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Hiya guys. Just a curious one. I was looking at the North Fork page by CVNMTC and they've mentioned project participants as:
Central Valley NMTC Fund, LLC
North Fork Community Development Council
Phoenix Energy
JP Morgan Chase Community Development Banking
Would EQTEC just being technology suppliers be why we aren't mentioned?
Hi Simms45
This is the information extracted from the Chapter 11 petiton as to EQTECs claim.
As at 12th October 2022.Nonpriority creditor's name and mailing address
As of the petition filing date, the claim is:
Check all that apply. $2,770,467.98
EQTEC PLC
Building 1000
City Gate
Mahon T12 W7CV
Cork, Rep. of Ireland
Basis for the claim: Equity holder Loan
Plus
Security Class and Number of Securities & Kind of Interest
EQTEC PLC
Class A 3767 securities held LLC Managing Member
So not sure if any further adjustments have been made since.
North fork is smack bang in the middle of the flood warning zone that is in place for california today.
Looks like god hates Palumbo and JV Liar as much as the rest of us !
If Northfork gets commissioned in February this will be a major coup for Eqtec as it will give us the perfect case study to roll out to dozens of new locations in California with Phoenix. Eqtec have fully written off the investment so if we do end up with 49% of the project, which was the stake we had before it went into Chapter11 this will be a significant windfall. The last valuation of the project back in 2021 when they closed the finance was $20m so if we have maintained out stake that could be a valuation attributable to Eqtec of $10m. Furthermore this will be a profitable project delivering new income to Eqtec for the next 10 years as well as a service contract alongside upgrades to plant. Fingers crossed the update coming in next few days includes a lot more information as we are worth £4m so this single project alone could be worth double our market cap. i just do not know exactly what our stake is but if we only refinanced the debt and took no new investors onboard then this should be similar to before. If the moons align we could be a £50m company very shortly and todays valuation is simply a token number and nothing comparable to our valuation if things start to click.
Italy commissioning was completed in December 2022, look how that turned out, Have to hope that Phoenix aren't as incompetent as Palumbo and Co.
A tramp peeing in the woods has prevented more wildfires than Eqt
This is from Phonix Energy EQTECs partner at North Fork, BNino33
"Our North Fork Community Power Plant in North Fork, CA will be commissioning February 2024"
So perhaps its not to long to wait.
Got a feeling we wont see the update until the very last moment possible, so could be june before we see just how much of a mess they have made of it
Last Februarys trading update
David Palumbo CEO Eqtec ;
"The challenges of 2022 have strengthened our resolve to deliver EQTEC solutions to the world, and we are engaging bigger, more capable, better financed businesses who are now driving the demand. In many ways, 2022 was a catalyst for us in accelerating our strategy toward working with stronger partners for development of projects and plants that run on EQTEC solutions, and the progress we unlocked in the second half of 2022 suggest that will bear fruit for us in 2023."
Even using replica rose tinteds specs like Palumbo, a 90% collapse in shareprice along with another £8m worth of confetti issued , it just dosn,t feel like a bearing fruit year despite the 27 employees earning €204.44 each per week.
Wonder what his latest version of were the blame lies will be if an update arrives ?
Surley not the markets fault or legacy issues yet again after 5 years at the helm ?
Agree with your post mjallen but we take forever to get things over the line and risk another solution to the problem taking precedence.
The following gives me more of a lift regarding the progress to mutiple plants in the US using EQTEC systems. Having been to the US parks on a number of occasions watching the forest being managed to avoid fires has always been a costly process. If having multiple plants produciing saleable products to offset those costs must put EQTEC systems as a first port of call.
Catastrophic wildfires in California have made clear the urgency of forest management efforts that reduce risk and improve forest health. NFCP is a forest-based biomass gasification plant that will utilize sustainable local forest biomass as well as fire threat reduction activities from the Sierra and Yosemite National Forest areas which will benefit local communities.
So who has been paying costs since Chapter11? And surely the rescuer would want more than 51% to leave us with 49?
No minutes from NFCDC Board since August 2023 to refer to, so who knows where we are with the commissioning process. All well and good looking at the websites of those involved, but we know how the management of projects has gone to date.
