EQTEC PLC - Corporate and Operational Update
("EQTEC", the "Company" or the "Group")
Corporate and Operational Update
Subsequent to the change in Group leadership with the appointment of
Recovery of clean energy from biomass
· Focused on biomass energy with projects in the 2.5 to 5MW size range, particularly in the
Elimination of waste streams in agri-food and industrial sectors
· Focused on energy recovery, typically in the 2 to 10MW project size range, particularly in the Mediterranean area.
Elimination of Municipal Solid Waste ("MSW") and Refuse Derived Fuel ("RDF") waste streams
· Focused on projects typically in the 5 to 25MW range, particularly in the
This emphasis on these key verticals is the result of the Company, under its change of leadership, further refining its business model to focus on becoming a progressive technology partner. The Company is creating, what the Directors believe to be, a unique ecosystem in its industry, whereby EQTEC is establishing a close group of strategic partners to work with, which spans operators and developers, through to contractors and capital providers.
During Q4 2019 and in Q1 2020 to date, the Directors believe the Group has made significant progress with regard to its refined strategy, as highlighted below:
Q4 2019 Highlights
· Completed c.
· Agreed an extension for the Billingham Energy Project MOU, covering the proposed 25MW waste gasification and power plant, and opened discussions with potential co-developers and funders. EQTEC has instructed Northern Power to carry out the work to provide a full quotation for the grid connection and this work is expected to be completed within 45 days.
· Hired a new business development executive in
· Exclusivity Agreement signed for the proposed 1.18MW Biomasse 31 Project in
· Equity raise of
· Reached Financial Close on the 2MW
Q1 2020 Highlights to date
· Completed the sale of certain equipment to Movialsa for
· Approval for RDF testing at the
· Advanced discussions with
In addition, the Group is advancing discussions with regard to a number of ongoing business development initiatives, including:
· Potential entry into the market in
· Project partnerships with potential investors in the
· Collaborations with developers in the
· Collaboration with a large owner and operator of biomass energy, district heating and energy from waste infrastructure, to develop a portfolio of projects together.
"Since being appointed as CEO in
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
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+353 (0) 21 2409 056
Strand Hanson - Nomad & Financial Adviser
+44 (0) 20 7409 3494
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IFC Advisory - Financial PR & IR
+44 (0) 20 3934 6630
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Notes to Editors
EQTEC is the technological solution partner for converting waste to clean energy.
EQTEC mission is to provides sustainable technological solutions to address two of the world's greatest challenges: managing rising levels of waste and meeting the growing demand for clean energy.
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects which will convert waste into clean energy, to which it will ultimately sell its EQTEC Advanced Gasification Technology and O&M services. EQTEC Advanced Gasification Technology enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.
EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and brings together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects.
EQTEC also seeks to provide O&M services to established operating co-generation plants generating recurring revenues over the life of the projects.
The Company is quoted on AIM, bears the Green Economy Mark awarded by the
This information is provided by RNS, the news service of the
Quick facts: EQTEC PLC
Market Cap: £7.27 m
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