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. EQTEC shares rise following update on first Greek waste-to-energy project
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.
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. Provident Financial shares surge despite HY loss
Provident Financial (LON: PFG) shares surged on Wednesday morning despite the group posting a £28m pre-tax loss for the first six months to the end of June.
The loss was compared to a £43.1m profit for the same period in 2019 – however, the doorstep lender still performed ahead of expectations amid the pandemic.
Revenue fell from £501.5m last year to £445.5m. Amid the pandemic, the group has said that it will not pay out its interim dividend (H1’19: 9.0p per share) and aims to continue payouts when operational and financial conditions normalise.
“The first six months of this year have been the most difficult and testing in my career. However, I am very pleased with how well the Group has responded to the challenges brought about by Covid-19, and how effectively we have operated. We are reporting an adjusted loss before tax for the period of £32.6m, this result is better than our initial view of Covid-19’s potential impact on our businesses. Pleasingly, within this number Vanquis Bank and Moneybarn were both profitable,” said the chief executive, Malcolm Le May.
“Looking forward, our strong financial position will mean that we can keep helping, and responsibly lending to, our customers, many of whom are key workers, as we, and they, face the challenge of furlough support ending and unemployment rising in the coming months. Provident Financial has performed robustly in the first half of the year because we focused on our customers, colleagues and strengthening our balance sheet for the challenges the pandemic would bring.”
“In fact financial and operational performance were better than expected, and therefore we have decided to repay all furlough support to the government. We believe this is the right thing to do, and on behalf of customers have also advocated the government should support wider funding for the sector. Our market will grow due to the pandemic, but at present it appears the supply of credit into the market is decreasing, which cannot be a good outcome for customers, nor a public policy one for the UK,” he added.
Provident Financial shares (LON: PFG) are trading 12.93% at 221.00 (0856GMT).
Virgin Atlantic creditors vote on £1.2bn rescue deal
Tuesday will see Virgin Atlantic creditors vote on a £1.2bn rescue deal.
If the plan is not approved, the airline has warned that it is likely to run out of money by September.
After Virgin Atlantic applied and was rejected for state support, the group planned a privately-funded recapitalisation plan, which will fund the airline for the next 18 months.
Virgin Atlantic requires 75% support from creditors – who are voting today at a High Court hearing.
The group announced plans to axe over 3,500 jobs earlier this year in response to the pandemic.
Shai Weiss, Virgin Atlantic’s chief executive, said last month when the group proposed the deal: “Few could have predicted the scale of the Covid-19 crisis we have witnessed and undoubtedly, the last six months have been the toughest we have faced in our 36-year history. We have taken painful measures, but we have accomplished what many thought impossible.”
“The solvent recapitalisation of Virgin Atlantic will ensure that we can continue to provide vital connectivity and competition to consumers and businesses in Britain and beyond. We greatly appreciate the support of our shareholders, creditors and new private investors and together, we will ensure that Virgin Atlantic can emerge a sustainably profitable airline, with a healthy balance sheet,” he added.
The travel sector has been hit hard by the effects of the pandemic. The Association of British Travel Agents (Abta) has said that in total, 39,000 people in the sector have lost their jobs or been told their role was at risk since the pandemic.
The trade body has written to Rishi Sunak asking for support for jobs in the sector.
The latest firm to fall victim is to the pandemic is STA Travel, which last week ceased trading after the business was brought to a “standstill”.
Melody VR buys Napster for $70m
Melody VR (LON: MVR) has announced plans to buy Napster in a $70m (£53.8m) deal.
Melody VR is a tech startup, which uses virtual reality as a way to allow fans to experience music gigs from a range of artists.
The two businesses will initially continue as two separate platforms, however, Melody VR plans to use Napster’s 90mn songs as a shop for users who are streaming gigs.
Shares in Melody VR soared over lockdown, as the group benefitted from the demand in at-home entertainment. Users were able to stream concerts from artists ranging from Lewis Capaldi to Wiz Khalifa.
Shares are currently suspended but are sat at 4.4 pence.
“MelodyVR’s acquisition of Napster will result in the development of the first ever music entertainment platform which combines immersive visual content and music streaming,” said Melody VR’s chief executive, Anthony Matchett.
“For music fans today, live and recorded music are intrinsically linked. We are as keen to see our favourite artists perform live as we are to listen to their albums. Our purchase of Napster, one of the music industry’s original disruptors, is born out of our wish to deliver the world’s foremost music experience, available seamlessly across audio and visual media and in turn presenting a truly next generation music service.”
Bill Patrizio, Napster chief executive, said: “This is a tremendous outcome for two organisations with complementary platforms and loyal audiences, and we could not be more excited to be moving forward as one company.”
“The product, technology and cultural synergies of Napster and Melody VR will bring tremendous innovation for music lovers, artists and the entire music industry,” he added.
DFS shares up on strong demand
DFS (LON: DFS) posted strong results on Tuesday morning after the retailer saw a growth in revenue and demand following the lockdown.
Demand over the past six weeks has surged and totals revenues of around £70mn – higher than the group’s initial expectations.
Despite the growth in revenues, the retailer remains cautious around Brexit and the pandemic.
“The financial year has started strongly, however, we do note that significant uncertainty related to Covid-19 on UK consumer confidence and the potential impact of Brexit exists and it is exceptionally difficult to assess the outlook beyond the short term,” said the group.
