EQTEC shares (LON:EQT) rallied on Wednesday after the waste-to-energy company announced the financial close of Greek gasification plants as part of an agreement with ewerGy.

EQTEC will now supply Equipment and Engineering and Design Services to the project which is worth £2m over 18 months.

Shares in EQTEC were in excess of 10% higher in early trade on Wednesday following the news. The move means EQTEC shares are now up over 490% in 2020.

 

The Greek gasification project is one of many agreements EQTEC are working on to supply their gasification technology to waste-to-energy plants across Europe.

The Greek project will typically utilise farm waste to produce fuel, but EQTEC’s technology is able to convert a wide range of waste forms into fuels, highlighting the huge potential for the technology in the circular economy.

The Greek project will convert farm waste to green electricity and be sent to the grid for distribution across the country.

There are a total of 22 plants earmarked in Greece under the Collaboration Framework Agreement with ewerGy after another 6 were recently added.

“EQTEC’s cooperation with ewerGy and ECO Hellas continues to strengthen and deliver results and we are pleased to have signed an equipment sales and services contract with them, said David Palumbo, CEO of EQTEC.

“With the strong and increasing appetite from traditional banking institutions to provide financing for projects applying EQTEC’s advanced gasification technology, we look forward to commencing the construction of Greece’s first waste to energy gasification plant, which is fully permitted and fully funded.”

“This plant and the growing pipeline of 18 potential projects that we are progressing well in Greece and the Balkan region are expected to deliver value to our stakeholders, local communities and our shareholders. Scalable waste to energy solutions using proven advanced gasification technologies such as EQTEC’s are important in the energy transition and decarbonisation market.”

EQTEC shares were trading at 0.685p, up 11%, shortly before 11am on Wednesday.