EQTEC PLC (AIM:EQT), the waste-to-value group providing solutions for hydrogen, biofuels, and energy generation, has said its 2022 revenues are expected to meet guidance as it updated investors on its progress so far in 2023.
In the statement, David Palumbo, CEO of EQTEC, commented: "At a time when the world is finally accepting the challenges of securing energy supply and handling a wide variety of waste types cleanly and sustainably, we recognise the need to meet market headwinds with even greater determination and dexterity than before."
"EQTEC's technology is one of the best solutions for both challenges. It addresses the baseload challenge, it supports energy security and independence, and it is clean, proven and scalable. The market opportunity is vast, our technology is at the core of new energy infrastructure that can produce decarbonised power, heat and fuels and it is ready to be deployed, profitably, now.
"The challenges of 2022 have strengthened our resolve to deliver EQTEC solutions to the world, and we are engaging bigger, more capable, better-financed businesses who are now driving the demand. In many ways, 2022 was a catalyst for us in accelerating our strategy toward working with stronger partners for development of projects and plants that run on EQTEC solutions, and the progress we unlocked in the second half of 2022 suggest that will bear fruit for us in 2023," he added.
In response to changing market conditions in early 2022, the company said it updated its business plan to: focus its portfolio of active projects on the strategically most important; reduce its project development liabilities; and engage project developers and owner-operators in actively leading development activities.
The company noted that its three Market Development Centres are progressing steadily and it has a strategic focus on Deeside and a delegated approach to other projects.
Eqtec said it is undertaking its annual audit imminently and expects to report its fully audited 2022 results in Q2 2023.