In a statement, the AIM-listed firm said it co-operated closely with partner Phoenix Biomass Energy, which is also a shareholder in North Fork Community Project (NFCP), the project's manager, to achieve the milestone.
EQTEC also announced that the sale and services contract with NFCP announced in September has now been executed.
Under the contract, the firm will invoice NFCP a total of €2.2mln for the sale of equipment and the supply of engineering and design services, comprising a down-payment of €880,000 on execution, as well as milestone payments leading up to commissioning of the project, expected in the first quarter of 2021.
According to NFCP, the biomass project is expected to cost US$20mln and will have the capacity to generate US$4mln in annual revenue.
“We believe that there will be many more opportunities in California arising from the need to address the current critical situation facing the state with regards with forestry wood waste,” chief executive David Palumbo said in the release.
Shares jumped 16% to 0.13p on Thursday morning.