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EQT Eqtec Plc

0.005 (10.0%)
29 Sep 2023 - Closed
Delayed by 15 minutes

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Share Name Share Symbol Market Stock Type
Eqtec Plc EQT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.005 10.0% 0.055 16:22:07
Open Price Low Price High Price Close Price Previous Close
0.05 0.0475 0.055 0.055 0.05
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Industry Sector

Eqtec EQT Dividends History

No dividends issued between 01 Oct 2013 and 01 Oct 2023

Top Dividend Posts

Top Posts
Posted at 24/9/2023 10:02 by stevea171
Will we find out any more about another recently admitted EQT screw up next week in the Interims?

Italia MDC. We understood there was to be a refi allowing the original investors incl EQT (20%) to take some or all of their capital out and easing their cash flow problems. But we find out in the RNS text of 4/9/23 that none of this is happening.

Instead the Italia MDC has been offered a loan of EU2.9 million under certain conditions which may or may not be fulfilled in Q4 with Eqtec, the company, getting nothing. How much debt has the MDC racked up already (financed by EQT?) to be included in H1 results?

It is expected that the loan requirement in Q4 will be EU2.9 million as this full amount is to be drawn down and an EQT bridging loan? repaid. These will be the estimated losses and capex of the Italia MDC to the date of the loan draw down.
Posted at 21/9/2023 18:37 by stevea171
This court action by EQT will be defended and could take 6-12 months to be heard?

A statement from Logik Developments said: “At present, no such claim has been served on either Logik Developments Limited or Logik WTE Limited and we cannot, therefore, comment on the precise nature of EQTEC’s claim.

“It is correct that we have been in discussions with EQTEC in recent months about their alleged claims and such discussions have been conducted through legal channels via our respective solicitors.

“We note from EQTEC’s announcement that the total amount claimed is circa £4m. This is surprising to us given that all pre-action correspondence to date has been limited in value to claims amounting to circa £2.9m. It therefore appears that EQTEC have acted prematurely in issuing Court proceedings against Logik in circumstances where they have not provided any details about the balance of their alleged claim (totaling £1.1m) as they are specifically required to do as part of any legal process before Court proceedings are issued.”

The statement added: “We refute EQTEC’s allegations entirely and in the event that any claim is served on Logik, this will be defended to the fullest extent.

“We also note that EQTEC claim that they have made numerous attempts to engage with us towards a resolution of these matters more recently through legal counsel. EQTEC also claim that we have rejected invitations to work through the issues constructively or failed to follow through on an agreement to meet with them.

“This is, quite simply, incorrect and as part of the recent correspondence passing between our respective solicitors, it was actually us who offered to meet with EQTEC’s representatives to try and engage in commercial discussions with them in an attempt to resolve matters; however no response at all has been received from EQTEC or their solicitors to this offer of a meeting and that was where matters stood prior to EQTEC’s recent announcement that it has issued a claim against Logik.

“In the event that EQTEC consider that they have a claim against Logik for any alleged breach of the SPA or the Deeside Project, then that is a matter for them and this will present them with a damages claim; however, as explained, we refute EQTEC’s allegations entirely and consider that there is no legal basis to their claims. We will have no hesitation in defending our position through the Courts if that is what is ultimately required.”
Posted at 20/9/2023 12:33 by skinny
You couldn't make it up!

Jeff Vander Linden, COO of EQTEC, commented:

"Our exit from the Billingham project is disappointing but essential. It represents another step in our pivot out of high-risk, high-cost development work. We announced in our 2022 results that we had avoided potential costs totalling EUR18 million across our portfolio and a good share of those were related to the Billingham project. Despite substantial efforts to finalise our investment case, the recent decisions by prospective, large-scale offtakers to terminate their operations set the Project back considerably. We simply cannot justify investment of further effort and expense to get such a large, high-risk project to close. While it is painful for the Company to write off large portions of investment, it underscores our strategic commitment to engaging with projects developed by others, where we can focus on profitably integrating and licensing EQTEC technology. Our strategic pivot effectively de-risks the earnings profile for EQTEC, allowing other parties to manage the challenges and risks of project development."
Posted at 04/9/2023 15:30 by stevea171
Today's RNS headlines:
EQTEC PLC Bank Refinance of Italy Market Development Centre

MetalNRG PLC Bank Refinance of Italy waste to energy plant

Are these not 2 cases of misleading/lying headlines?

We understood there was to be a refi allowing the original investors incl EQT (20%) to take some or all of their capital out and easing their cash flow problems. But we find out in the text that none of this is happening.

