EQTEC shares were up 9% to 0.8p in early morning trading on Monday, after the company released glowing final results for 2021 with a 410% revenue increase to €9.2 million from €2.2 million in 2020.
The net-zero technology innovation firm reduced its EBITDA loss to €4.7 million compared to €5.8 million in 2020, and reported an increase in net assets to €43.4 million against €25.3 million in the previous year.
EQTEC highlighted an oversubscribed, investor-led placing in May, which raised €19 million before expenses, alongside a cash balance of €6.4 million.
The company noted its new €1.39 million loan facility with shareholder Altair Group Investment Limited, with a maturity date of 31 December 2021.
The group said that the loan, which had been fully drawn down to repay an overdue debt with another lender, had a lower interest rate compared to a previously held debt facility and was repaid in full ahead of schedule on June 2021.
The company celebrated its project pipeline advancement, with 17 projects under development or construction against a pipeline of over 100 announced in its 2021 interim results in September, compared to its 10 projects in development with a pipeline of 75 in 2020.
EQTEC also confirmed that it would focus on four key areas moving forward to position itself as a viable replacement for fossil fuel developers, with investments in subsidiaries in the USA, UK, France and Italy, alongside joint-ventures to Croatia, Greece and Ireland.
“We set ambitious targets for 2021 and delivered more than 4x revenue over 2020, building the momentum we intended,” said EQTEC CEO David Palumbo.
“We converted more opportunities than ever into focused, planned projects and amongst these was closure of both of our targeted Market Development Centres in Italy and Croatia.”
“We formalised majority-owned joint ventures in Croatia and the Aegean and invested in our go-to-market presence across USA, UK, France, Italy and Ireland, with a view to increasing pace and impact in those markets.”
The company is also set to invest in a full research and development programme to advance its innovation in technology development in a three-year strategy with university partners, tier-1 engineering company Wood, and other top-tier businesses yet to be confirmed.
The group said it would enrich its global network to integrate multinational development, delivery and technology partners, alongside local, market-specific partners to enhance its company reach.
EQTEC added that its fourth key area included investing in talent across the group’s technical and corporate sectors, alongside its market partners, in a move to advance the firm’s expertise in project development, corporate venturing and technology innovation.
The firm also said that it had ramped up its discussions with policymakers across the UK, EU and USA to promote the company’s potential in a net-zero progressive future.
“Our business platform grows increasingly resilient as we add partners and new talent to our global network,” said Palumbo.
“From post-Covid challenges to COP26 to more recent geopolitical events, we experience more demand than ever and are taking our place as a leading technology innovator for fossil fuel replacements and clean, baseload energy and biofuels, as well as an innovator of new business models for energy independence and security.”