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EQT Eqtec Plc

2.05
0.00 (0.00%)
15 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eqtec Plc LSE:EQT London Ordinary Share IE000955MAJ1 ORD EUR0.01 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.05 2.00 2.10 2.05 2.05 2.05 670,541 07:33:49
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electric Services 7.97M -10.53M -0.0712 -0.29 3.03M

EQTEC PLC Italia MDC update and share ownership (4860S)

06/11/2023 8:39am

UK Regulatory


Eqtec (LSE:EQT)
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TIDMEQT

RNS Number : 4860S

EQTEC PLC

06 November 2023

06 November 2023

EQTEC plc

("EQTEC", the "Company" or the "Group")

Italia MDC update and share ownership

EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation announces that the share capital ownership of EQTEC Italia MDC Srl ("Italia MDC"), the operating company for the Group's Italy-based Market Development Centre ("MDC") has been formally updated to reflect recent investments made into the 1 MWe biomass-to-power plant that is the focus of its business activities (the "Plant") and as part of the legal preparation for the drawdown of financing for the plant provided by Banca del Fucino S.p.A. (the "Lender").

The Company announced on 04 September 2023 that it had entered into a loan facility of EUR2.9 million (the "Facility") provided by the Lender to refinance the Plant, subject to the Plant's achievement of certain performance criteria set by the Lender. In order to achieve these criteria, Italia MDC is implementing a series of performance improvements which are anticipated to be completed in Q4 2023, at which point Italia MDC intends to draw down the full amount of the Facility.

Those improvements are being financed through a combination of shareholder loans and equity from two of the four investors in Italia MDC, Quainstone Limited and the Company, resulting in a change to relative ownership of Italia MDC, which the shareholders have recorded officially with Italian authorities as of 03 November 2023. The updated capital ownership of the Plant is as follows:

 
 Investor                  Ownership share 
------------------------  ---------------- 
 Quainstone Limited                 39.76% 
 EQTEC Holdings Limited             38.30% 
 Pitcole Limited                    10.97% 
 MetalNRG                           10.97% 
 Total                             100.00% 
========================  ================ 
 

ENQUIRIES

 
 EQTEC plc 
  David Palumbo / Nauman Babar        +44 20 3883 7009 
 Strand Hanson - Nomad & Financial 
  Adviser 
  James Harris / Richard Johnson      +44 20 7409 3494 
                                     ----------------- 
 Panmure Gordon - Broker 
  John Prior / Hugh Rich              +44 20 7886 2500 
                                     ----------------- 
 

About EQTEC Italia MDC Srl

EQTEC Italia MDC Srl ("Italia MDC") is a company registered in Italy for the purpose of transforming agricultural and forestry waste into electrical power and biochar in a relatively remote and heaviliy agrarian community. The Company currently owns 38.30% of Italia MDC.

Italia MDC owns and operates a 1 MWe plant in Gallina (the "Plant"), a village near Castiglione d'Orcia in Tuscany's Val d'Orcia, an area considered to be the region's most scenic. It is on a site originally owned by Toscana Cereali Societa' Cooperativa Agricola, from whom Italia MDC is currently leasing and with whom Italia MDC have agreed to purchase the land by 30 July 2024. With EQTEC technology at its core, the Plant is capable of converting multiple types of biomass feedstock into electrical power and thermal energy.

Initially, the Plant is converting higher-density wood waste into electrical power for export to the national grid, for which a connection has been secured with a preferential tariff. In addition to the electricity, the Plant is producing biochar for purchase by two European wholesalers of the product. Thermal energy produced through the continuous EQTEC thermochemical conversion process is being recycled to dry the feedstock, improving the Plant's waste-to-energy conversion efficiency.

Feedstock is being delivered by multiple, local suppliers, and Italia MDC has identified additional, potential suppliers in order to maintain continuity of supply and leverage over cost and availability. Further, the Plant has been upgraded to support lower-density feedstocks such as straw or other agricultural waste. This ability to switch amongst feedstock types and suppliers adds resilience to Italia MDC's business model.

About EQTEC plc

As one of the world's most experienced gasification technology and engineering companies, with a growing track record of delivering operational and commercial success for transforming waste-to-energy through best-in-class technology innovation, engineering and project development, EQTEC brings together design innovation, project delivery discipline and solid commercial experience to add momentum to the global energy transition. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.

EQTEC designs, supplies and builds advanced gasification facilities in the UK, EU and US, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process over 50 varieties of feedstock, including forestry wood waste, vegetation and other agricultural waste from farmers, industrial waste and sludge from factories and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of synthetic natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.

The Company is quoted on AIM (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.

Further information on the Company can be found at www.eqtec.com .

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END

MSCGIBDBRXGDGXL

(END) Dow Jones Newswires

November 06, 2023 03:39 ET (08:39 GMT)

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