Instead the Italia MDC has been offered a loan of EU2.9 million under certain conditions which may or may not be fulfilled in Q4 with Eqtec, the company, getting nothing. How much debt has the MDC racked up already (financed by EQT?) to be included in H1 results and FY results?

It is expected that the loan requirement in Q4 will be EU2.9 million as this full amount is to be drawn down immediately and an EQT bridging loan? repaid. These will be the estimated losses and capex of the Italia MDC to the date of the loan draw down.

Is EQT expecting another cash raise to cover this loan to the MDC in the next 3 months and not telling us as usual with all the other cash raises/loans in the past 18 months or so?

This is yet another MAJOR screw up that has been hidden up to now with only a glimpse of disclosure in this RNS.
Posted at 04/9/2023 12:11 by marktime1231
Despite the catty squabbling here, which I think is because Steve has about-faced from being stubbornly argumentatively defensively cloth-eared positive to negative, this rns does reveal that Italy MDC is not operating as intended. To be fair to Steve being positive became unsustainable and you are allowed to change your mind on the evidence, but as someone who was once on the receiving end of his snap I can understand it might grate on those who were suspicious all along. And on those who now are desperate for a revival, to be so negative all the time apparently long after divesting. At least we are getting a critical analysis of the bilge coming out of EQT pr team and what it really means. But, on balance, if that France funding is realised then EQTs future is brighter but then it could hardly have got any worse. Anyway ...

"EQTEC Italia MDC S.r.l. ("Italia MDC"), the operating company for the Plant, is implementing a series of performance improvements anticipated to be completed in early Q4 2023, at which point, assuming the required performance criteria have been achieved, Italia MDC will draw down the amount of the full Facility.

The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to Italia MDC in June 2023. The Company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations."

The key word here is "continual". It doesn't work as a steady continuous automated process, there are interuptions or interventions necessary which means staff time which means unbudgeted costs. So Italy MDC might operate technically fine only in discrete batches, not according to the business plan, and will indeed be loss-making. It has been my guess all along that this involves the feedstock end of the process, or it could be residue glazing and contamination in the fluidised bed, something which has baffled every other group trying to integrate waste gasification plant, and something which has taken four or more years to try and resolve rather than the 1 year envisioned here.

It would have been helpful to have provided some operating detail ... waste processed, net energy exported etc ... versus target. And financials, so revenues and costs against tonnes and kWh, in the kind of way material processors and energy companies give updates. I guess they are still working on how to report, not having had anything to say until now. No mention of the opportunity to sell off the black soot residue.

I do not understand the financial consequence of this announcement on EQT itself. Someone in the meantime needs to be providing Italy MDC with operating cash flow, is that what EQT mean when they say they are providing support. And in the meantime presumably EQT is not receiving proceeds from a financial close or net income, clobbering the outlook. Given the parlous state of EQT and the rate at which it spends cash do we have another going concern and funding problem, or is that saved by the promise of funds from France?
Posted at 04/9/2023 10:25 by 1flynn
I,m as cynical on Eqt and the greed and lifestyle of the BOD especially, and their clear as mud RNS,s.

But it's normal practice for a bank to set certain performance criteria conditions to be met before allowing EQT to access the loan on a new project.
That will determine whether the BOD have been honest regarding their performance percentages expectations.

It's just another loan of €580,000 for EQTs 20% though while they prove the concept works hopefully providing a profit and drumming up interest for future customers.
Posted at 12/7/2023 10:06 by stevea171
I would say it's the kind of PR exercise that is the hallmark of this company.
So far they have proven nothing with their tech.

Italia MDC. No details of performance or profitability. This is an integration of EQT built tech from a previous business failure and addons.

France MDC. This is proposed to be an integration of a much larger and more complex failed third party tech with EQT tech that has never been tried before.

If it took 6 months to get the Italia MDC 'handed over' with EQT engineers remaining on site to stabilize production, how long for the French MDC? Forever?

I see EUR750,000 payment to EQT on completion of the transaction. Probably Q3/23.

Another EUR750,000 in stage payments over 18 months subject to performance.

EUR15 million for equipment unspecified, but likely including supply of EQT designed equipment fabricated in the EU, for engineering services, commissioning and licensing over 18 months as incurred. No breakdown provided so it appears this is all free cash which it is not. Some of the engineering services/licensing may be invoiced H2/23. No details provided.

