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Gasification technology solutions company EQTEC (LON: EQT) has revealed the acquisition and planned recommissioning of a 1MWe waste-to-energy plant in Italy.
Initially commissioned in 2015, the plant is built around EQTEC's proprietary and patented Advanced Gasification Technology.
EQTEC said it will lead a consortium to repower, own and operate, the biomass-to-energy plant in Castiglione d'Orcia, Tuscany, Italy. The consortium will include an Irish Family Office, an Italian Family Office and MetalNRG plc (LON: MNRG). EQTEC will hold a 20% stake.
Once operational, the plant will transform straw and forestry wood waste from local farms and forests into green electricity and heat for use in the local community.
The company said it intends for the plant to become the first of its ‘Market Development Centres, which will showcase its technology in a fully operational, commercial setting. EQTEC added that it will make further announcements about the planned acquisition of a facility in Croatia soon.
“I am very pleased that EQTEC will lead the effort with our partners to recommission and revive this biomass-to-energy plant in Italy, providing power and heat to the area and demonstrating sustainable, commercial success with EQTEC advanced gasification,” said David Palumbo, CEO of EQTEC.
“Finally, I am pleased about the local nature of this plant and our future role there as co-owner/operators. EQTEC is committed to ensuring our projects have a positive local impact, from sourcing, treating and converting local waste through to the generation of clean energy in the local area, all powered by EQTEC technology,” added Palumbo.
EQTEC's stock price is currently trading 0.61% below Friday's close at 1.64p per share.
EQTEC shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are EQTEC shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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