EQTEC PLC Transition of Group COO role

RNS Number : 7664Z

EQTEC PLC

09 August 2024

 

09 August 2024

EQTEC plc

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

 

Transition of Group COO in alignment with Group business strategy

 

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 transition of the Group Chief Operating Officer role (the "Role"). Jeffrey Vander Linden, currently in the Role, will resign and step down from the Board in due course, to support transition of the Role to a Spain-based engineering management professional. The Company intends to complete transition of the Role by the end of September 2024, although Mr Vander Linden may be asked to remain available beyond that date. Discussions with a prospective appointee to the Role are at an advanced stage and a further announcement will be made in due course.

 

Transition of the Role comes as part of operational and organisational changes in line with the Group's business strategy and stated intent to become a pure-play technology innovator and licensor. As part of this strategy, originally announced in September 2021, the Group will co-locate operational management and decision-making with its Engineering team based in Barcelona, Spain, to be led by a Spain-based Group COO. This will further permit Group Chief Technical Officer Dr Yoel S. Alemán Méndez to focus exclusively on innovation, patent evolution and development of EQTEC's technology and engineering excellence.

 

The transition also comes in the wake of the Company's 2023 annual results, released on 28 June 2024, which noted that the Group was completing its strategic transition from capital-heavy development company to capital-light technology licensor and innovator.

 

David Palumbo, CEO of EQTEC, commented: 

 

"Jeff has been a game-changing member of our management team and on behalf of the Board of Directors, I want to thank him for his tireless effort and dedication to the Company for the past four years. Although we will all miss his drive and professionalism, it is the right time now for the Company to transition our global head of operations role to Spain, to be co-located with our Engineering team, which is the heart of our capabilities and services. In 2023, we completed a series of hard choices and critical transitions to re-platform the Company for a focused future of growth and scale. Jeff has been instrumental in making that possible and we hope to have his continued engagement as we execute the business strategy he developed with us." 

 

Jeff Vander Linden, COO of EQTEC, commented: 

 

"EQTEC is such an exciting technology and after the hard work of the past several years, it is now also an exciting Company with a clear strategy, roadmap, pipeline and partner ecosystem. The technology and its unique capabilities have always provided a solid foundation on which to build a successful business. And now, after the tough choices and hard medicine of 2023, with the world's best Industrial, Utility and Waste Management clients, supported by world-leading technology and delivery partners, I expect even greater things from EQTEC in the years to come. The future of waste management and energy must be one and the same and EQTEC's technology is one of only a handful of cleantech options to make it possible. I will continue to stay close to this great business and hope I can continue to contribute to it as it succeeds and grows." 

 

ENQUIRIES  

  

EQTEC plc  David Palumbo / Jeffrey Vander Linden	[phone]
Strand Hanson - Nomad & Financial Adviser  James Harris / Richard Johnson	[phone]
Fortified Securities - Broker   Guy Wheatley	[phone]
Global Investment Strategy UK Ltd - Broker   Samantha Esqulant	[phone]

   

About EQTEC 

  

As one of the world's most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. 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, specifies and delivers clean, syngas production solutions in the USA, EU and UK, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of feedstock, including forestry waste, agricultural waste, industrial waste 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 renewable 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 the London Stock Exchange's Alternative Investment Market (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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