EQTEC PLC said full-year revenue for 2021 grew fourfold compared to last year as it is experiencing significantly increased demand due to macro conditions.
Specifically, chief executive David Palumbo said from “post-Covid challenges to COP26 to more recent geopolitical events, we have experienced more demand than ever and are taking our place as a leading technology innovator for fossil fuel replacements.”
London-listed EQTEC said it plans further investment in new and innovative projects to “raise its visibility and range of propositions.”
In the year ending 31 December 2021, the energy technology company reported unaudited revenues of €9.2mln, up from €2.2mln in 2020.
According to a statement, it also reduced the loss in underlying earnings [EBIDTA] to €4.7mln from €5.8mln, while net assets increased to €43.4mln.
The cash balance for the group is at €6.4mln, unchanged from the 12 months prior.
“We set ambitious targets for 2021 and delivered more than 4x revenue over 2020, building the momentum we intended,” said Palumbo.
Financially, the company completed a £16mln fundraise which will be used towards market, project and capability growth, it said.
The company is now active in seven markets, and in 2021, delivered two new projects to financial close with financing for a third in progress, two Market Development Centres under commissioning, three additional plants under construction and 12 projects under development.
EQTEC also established formal legal entities in Greece and Croatia, with two more expected in 2022, as well as further advancements in strategic partnerships with Wood, Toyota and Logik among others.