Last checked at 22 Jan 2020 15:13
22 January 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
€300,000 Sale of Equipment to Movialsa and 6MW Plant Access for Demonstration
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce the sale of certain items of equipment and spare parts to Mostos Vinos y Alcoholes S.A. ("Movialsa"), part of the Huertas Business Group, a Spanish conglomerate involved in the agricultural, winemaking, construction, and energy generation sectors. The equipment has been sold to Movialsa for net cash proceeds of €300,000, which have been received by the Company.
Movialsa utilises the Company's proprietary gasification technology at its 6 MW plant in Spain (the "Plant") in order to convert olive pomace waste, which is a residue of the manufacture of olive oil, into energy. The Jenbacher engines on the Plant have recently surpassed 111,000 aggregated operating hours at full expected operational capacity powered with the high quality syngas produced from EQTEC's gasifier.
As previously announced, EQTEC is targeting energy recovery from agri food residues and other industrial waste streams as one of its three identified sector verticals, where it believes it has the core capabilities to establish a significant competitive advantage through its proprietary gasification technology.
As part of the contract for the sale of the equipment and spare parts announced herein, the Group is able to arrange visits to the Plant to showcase the Group's technology to potential future stakeholders in its projects.
The equipment sold to Movialsa consists primarily of ancillary parts for the power block of the gasification plant and formed part of a series of equipment, stored at the Company's site in Newry, which was not required as consideration for the Company's investment in the North Fork project, as announced on 4 June 2019.
David Palumbo, CEO of EQTEC, commented:
"We are delighted to develop further the relationship with one of our key strategic clients. Movialsa is a leader in their agri-industry sector with extensive experience in co-generation energy infrastructure, with a plant using EQTEC's Gasifier Technology that showcases over 111,000 hours of operation since 2011. Importantly, we have been able to monetise assets whilst assisting a key client with its equipment maintenance requirements. 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."
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
Enquiries
EQTEC plc | +353 (0)21 2409 056 |
David Palumbo / Gerry Madden
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Strand Hanson - Nomad & Financial Adviser | +44 (0) 20 7409 3494 |
James Harris / James Dance / Jack Botros
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SI Capital Limited - Broker | +44 (0)1483 413 500 |
Nick Emerson / Jon Levinson
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IFC Advisory - Financial PR & IR | +44 (0) 20 3934 6630 |
Tim Metcalfe / Graham Herring / Zach Cohen |
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Notes to Editors
About EQTEC plc
EQTEC is the technological solution partner for converting waste to clean energy.
EQTEC mission is to provides sustainable technological solutions to address two of the world's greatest challenges: managing rising levels of waste and meeting the growing demand for clean energy.
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects which will convert waste into clean energy, to which it will ultimately sell its EQTEC Advanced Gasification Technology and O&M services. EQTEC Advanced Gasification Technology enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.
EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and brings together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects.
EQTEC also seeks to provide Operation & Maintenance services to established operating co-generation plants generating recurring revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further information on the Company can be found at www.eqtecplc.com.