Interim Results

EQTEC PLC
26 September 2024
 

26 September 2024

EQTEC plc

("EQTEC", the "Company" or the "Group")

 

Interim results for the six months ended 30 June 2024

 

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 is pleased to announce its unaudited, interim results for the six months ended 30 June 2024 ("H1 2024"), with post-period progress.

 

Financial highlights

 

·      Revenue: €1.45 million (H1 2023: €0.145 million), a 10x increase from previous year.

·      Gross profit €0.826 million (H1 2023: €0.036 million)

·      Gross margin improvement to 50%+ ((FY 2023: 15%) a 3x increase from previous year, underpinned by a shift toward high-margin IP-rich services and a departure from high-risk development activities.

·      EBITDA loss: €1.60 million (H1 2023: €1.92 million) a 17% reduction from previous year.

·      Capital raise of £0.85 million (€1.0 million) through the placing of new shares, and refinance of loan facility.

·      Post-period payroll costs reduction of c.14% executed through operational and organisational transitions.

·      Post-period, £1.1 million (€1.3 million) equity investment raised in September through the placing of new shares and £2.0 million received in full settlement of the LOGIK legal claim.

 

 

The net loss, including significant non-recurring items amounting to €1m, was €3.19 million (H1 2023: €2.42 million), including €1.55 million of debt servicing and other financing costs the majority of which were one off and non-recurring.

 

The Company expects to sustain improvement to gross margin for the whole of 2024 compared to 2023, as a result of its focus on improving rates, cost management, and delivery excellence.

 

Commercial and operational highlights, including post-period end

 

·      Revenue focus shifted and diversified successfully in line with strategic intent

o Consistent, month-on-month revenues for entirety of H1 2024

o 51% of H1 2024 revenues from design engineering services (FY 2023: 77%)

o 24% of H1 2024 revenues from equipment sales (FY 2023: 0%)

o 25% of H1 2024 revenues from operations and maintenance services to built plants, creating the base for recurring revenues (FY 2023: 0%)

o No revenues from development services in H1 2024 (FY 2023: 23%) as the Company fully exited capital-intensive development activities.

 

·      Solid progress with client project delivery toward future equipment and services orders

o Equipment delivered, integrated and commissioning underway at client plant in Greece

o Grande-Combe front-end engineering design ("FEED") complete with client Idex finalising business case toward financial close

o Gardanne pre-FEED and some FEED work completed with further funding sought from public funds to complete FEED

o Simonpietri Enterprises Limited ("SEL") Hawaii project pre-FEED work completed in period, with notice to proceed for FEED obtained post period (September 2024)

o Feasibility completed on second Hawaii RNG project with a capacity of 8 tonnes per hour ("tph"), with EQTEC selected as core technology supplier after period end (July 2024)

o Proposal made for second project with SEL for RNG application with a capacity of 20 tph post period end (August 2024)

o Combined potential design engineering services for new RNG Projects in Hawaii for revenues of c. €2 million within a projected delivery schedule of 5 months, if both projects secure the expected funding.

 

·      Innovation and partners

o Successful results tests for liquid fuels applications, driving commercial progress into the liquid fuel sector, under the 50/50 joint venture with partner CompactGTL.

o Completion of preliminary engineering including selection of Zeton as designer and fabricator of modular gas-to-liquid capability at University of Lorraine (France) R&D facility

o Successful biochar and ashes tests at R&D centre at University of Zaragoza (Spain)

 

·      Stabilisation of Italia MDC reference plant

o Funding of €2.9 million received from Banca del Fucino

o Appointment of Operations Manager to manage on-site team

o Recruitment and hiring of full team to operate and maintain plant

o Assessment and engagement of competitive suppliers and prospective biochar buyers

o Acquisition of property housing plant and storage, increasing total value of asset

 

·      Strategic transition enabled by further funding

o Logik settlement reached in April 2024, followed by receipt of £2 million full payment post period end in September 2024

o £0.25 million drawn down from loan facility in May, £0.85 million equity investment raised in May, through the placing of new shares and, post-period, £1.1 million equity investment raised in September through the placing of new shares

o Lead operations role transitioned from UK to Spain, with Murli Bhamidipati joining Barcelona-based engineering team as Operations Director in October

o Brian Cole appointed as non-executive director, in September making the composition of the Board of Directors two executive directors and three non-executive directors following Jeffrey Vander Linden stepping down at the end of the month

 

Ian Pearson, Chairman of EQTEC, commented:

 

"Not since I have been involved with EQTEC have we witnessed consistent, steady revenues from our high-value engineering services, equipment supply and plant support services; nor have we been able to achieve margins commensurate with our high-value, world-leading capabilities. The external market forces driving the global shift towards sustainable energy and the circular economy continue to present significant opportunities for EQTEC. The growing demand for solutions that address both waste management and clean energy generation is creating a unique space for us to apply our proprietary technology and engineering expertise. As we position ourselves to meet these demands, the Management Team has made important strides in rebasing the Company, including refining our business model to focus on high-margin, IP-rich services and strategic partnerships. These efforts, combined with the ongoing operational and organisational transition, leave us well-placed to take full advantage of the opportunities in front of us and drive long-term value creation."

 

David Palumbo, CEO of EQTEC, commented:

 

"Our performance in H1 2024 compared to H1 2023 demonstrates the impact of our strategic re-focus. Revenue has increased tenfold for the period, and gross profit has significantly improved, which is a direct result of our shift towards high-margin, IP-rich services and away from high-risk, capital-intensive development activities. While we have made considerable progress in stabilising our operations and delivering consistent results, much work remains to be done as we continue to rebuild value for our shareholders.