“While positive trading momentum currently remains we do note that some consumers may be bringing forward spending decisions and this may impact trading later in the financial year.”
Shares in the group (LON: DFS) rose over 13% this morning. Shares in the group are currently trading +13.60% at 170.40 (1034GMT).
Arrow Global shares surge on HY results
Arrow Global (LON: ARW) shares soared on Tuesday morning after the group posted “resilient” results for the six months ending June 30.
The asset manager revealed a fall in cash collections from £202.1mn last year to £175.8mn. The group also posted a pre-tax loss of £108.9mn amid the “significant economic uncertainty”.
As Arrow Global Group swings into a loss, the group remains positive and has seen “improving trend in collections performance following the impact of COVID-19 lockdowns.”
Lee Rochford, the chief executive, said: “I am proud of Arrow’s response to the challenges posed by the pandemic. We have protected our people, strengthened our funding and balance sheet, maintained robust operational performance and supported our customers.”
“As we exit the crisis, European banks will be under significant pressure to provision for non-performing loans. With €1.1 billion of discretionary undeployed fund management capital, we are extremely well placed to be a leading investor in this huge market with increasingly attractive returns. We remain resolutely focused on executing our strategy to build a compelling integrated asset manager, offering differentiated access to high yielding assets whilst continuing to treat customers fairly,” he added.
Arrow Group shares (LON: ARW) are trading +13.27% at 90.50 (1008GMT).
FTSE 100 rallies on hopes of Oxford-led vaccine
The FTSE 100 rose on Monday as investors found confidence in reports a vaccine could be fast tracked in the United States where there was also optimism around a possible treatment using plasma.
“European markets have kicked off the week in style, with the FDA’s decision to approve the convalescent plasma coronavirus treatment raising hopes that we could see a vaccine fast-tracked before long,” said Joshua Mahony, Senior Market Analyst at IG.
“Rumours of a move to fast-track the Oxford-led vaccine may have provided a boost for global market sentiment, yet significant question remain over whether we would see significant participation without the full development process having been undertaken.”
“This move to push through a treatment could play a crucial role in helping to bring down the casualty rate in the US, with that coronavirus response intrinsically linked to the upcoming election,” Mahony said.
With elections in November, the roll out of a vaccine in October would be seen as a boost to Trump’s chances of another term in the White House.
However, a UK Government spokesman said the Oxford vaccine would first be distributed in the UK as the UK already has a 100 million order in place. This raises questions over a fast tracked distribution in the United States, given October is now juts 6-weeks away.
AstraZeneca, the pharmaceutical company driving the trials for the vaccine, rallied 4% on the news.
The FTSE 100 was followed higher by European indices as travels shares rose on hopes of a return to normalised travel.
“Jumping – literally – at the chance to turn their attentions to something positive, the European markets came out of the gate hot. The FTSE just about returned to 6100 following a 100 point surge, with the DAX crossing 12950 thanks to a 1.7% increase. Better than both of its more popular peers, the CAC added 2%, leaving it at 4980,” said Connor Campbell, analyst at Spreadex.
Travel sector jobs hit as STA Travel ceases to trade
The travel sector is calling on the government for support as it continues to be hit hard amid the pandemic.
The latest firm to fall victim is STA Travel, which over the weekend ceased trading after the business was brought to a “standstill”.
As the UK falls into the deepest recession on record and the travel sector is particularly hit, STA Travel wrote in a statement on its website:
“Over recent months, we have taken decisive measures to secure the business beyond COVID-19.”
“However, sales have not picked up as anticipated due to consumer uncertainties, further restrictions and renewed lockdown measures, which are expected to largely continue into 2021.”
Up to 500 jobs are estimated to be at risk on STA Travel’s closure.
The Association of British Travel Agents (Abta) has said that in total, 39,000 people in the sector have lost their jobs or been told their role was at risk since the pandemic.
The trade body has written to Rishi Sunak asking for support for jobs in the sector.
A spokesperson for Abta said the closure of STA Travel would: “send a shockwave through the industry, bringing to life the very real pressures that travel is under at the moment.”
“STA Travel will be a name that is familiar to most people who will have used them to travel or been aware of their name on the High Street, and this distressing news will sadly affect the livelihoods of hundreds of employees.”
Abta is calling for a wider coronavirus testing regime and regionalised quarantine and travel advice.
FTSE 100 falls as the pound weakens on mixed economic data and Brexit concerns
The FTSE 100 fell on Friday as news of a potential vaccine helped the sentiment but mixed economic data in the form of European PMIs curbed the enthusiasm.
London’s leading index touched lows of 5,947 in mid afternoon trading on Friday.
“News of a potential Q4 vaccine release from Pfizer is helping to boost stocks, although the strong GBP that comes with today’s impressive UK retail sales and PMI numbers is holding back FTSE 100 sentiment,” said Joshua Mahony, Senior Market Analyst at IG.
“European markets are treading water despite a set of largely disappointing PMI surveys from the eurozone, with UK economic outperformance doing little to help the FTSE as it underperforms once again.
“Market sentiment has received a welcome boost from the announcement that Pfizer could receive regulatory approval for their vaccine in October or November, allaying fears that we could be waiting until 2021.”
Pfizer’s latest vaccine testing results revealed a lower rate of side effects than in previous studies.