The binding legal documentation for financial close was signed on 18 June 2021, the gasification company told investors.
EQTEC’s partners have jointly committed to and have now paid an aggregate €2.1mln for an 80% equity interest, with EQTEC holding the remaining 20% equity interest in the special purpose vehicle for a capital contribution of €482,000. MetalNRG PLC (LON:MNRG), one of the backers, has now invested a total of €700,000 for a 26.66% equity interest in the project.
The plant was built around EQTEC's proprietary and patented advanced gasification technology. It was originally commissioned in 2015, with a capacity of 1 megawatt.
"Last month's £16mln fundraising result was specifically designed to enhance EQTEC's capabilities and capacity to accelerate our growth strategy for 2021 and beyond. EQTEC Italia MDC is a clear indication of that acceleration. Our strong, partner-led model enables us to progress more confidently through the milestones of our sustainable waste-to-energy plants. Reaching financial close with Italia MDC is another step for us in establishing our presence across more of Europe, first in Italy and soon in Croatia,” said David Palumbo, the chief executive officer (CEO) of EQTEC.
Rolf Gerritson, the CEO of MetalNRG, said its strategic partnership with EQTEC has now resulted in the first joint investment along with two-family offices.
"The sustainable waste-to-energy project meets our investment criteria and I look forward to updating the market with progress about this exciting project," he said.