This project is full of uncertainty, full of risk and will do very little to ease the cash flow problems the company has been suffering from and is suffering currently.
Posted at 19/5/2023 13:16 by stevea171
A month ago there was this EQT RNS announcement of a new relationship with Posidon to build 4 RDF plants in northern Italy. Each plant in the portfolio, if developed, is expected to be capable of transforming c. 100,000 tonnes of mixed waste and biomass into RNG and other green biofuels.

So the question arises of just what size of plants are to be built in relation to other projects EQT has in development?

It seems each plant will generate approx 10-12 MWe (based on a number of EQT plants below) and be on a similar or slightly larger scale to the Deeside and Southport projects. It can be assumed that Posidon has done due diligence over the past year/s in selecting EQT as "the exclusive syngas technology partner".

I would expect each of these 4 new Italian plants to have a capital cost of c. £60 million so an investment of c. £240 million to which EQT has no exposure to capex or project build. EQTEC intends to generate from the project engineering services, technology sales, licensing fees and other value added services which de-risks the project for EQT whilst giving it 4 more medium sized reference plants in Europe if they all go ahead.

17 April 2023. Collaboration Framework Agreement for waste-to-RNG projects in Italy with Posidon LNG Hub Srl ("PLH"), an energy technology project developer with extensive global expertise in engineering, construction and operations of large petrochemical and power plants.

France MDC. The 6.5 MWe plant, once operational, will transform c. 45,000 tonnes of mixed waste wood and refuse-derived fuel to export clean electricity to the national grid.

North Fork. The 2 Mwe plant will convert 17,550 metric tonnes of biomass annually into clean electric and thermal energy and into 1,600 metric tonnes of biochar per year.

Southport. The Phase 2 would see Advanced Gasification Technology applied to the project to transform 25,000 tonnes of RDF per year, supplied by the plant’s waste processing facility, into an estimated 2.5 – 3.0MWe of clean electricity.
Posted at 19/4/2023 11:15 by scrutable
Neither this board nor the market seem to have properly registered that just two days ago, EQT chalked up the largest and financially most attractive project in its chequered history.

The share price should have LEAPT on the news, not just ticked up two notches and thereafter fallen back to below the status ante quo.

PLH(Poseidon) a consortium of global engineering project giants: Linde plc, Wood plc, Alfa Laval AB and Chemprod Srl, has, as lead integrator and developer identified and selected four, potential initial locations (the "Colibrì Plants") through engagement with the province of Cremona, northern Italy,

· Each plant if developed, is expected to transform c. 100,000T/pa of mixed waste and biomass into RNG and other green biofuels; · EQTEC was selected to join the consortium as the exclusive syngas technology partner.

· PLH is to be solely responsible for securing funding for the Colibri Projects with no contribution required from EQTEC - a pleasant surprise after all the tottering, uncompleted SPV's lined up for each previous EQT project. PLH is already in advanced discussions with a number of international banks, public funds and equity partners for funding of the pipeline.

· The first project, in Corte dei Frati, is expected to reach full permitting for construction in 2023 and financial close in H1 2024. EQTEC intends to generate from the project engineering services, technology ,sales, licensing fees and other value added services There is no doubt in my mind that from this 'rebegining' EQT will take off, if at first slowly but now exponentially.

The world is increasingly desperate to destroy rubbish: especially plastics and forestry/agricultural/food wastes without incineration and its attendant dioxins - persistent organic pollutants. Until the Tuscany DMC start-up there has been no effective solution to this curse. Furthermore the Ukraine conflict has increased the value of hydrogen and syngases and thus the profitability of each project

Posted at 27/3/2023 10:02 by stevea171
Idex is an ideal partner with finance to partner with, especially on home territory for Idex in France. The University of Lorraine EQT pilot plant with its test platform gives EQT visibility and credibility especially in France where we may see many more projects incubate.

EQT collaboration with Idex finally pays off but not in the way envisioned a few years ago (probably just as well!):

Eqtec and Idex could run Teesside RDF plant.
March 22, 2021. by James Langley.
Gasification company Eqtec says French energy firm Idex may look to enter the UK market through involvement with a proposed plant in Billingham, Teesside.

Subject to the completion of a final review, Idex would provide the financing required for the construction phases and then own and commercially operate the plant, Eqtec says.

Founded in 1963 and headquartered near Paris, Idex is an operator of energy infrastructure assets, including 41 district heating and cooling networks, 13 energy from waste (EfW) facilities and a ‘large’ portfolio of energy services contracts.
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