This was the RNS where Eqtec confirmed before chapter 11 we had 49% stake. The purpose of chapter 11 was to refinance the project debt. However i cant say we have had any information what our stake is now and actually i read we wrote off the entire 4.9m euro investment so anything out of that will be a big plus, not least a US project starting operation this month. https://www.lse.co.uk/rns/EQT/north-fork-project-finance-update-m0iomil3gevbs4s.html
company wrote off the whole investment as i guess that is expected as part of Chapter 11 from an accountancy perspective but I hope we get a bit more out of this than a case study and expect Eqtec would not be a willing party if we lost our 49% stake. I am not aware that apart from refinancing any new equity investors came in so someone has to own it and Eqtec were the majority single investor and the local community were not doing any whiprounds? anyway be interesting to find out in the next update. could be a nice brucie bonus.
There is a question mark over what our exact stake in Northfork will be but it was implied it was going to be a majority stake after Palumbo invested best part of $3m to get the project complete. Eqtec were the main party keeping the project alive and have continued to provide services. The bankruptcy in US is an arrangement that gave more time to organise finances and therefore not lead to everyone downing tools and mothballing the project. something has gone well as the plant is commissioning as we speak with Eqtec involved so can only assume things are close to coming to fruition and perhaps we will see a substantial return on our investment, long ago written off. It is probably the first update from Eqtec i am looking forward to as i think a lot has been happening and revenue is coming in so it might be the first update that perks up the market. i think it is due in next few weeks. Crazy we are back to £4m valuation and a shareprice that was before we got news on successful refinance of Italy that should repay a good deal of cash to Eqtec and the Italy project should generate a decent revenue going forward due to our 50% stake.
I didn't think we were majority shareholders in Northfork. Didn't it go into bankruptcy and whilst EQT was due a residual shareholding I thought it was minor.
Yep. Not much longer and that M will change to a B. 1000 bag incoming.
Another fantastic month for Palumbo, Jeff and the team with both of those pocketing €24k each despite thrashing the shareprice down close to their all time lows .
5 years it's took Palumbo with his expertise and Altairs help to turn EQT with over £50m funds at his disposal into today's cap value of £4m.
Comforting to know it's all legacy and the Markets fault and not the BODs as mentioned at the AGM.
I've got Italy down as 1m EBITDA, where does 2m come from ?
HTTPS://www.proactiveinvestors.co.uk/companies/news/999046/eqtec-says-italia-mdc-plant-on-track-investors-agree-to-fund-enhancements-999046.html
Eqtec have tech for waste to green hydrogen. They have collaboration agreements in Italy to develop it so your in the right place. https://www.h2-view.com/story/eqtec-and-poseidon-lng-hub-to-develop-waste-to-hydrogen-projects-in-northern-italy/
Looking at Phoenix energy the Northfork plant will be commisssioned this month so when this goes live Eqtec, subject to our shareholding this should be worth around $4m a year from the operating plant. would be great to get this live so we have Italy generating a 2m profit and Northfork $4m and in both projects we are majority shareholder. Best part is the maintenance contract that will generate income each month. And did i mention market cap is just over £4m for entire company? Just legal dispute with Logic could be similar :) if we line up our ducks £40-£50m market cap is not unlikely this year but need those ducks to line, not that they ever have but maybe this time!
Hi all, do you know if EQT produce and sell H2 or it has an interest in H2 in the next months? I want to load up and invest in the cleanest energy source, what will solve our planet, H2 economy.
Electrification leads us nowhere, only H2 will emerge as technology for a sustainable future
Tariq4lyf,
I would suggest you make your own informed decision.
Seems you have Been around a lot longer than those trying to give you advice.
There are over 500 of us elsewhere with much more information who are more understanding of the situation.
In the old days you might send a telegram nowadays you get lots of paid messages so check by research and then decide.
On averaging down maybe its wise to follow Palumbo and the rest of the BOD who dont seem to keen on keeping their ownership percentages up with their twice yearly confitti issue.
Palumbo has 75m now worth £18k
Jeff has 28m now worth £7k
@tariq4lyf - You would be insane to do so, this company has lost all credibility from the majority of its investors. It will never go back to where it was, ever.
Also thinking whether there is any point in averaging down or not.. need current share price to 15x to break even
Eqtec are the supplier on this project so more a case if Carbon sole can close the finance. Eqtec only just raised £3.5m and we should have banked nearly £2m from recent front end engineering projects for starters. I think Eqtec have the projects to stand on their own feet, albeit after at 98% collapse in the share price from the peak and £50m of investment from last 5 years. I feel the current £4m market cap is not really factoring any of this in.