RE: RNS28 May 2021 08:09
Use of proceeds
In order to take full advantage of near-term opportunities, the Group seeks to raise up to approximately £15 million (before expenses) for:
1. Europe: acceleration of revenue growth in target markets. This includes acquisition and recommissioning of specific plants in target markets, including the recently announced revival of such a plant in Italy, for delivery of biomass-to-energy solutions within local communities, to showcase EQTEC technology capabilities and performance and to accelerate interest and growth in those markets. Additionally, establishment and funding of joint ventures with local partners in target markets, for dedicated, local operations to drive sales growth and delivery. Markets immediately targeted for revenue growth include Greece, Croatia, Italy and Spain.
2. UK: securing and delivering UK RDF pipeline. This includes capital investment in freehold land and full project rights for one or more of the Company's major, RDF-to-energy projects in Billingham, Deeside, Southport and other, similar opportunities in the pipeline.
3. USA: formalising market entry. This includes pursuit of existing opportunities in the Company's biomass-to-energy pipeline in California, including formalising partnership agreements with local partners and investing development capital in accelerated pursuit of new deals.
4. Capability and capacity: extending our platform for growth. This includes acquisition of additional engineering capability and capacity to support concurrent delivery of multiple projects in multiple geographies, as well as further growth of our business development and partner management teams. Additionally, investment in monitoring, measurement and data management technologies (e.g., industrial IoT) as part of EQTEC solutions, for remote management and for growing our library of operational performance data.
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