The EQTEC PLC (LON: EQT) share price surged 22.22% after announcing that its Italia Market Development Centre (MDC) is finally operational and its technical commissioning team has started handover protocols for transferring the plant’s operations to EQTEC Italia MDC srl.
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The renewable energy solutions company that creates waste-to-value solutions for hydrogen, biofuels, and energy generation celebrated that this was its first MDC to go operational. The 1.1 MWe plant in Gallina, Tuscany, Italy, had already started gasification and biochar production in January 2023.
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The Italy MDC exported its first electricity to the national power grid on 08 March 2023 after commissioning the Jenbacher 612 engine. Eqtec expects a representative from INNIO Jenbacher (Italia) on-site starting tomorrow to finalise the calibration and performance testing of the engine. The rep will also support Handover Protocols.
Investors cheered the announcement, which marks a significant milestone for Eqtec.
Eqtec expects to transfer the plant’s operations to the Italia MDC staff by the end of the month. The company is also pursuing refinancing the project from an Italian bank, which it expects to secure by the end of Q2 2023.
MDCs are reference plants that showcase EQTEC’s technology in live, commercial environments by applying EQTEC's versatile syngas to one of four target solution models: Industrial; Utility; Municipal; or Agricultural.
The Italia MDC is based on the agricultural model, demonstrating the potential for smaller-scale, autonomous plants built in remote areas to convert agricultural and forestry biomass into value for local communities.
Eqtec has lined up multiple visits to the plant by prospective investors and partners from late March.
David Palumbo, EQTEC’s CEO, commented: “Having our first MDC transitioning to live operations is a significant catalyser to EQTEC's strategy of becoming a technology licensor for distributed new energy infrastructure. We cannot underestimate the importance of the MDCs not only to incubate demand for our technology but also to accelerate the timescales typically required from engagement to transaction with owner-operators and funding sources. We expect a busy schedule of site visits in the coming months, with strategic stakeholders including utility companies and infrastructure investors.”
*This is not investment advice.
Eqtec share price.
The Eqtec share price surged 22.22% to trade at 0.33p, from Monday’s closing price of 0.27p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.