EQTEC shares (LON:EQT) surged on Monday as the waste technology and gasification company announced an agreement to distribute green energy solutions in Ireland.

The deal involves a partnership with the Carbon Sole Group for a number of projects including biogas, waste-to-energy and district heating.

The projects will utilise EQTEC’s Gasifier Technology whilst Carbon Sole will lead the development of the business.

EQTEC shares rose as much as 12% on the news meaning shares in the green technology company are now up over 520% in 2020.

The rise has been driven by a series of similar announcements demonstrating EQTEC’s expansion of it’s joint venture model in a wide range of clean energy projects.

“Developing partnerships with high quality and established stakeholders in our target markets has been a key focus of EQTEC since I joined the company,” said David Palumbo, CEO of EQTEC.

“We are particularly excited about this collaboration agreement with Carbon Sole as we rarely find a developer with such a great understanding of the sector matched with a thorough understanding of the energy needs of the towns and available resources in which the projects are to be vested.”

“Carbon Sole have made numerous public sector presentations and submissions towards the decarbonisation of gateway towns and regions, including actively participating in public sector stakeholder steering groups and workshops in respect of Renewable Supports and Climate Action Funding.”

“Carbon Sole have been advising both public and industrial sectors in Ireland on the decarbonisation of industrial processes and energy transition for a number of years. We enter this partnership very confident that it will evolve beyond the current three projects under development.”

“Ireland is a very interesting market for us, offering numerous opportunities, particularly given its unique characteristic of being now the only EU state in the islands of the North Atlantic. It is also the location of our corporate headquarters and we intend to be a significant player in the decarbonisation process of its industries.”