Shares of EQTEC PLC (LON: EQT) plunged 5.52% after clarifying their role in the North Fork Community Power LLC (NFCP) project in California.
The waste-to-energy company reacted to the minutes published on the North Fork Community Development Council (NFCDC) website following a regular board meeting held on June 28, 2021.
Eqtec noted that the meeting minutes had misjudged its role in the project as the firm is strictly a technology partner for the 2MWe project and signed a non-binding contract to fully fund the project, which would give it a controlling stake in the project.
The firm recently secured funding for its Italia MDC plant, which will showcase its technology in a fully operational, commercial setting. In addition, the company will use the plant as a marketing tool for its technology.
From a technical standpoint, Eqtec shares are still trading near the support level that has been in place since December 2020, with most investors looking forward to a potential rally in future.
The waste-to-emergy company’s shares have been flailing since late January despite announcing multiple positive milestones that could have triggered a rally in the past few months. Yet, the bears remain firmly in control of their price.
While we cannot predict the future, Eqtec shares could rally if the current support level continues holding in future and buyers step in to push its prices higher.
Eqtec also raised £16 million in late May via a share placement, which it will use to fund its projects, leaving it in a solid financial position.
Eqtec share price.
Eqtec share price plunged 5.52% to trade at 1.37p, falling from Friday’s closing price of 1.45p.
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