EQTEC plc (LON:EQT), the waste-to-energy and gasification technology company, has outlined operational and commercial progress achieved in 2020.
The company has enjoyed in progress across their portfolio of projects including Billingham in the UK, North Fork in the US and their Greek Agrigas project.
EQTEC said they have received around enquires that could amount to £120 million in potential sales in Q1/ early Q2.
EQTEC shares were 7% stronger in early trade on Thursday following the update.
The standout out was the progression in the Billingham project where EQTEC have signed a finance terms sheet to provide funding for the project after design work was carried out for Northern Grid.
In terms of cash flow, EQTEC received a £770,000 payment for work completed at the North Fork project who ch included a detailed engineering plan. EQTEC said they expected equipment to be received at the site no later than August 2020.
There had also been steps forward in the financing of the Greek projects after due diligence reports were presented to a local bank, further updates are expected in early June. EQTEC’s technology is to be used in plants to utilise local farming waste in energy production.
The partnership with ewerGy had also identified 13 potential new projects in the Balkan region, which are now undergoing due diligence.
“I am pleased with the ongoing progress that EQTEC has made during this challenging time. As we approach H2 2020, we continue to focus on executing our strategy with special emphasis in seeking strategic partnerships to enhance our portfolio opportunities,” said David Palumbo, CEO of EQTEC
“We are already experiencing an increase in the number of large operators that are engaging in conversations with us regarding collaboration opportunities. We believe the coronavirus pandemic may influence the pace and nature of climate action positively and we will be ready to seize inspiring and fruitful new partnerships to apply our solutions.”