(Alliance News) - EQTEC PLC on Friday said it has made progress in the time since appointing a new chief executive, with talks for potential entry into the Greek market through a strategic partnership ongoing.
The technology firm, focused on waste gasification to energy projects, appointed David Palumbo as CEO in September 2019.
Since then, it has completed a GBP958,500 equity raise and received EUR300,000 from the sale of equipment to Movialsa.
Looking ahead, EQTEC's business development initiatives include entering the market in Greece through a strategic partnership and exclusivity with a developer with an existing agricultural waste sector pipeline.
EQTEC is also working on project partnerships with possible investors in the US and collaborations with UK and Ireland developers for anaerobic digestion and waste gasification.
Further, the firm is also pursuing "collaboration with a large owner and operator of biomass energy, district heating and energy from waste infrastructure, to develop a portfolio of projects together".
Palumo said: "Since being appointed as CEO in September 2019 I am very pleased with the progress that EQTEC has made. As we move forward in 2020, we will focus on executing our strategy with special emphasis in seeking strategic partnerships to develop a portfolio approach inside our core markets.
"We are already in advanced discussions with a number of potential partners that could bring not only projects, but also local capabilities. I believe EQTEC is now well positioned to execute on its clearly defined strategy and I look forward to providing further updates as our projects progress and we enter into new ones."
Shares in EQTEC closed up 1.8% at 0.17 pence in London on Friday.
By Anna Farley; annafarley@alliancenews.com
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Eqtec (EQT)