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(Sharecast News) - Shares in Eqtec rallied on Tuesday, after the AIM-listed energy technology firm raised £500,000 through a new strategic investor.
The firm, which specialises in waste-to-value solutions for hydrogen, biofuels and energy generation, said it had raised the funds via a direct subscription of 21.3m new ordinary shares at 2.35p per share by Verde Corporation.
The subscription is equivalent to 11.72% of the company's current issued share capital.
The funds will be used to contribute to working capital requirements, Eqtec said.
Eqtec said Verde, a newly formed entity, was part of Verde Group, a US-based group of diversified businesses that specialise in sustainability and technology.
It currently has holdings in companies working across new energy and biofuels, Eqtec noted, adding: "Verde Group's strategy is to acquire equity positions and work closely with the management."
Eqtec also confirmed that two existing shareholders, Altair Group Investment and Pitcole, had agreed to convert their respective outstanding loan balances under a £3m syndicated loan facility.
As at 1130, shares in Eqtec were up 13% at 2.7p.
