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EQTEC shares rise as interest in its waste-to-gas technology picks up

EQTEC said it is progressing a “number of potential deals” as more and more companies approach it over its EQTEC Gasifier Technology which converts waste into gas
eqtec gasification technology
EGT converts everything from rubber tyres to old furniture into a synthetic fuel called syngas

EQTEC PLC (LON:EQT) shares powered higher on Tuesday after it told investors it has seen a “significant increase” in the level of international interest in its waste-to-gas technology.

EQTEC Gasifier Technology (EGT) converts waste such as tyres, plastics and wood chippings into a synthetic fuel called syngas.

The AIM company said it had heard from a variety of interested parties, including existing customers, potential new clients, developers and engineering, procurement and construction (EPC) contractors.

READ: EQTEC’s largest shareholder agrees to use gasification tech in JV deal

“Advanced talks” with a major business group in Spain are underway, while closer to home, EQTEC has submitted “advanced stage proposals” for two projects in the UK, where it would provide EGT and possibly act as the lead developer.

The company recently signed a “landmark deal” with US power firm Phoenix Energy, and the engineering design work for Phoenix’s first power plant have been delivered and invoiced.

Construction of that plant is expected to begin later this year once all the permits are in place.

Together with Phoenix, EQTEC is exploring further project opportunities across the pond and a commercial proposal for a third project has been presented to Phoenix.

Elsewhere, EQTEC said a commercial proposal has been submitted to the owners of the Usk project in Wales to replace Brooke Energy as the developer of the project and for EQTEC to provide the technology and EPC services.

Boss delighted

“We are delighted with the significant progress being made in advancing towards final contract stage on a number of opportunities,” said chief executive Ian Price.

“We are very pleased with the increased international interest in EGT. EQTEC's aim is to build a growing, cash generative business and we continue to review additional near-term opportunities, where we see potential to add considerable value to our shareholders.”

Shares rose 8.6% to 0.89p in late-morning trading on Tuesday.

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