EQTEC PLC Italia MDC update and share ownership (4860S)
06 Noviembre 2023 - 2:39AM
UK Regulatory
TIDMEQT
RNS Number : 4860S
EQTEC PLC
06 November 2023
06 November 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
Italia MDC update and share ownership
EQTEC plc (AIM: EQT), a global technology innovator powering
distributed, decarbonised, new energy infrastructure through its
waste-to-value solutions for hydrogen, biofuels, and energy
generation announces that the share capital ownership of EQTEC
Italia MDC Srl ("Italia MDC"), the operating company for the
Group's Italy-based Market Development Centre ("MDC") has been
formally updated to reflect recent investments made into the 1 MWe
biomass-to-power plant that is the focus of its business activities
(the "Plant") and as part of the legal preparation for the drawdown
of financing for the plant provided by Banca del Fucino S.p.A. (the
"Lender").
The Company announced on 04 September 2023 that it had entered
into a loan facility of EUR2.9 million (the "Facility") provided by
the Lender to refinance the Plant, subject to the Plant's
achievement of certain performance criteria set by the Lender. In
order to achieve these criteria, Italia MDC is implementing a
series of performance improvements which are anticipated to be
completed in Q4 2023, at which point Italia MDC intends to draw
down the full amount of the Facility.
Those improvements are being financed through a combination of
shareholder loans and equity from two of the four investors in
Italia MDC, Quainstone Limited and the Company, resulting in a
change to relative ownership of Italia MDC, which the shareholders
have recorded officially with Italian authorities as of 03 November
2023. The updated capital ownership of the Plant is as follows:
Investor Ownership share
------------------------ ----------------
Quainstone Limited 39.76%
EQTEC Holdings Limited 38.30%
Pitcole Limited 10.97%
MetalNRG 10.97%
Total 100.00%
======================== ================
ENQUIRIES
EQTEC plc
David Palumbo / Nauman Babar +44 20 3883 7009
Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard Johnson +44 20 7409 3494
-----------------
Panmure Gordon - Broker
John Prior / Hugh Rich +44 20 7886 2500
-----------------
About EQTEC Italia MDC Srl
EQTEC Italia MDC Srl ("Italia MDC") is a company registered in
Italy for the purpose of transforming agricultural and forestry
waste into electrical power and biochar in a relatively remote and
heaviliy agrarian community. The Company currently owns 38.30% of
Italia MDC.
Italia MDC owns and operates a 1 MWe plant in Gallina (the
"Plant"), a village near Castiglione d'Orcia in Tuscany's Val
d'Orcia, an area considered to be the region's most scenic. It is
on a site originally owned by Toscana Cereali Societa' Cooperativa
Agricola, from whom Italia MDC is currently leasing and with whom
Italia MDC have agreed to purchase the land by 30 July 2024. With
EQTEC technology at its core, the Plant is capable of converting
multiple types of biomass feedstock into electrical power and
thermal energy.
Initially, the Plant is converting higher-density wood waste
into electrical power for export to the national grid, for which a
connection has been secured with a preferential tariff. In addition
to the electricity, the Plant is producing biochar for purchase by
two European wholesalers of the product. Thermal energy produced
through the continuous EQTEC thermochemical conversion process is
being recycled to dry the feedstock, improving the Plant's
waste-to-energy conversion efficiency.
Feedstock is being delivered by multiple, local suppliers, and
Italia MDC has identified additional, potential suppliers in order
to maintain continuity of supply and leverage over cost and
availability. Further, the Plant has been upgraded to support
lower-density feedstocks such as straw or other agricultural waste.
This ability to switch amongst feedstock types and suppliers adds
resilience to Italia MDC's business model.
About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development, EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions. EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
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