EQTEC has conditionally raised £3.5mln gross through direct subscriptions for units of shares and warrants by institutional and other investors.
The cash would fund the development of its Market Development Centres (MDCs) and settling a proportion of the group's debt, said the waste-to-energy technology specialist.
Specifically, some £1.3mln would be used to progress the group's Croatia and France MDCs; £0.5mln on business continuity and partner development and £0.2mln for renewable gas and aviation projects.
David Palumbo, chief executive, added: "This targeted placing is focused on supporting strategic execution in 2023.
“With the Italia MDC now operational, we have turned our attention to Croatia and France, growing our portfolio of well-established and highly credible partners.
“Demand remains strong, and focused execution remains imperative in the current, uncertain market.”
Units in the placing were priced at 0.22p, a 23% discount to the market price yesterday.
A further £550,000 is being sought through a broker option at the same price.