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(Alliance News) - EQTEC PLC on Wednesday said it has sold equipment and spare parts to Spanish firm Mostos Vinos y Alcoholes SA for EUR300,000.
Mostos Vinos y Alcoholes - also known as Movialsa - uses EQTEC's gasification technology at its six megawatt plant for the purpose of converting olive oil manufacturing residue into energy.
As part of the sale agreement signed by Movialsa, EQTEC will be able to arrange visits to the plant to showcase its technology to potential future investors.
The waste-to-energy firm said the equipment sold consists primarily of ancillary parts for the power block of the gasification plant. This was part of a series of equipment not required as consideration for EQTEC's investment in the North Fork project, as announced in June 2019.
"We have been able to monetise assets whilst assisting a key client with its equipment maintenance requirements," said EQTEC Chief Executive David Palumbo.
"We remain convinced of the opportunity that exists for the group through the elimination of olive pomace waste in Spain and the greater Mediterranean area. Our intention is to develop this market through strategic partnerships in the relevant geographies," he added.
EQTEC shares were up 7.7% at 0.17 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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