allows you to exchange one item for another, passively create resources, and adds many high-tier and end-game items.
The Equivalent Exchange mod is based around alchemy. The first items you will need to create is a Philosopher's Stone, then a Transmutation Table.
If you're playing an FTB challenge map, one early way of getting EMC is to create a "darkroom" - an enclosed room with a grass floor. Use bonemeal on the grass and use a transmutation table to turn the seeds and flowers back into bonemeal. This process can be easily automated as soon as you unlock redstone. Be careful with lag - a fast darkroom can quickly generate hundreds or thousands of entities if you aren't careful to collect the products.