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EQTEC jumps as it increases and consolidates loan facility with Altair Group

The AIM-listed firm said the loan facility available for drawdown had been increased by £879,000 to £3.5mln, adding that Altair would also consolidate two loans into one facility
Money pot
The interest rate on the new facility has been reduced to 10% from 15% per annum

Shares in EQTEC PLC (LON:EQT) jumped in late-morning trading Tuesday after the firm increased and consolidated a loan facility with Altair Group Investment Limited.

The AIM-listed firm, which develops a technology to turn power plant waste into gas and then electricity, said the loan facility available for drawdown had been increased by £879,000 to £3.5mln, adding that Altair would also consolidate two loans into one facility.

WATCH: EQTEC PLC's Ian Price hails significant new contract with Phoenix Energy

The interest rate on the new combined facility had also been reduced to 10% from 15% per annum, EQTEC said, with the maturity date extended to 20 December 2020 from 14 July 2020.

Ian Price, chief executive of EQTEC, said the increased facility was “significant” for the firm’s growth optimisation plan as it ensured the company would be in a sound financial position to deliver projects in its pipeline in the near term.

“We believe we now have greater control of the key workstreams required for a successful sales execution. EQTEC currently finds itself presented with significant near-term contract opportunities ranging from €10mln-€100mln, which we wish to capitalise on in the near future”, Price added.

The loan facility extension also follows behind a “landmark deal” for EQTEC last week when US power plant firm Phoenix Energy signed a first equipment purchase contract for the company’s gasification-to-energy technology.

EQTEC shares were up 1% at 1.5p.

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