LONDON (Alliance News) - Waste-to-energy producer EQTEC PLC said Tuesday it entered into an agreement with Altair Group Investment Ltd to increase its loan facility available to drawdown to GBP3.5 million.
The increase to the loan amounts to GBP879,000.
Chief Executive Officer Ian Price said: "As demonstrated by the recently announced equipment purchase contract with Phoenix Energy, the company is focusing its efforts on executing projects in its pipeline with blue chip clients. We believe we now have greater control on the key workstreams required for a successful sales execution.
He added: "Increasing the available Altair facility by GBP879,000 is significant for EQTEC as part of its previously announced growth optimisation plan as it ensures that the company is in a sound financial position to capitalise on delivering projects within its pipeline in the near term."
EQTEC shares were trading down 1.0% at 1.43 pence each.
Eqtec (EQT)