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Eqtec PLC - Cork, Ireland-based gasification solutions company - Completes acquisition of a 1.2 megawatt waste-to-energy gasification plant in Karlovac, Croatia, through Synergy Projects, a joint venture between the company and its Croatian project development partner Sense ESCO. The acquisition of the plant by the JV was funded by the company via a EUR1.2 million loan that is intended to be converted into privately placed bonds to meet local corporate requirements.
Chief Executive Officer David Palumb says: "I am very pleased to announce the acquisition of a second sustainable waste-to-energy plant in Croatia, after very recently acquiring a similar plant in Belisce, which we will recommission and operate as the country's EQTEC Market Development Centre. In partnership with the Sense ESCO team, our Croatian Joint Venture is focused on reducing the amount of forestry waste wood biomass in the local areas in which these two projects will operate, leveraging our Advanced Gasification Technology, with the low emissions profile and high operating efficiency it offers, to generate clean energy and in locations where it is also beneficial, increasing valuable high-quality biochar."
Current stock price: 1.21 pence
Year-to-date change: down 56%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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