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Northland Capital Partners View on the City - Eqtec (LON:EQT)

Northland Capital Partners View on the City - Eqtec (LON:EQT)




From yesterday: Update on Project Pipeline




§  The Company provided an update on the progress made with its near-term project pipeline since the completion of acquisition and readmission on 28 December 2017.  As stated in the Admission Document dated 27 November 2017, a series of projects have been secured by way of an EPC contract and/or an MOU including, Reliable Energy Melton Hull and Reliable Energy Seal Sands projects as well as Zebec Energy project located in the municipality of Usk, south-east Wales.

§  Brooke Energy Ltd, the biomass plant construction and management business, has recently informed the Company that it will lead the consortium in the building and operation of the Usk Project. 

§  Under the terms of the MOU, EQTEC will sell its patented EQTEC Gasifier Technology (‘EGT’) to RAFAKO, who is the Engineering, Procurement and Construction (‘EPC’) Contractor for the whole power plant and will exclusively use its proprietary EGT for the gasification and gas cleaning process.  EQTEC revenues from the Usk Project are still expected to be c. €11 million, to be invoiced over a period of two years.

§  Elsewhere, a primary EPC contract was signed in July 2017 between Reliable and Energy China for two projects which specify the use of the Company's EGT. In 2018, EQTEC and Energy China have been working on the engineering of a revised scheme for the application of EGT coupled to a steam turbine, instead of the previous scheme of coupling to a gas engine. As a result, financial close and the commencement of both projects is now expected to occur within the next three to six months. The estimated turnover of EQTEC on each of these projects is c. €19 million of the EPC contract, to be spread over a period of two years.


1. Northland Capital Partners Limited (“Northland”) acts as Nominated Advisor and/or Broker to the company.

2. Northland) and/or its affiliates companies do beneficially own 1% or more of any class of the issuer’s equity securities, as of the end of the month immediately preceding the date of issuance of the research report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month. 

3. The authoring analyst or any associate of the authoring analyst does maintain a long or short position in any of the issuer’s securities directly or through derivatives, including options or futures positions.

4. Northland, its affiliated companies, partners, officers, directors or any authoring analyst of Northland has provided services to the issuer for remuneration during the preceding 12 months other than investment advisory or trading services.

5. Northland or any of its affiliated companies has performed investment banking services for the issuer during the 12 months preceding the date of issuance of the report.  

6. A partner, director, officer, employee or agent of Northland or any of its affiliated companies is an officer, director, employee or advisor of the issuer.  Disclosures are applicable for all companies

7. The authoring analyst, or any associate of the authoring analyst, has viewed the material operations of the issuer. 

8. The authoring analyst, or any associate of the authoring analyst, received reimbursement for travel expenses.

9. Northland makes a market in the securities of this company.




This document is provided solely to enable clients to make their own investment decisions. It may therefore not be suitable for all recipients and does not constitute a personal recommendation to invest. It does not constitute an offer or solicitation to buy or sell securities or instruments of any kind. If you have any doubts about the suitability of this service, you should seek advice from your investment adviser. This document is produced in accordance with UK laws and regulations. It is not intended for any person whose nationality or residential circumstances may render its receipt unlawful.

The past is not necessarily a guide to future performance. The value of shares and the income arising from them can fall as well as rise and investors may get back less than they originally invested. The information contained in this document has been obtained from sources which Northland Capital Partners Limited believes to be re¬li¬able. The Com¬pany does not warrant that such information is accurate or complete. All estimates and prospective figures quoted in this report are forecasts and not guaranteed. Opinions included in this report reflect the Company’s judgement at the date of publication and are subject to change without notice. If the investment(s) mentioned in this report are denominated in a currency different from the currency of the country in which the recipient is a resident, the recipient should be aware that fluctuations in exchange rates may have an adverse effect on the value of the investment(s). The listing requirements for securities listed on AIM or PLUS markets are less demanding, also trading in them may be less liquid than main markets.

Northland Capital Partners Limited and/or its officers, as¬sociated entities or clients may have a position, or other material interest, in any securities men¬tioned in this report. Northland Capital Partners Limited does not provide recommendations on securities of firms with which it has a corporate relationship. More information about our management of Conflicts of Interest, Investment Research Methodology & Definition of Recommendations can be found at 

Northland Capital Partners Limited is authorised and regulated by the Financial Conduct Authority and a Member of the London Stock Exchange.

Published by/copyright: Northland Capital Partners Limited, 2013. All rights reserved

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