EQTEC PLC (AIM:EQT) CEO David Palumbo said the company now had a 'clear funding runway' after the green energy group raised £1.1 million via a share placing.
It followed a £2 million inflow of cash from a settlement deal announced earlier Wednesday and has been coupled with a retail offering which could bring in up to another £200,000.
The funds raised will be used to support EQTEC’s working capital needs and accelerate its strategic initiatives.
EQTEC focuses on turning waste into energy solutions, including hydrogen and biofuels, as part of its efforts to develop sustainable, decarbonized energy infrastructure.
CEO Palumbo told investors: "Last year we transitioned our business away from risk and cost toward greater predictability and sustainability.
"We move away from project ownership and development, toward the provision of our unique technology and engineering capabilities to projects owned and managed by others.
"We believe EQTEC now presents significant value, having emerged from the challenging transition period where we have not only implemented a much more resilient business model but also achieved significant strategic progress whilst creating new exciting business opportunities such as integrated modular technology to produce synthetic renewable fuels from waste"