The waste-to-energy specialist said Movialsa will use its gasification technology to convert olive pomace waste, a byproduct of olive oil production, into energy at its 6-megawatt power plant in Spain.
As part of the agreement, EQTEC will also be able to arrange visits to the plant to showcase its technology to potential future stakeholders in its projects.
“Movialsa is a leader in their agri-industry sector with extensive experience in co-generation energy infrastructure, with a plant using EQTEC's Gasifier Technology that showcases over 111,000 hours of operation since 2011”, said EQTEC chief executive David Palumbo.
“Importantly, we have been able to monetise assets whilst assisting a key client with its equipment maintenance requirements. We remain convinced of the opportunity that exists for the group through the elimination of olive pomace waste in Spain and the Greater Mediterranean area. Our intention is to develop this market through strategic partnerships in the relevant geographies", he added.
The news sent EQTEC’s shares surging 8.7% to 0.17p in late-afternoon trading on Wednesday.