 

We are operating in a competitive sector where many companies are still in the early stages of validating their technology without any real commercial application. In contrast, EQTEC's technology is already commercially tested and delivering real-world solutions across multiple geographies. As we scale our business, our priority remains to strengthen our foundations, drive revenue growth, and maintain our leadership in the clean energy sector."

 

Current trading and outlook

 

The Company is building on its H1 2024 momentum to drive its transition toward being a technology licensor and innovator, shifting the focus of its efforts toward revenue generation, driving client collaboration and supporting clients in progressing their projects. This includes building the foundations for innovation at its R&D centre to support work on advanced syngas chemical applications such as synthetic fuels.

 

The Company is making good progress with a number of reference plants that it can use for prospective client visits, for R&D in a live, commercial-scale environment and for engineering on-site training and development:

 

·      At the Italia MDC in Gallina, Tuscany, the plant has already accommodated a number of client visits, including visits in the first half of 2024 for prospective clients looking to build plants with EQTEC technology at their core. In September, the plant also had a visit from a local delegation of representatives led by the newly elected mayor of Castiglione d'Orcia.  Based on this and the successful passage of tests by the provincial environmental protection agency, the plant is gaining positive visibility and credibility in the local community, making it a champion of clean waste disposal and energy generation in one of Italy's places of natural beauty.

 

·      In Greece, the Company supported clients with the commissioning of its plant built on EQTEC technology, following replacement of components damaged in flooding that hit the region.

 

·      In North Fork, California, USA, the Company made another visit to the plant to carry out an on-site inspection of the full facility, following a focused effort by the various contractors on site to complete construction of the plant and work toward commissioning.  The plant has experienced a range of delays throughout 2023 and early 2024 as various parties working on the project changed. The Company has been informed that final construction work is now progressing well, and that commissioning is expected to start in Q4 2024.

 

·      In Belišće, Croatia, the Company completed a design reconfiguration of the project to address the local industry requirement of eliminating unrecyclable plastic waste and provide energy to the neighbouring plants.  This reconfiguration achieves a much stronger financial performance of the project making it more attractive to funders in the current environment.  The project is awaiting receipt of its waste management permit and the signing of binding term sheets for the waste supply and offtake by local blue-chip industrial players.  Ongoing discussions with both equity and debt funders are progressing and the Company expects to re-start construction on site in early 2025.

 

Other client projects have faced delays as a result of their broader business contexts:

 

·      The Company completed FEED work for the Grande-Combe project in Villers-sous-Montrond, Doubs, France and has been working closely with project owner Idex to finalise the business case for the heat offtake, in support of financial close.  Additionally, Idex awaits approval of the building permit, which it has said it expects by the end of 2024. The Company has an expectation the project will proceed from early 2025.

 

·      Other projects in France, including Gardanne, Limoges and others focused on the application of EQTEC technology for the production of renewable natural gas ("RNG") have been paused by their various owners in light of the delay by the French government in releasing tariffs for RNG, with these companies preferring to wait for the formalisation of the tariff before further investing in project development. EQTEC is hopeful the government will proceed with this action soon, as it expects to be in a favourable position to support a number of RNG projects in France.

 

·      The Blue Mountain Electric Company project in Wilseyville, California, USA, is still awaiting financial close in light of ongoing negotiations between project developer Phoenix Biomass Energy Inc. and the United States Department of Agriculture ("USDA") over finalising requirements for the USDA loan guarantee program. The Company has partially completed pre-FEED work on the project and looks forward starting FEED as soon as it receives a notice to proceed.

 

A number of other projects and opportunities have progressed as the Company partners with new developers and other engineering companies:

 

·      The Company completed FEL 2 (pre-FEED) work on a project in Kapolei, Hawaii for SEL. The planned EQTEC gasification system will convert construction and demolition debris, landscaping waste, and invasive plant biomass from landscape restoration and wildfire prevention projects, into biochar and electricity for organic fertilizer production. The Company has received from SEL, in September, notice to proceed toward start of FEL 3 (FEED) work for a value of €380,000 and an expected delivery program of 4 months.

 

Additionally, the Company submitted to SEL a proposal for a second project that would result in a waste-to-RNG facility with a capacity of 20 tph.  The FEL3 (FEED) proposal is for the amount of c. €1.0 million with a delivery programme of 5 months.

 

·      Also, in Hawaii, USA, the Company completed feasibility work on a project that would convert 8 tph tonnes of waste into RNG. On the back of the feasibility, the developer has selected EQTEC as the core technology provider and a FEL3 (FEED) proposal has been made to the client for the amount of c. €1.0 million with a delivery programme of 5 months.

 

·      Based on the Company's collaboration agreement formalised at the end of 2023 with development, project management and engineering company Tresca Energía S.A. ("Tresca") of Spain, the partners have progressed discussions toward a first project that would convert approximately 7 tph of biomass into RNG. The Company has been informed that Tresca has secured the development capital and expects to starts design and engineering work in Q4 2024.

 

Business strategy and organisational changes

 

The Company's business strategy emphasises: (1) continuously developing and leveraging its IP-rich engineering and innovation capabilities; (2) de-risking its portfolio by occupying a narrow segment of the value chain, collaborating with the world's best value chain partners; and (3) driving higher margins through licensing its IP for use by owner-operators, deploying its engineering and design capabilities to get its IP deployed into more places, for the best-suited business models.

 

Financial performance over the first half of 2024 improved relative to previous periods as the Company realised benefits from its strategic shift away from the development of high-risk, legacy projects and toward focusing as a pure-play technology provider on pre-funded, risk-mitigated projects owned and driven by credible infrastructure owners and investors. The Company views its H1 2024 financial performance as indicative of its future commercial potential, as it refocuses most of its business development and engineering efforts on steady, reliable revenues from higher-probability client projects.

 

To support the Company's next stage of growth, the Board has implemented a number of operational and organisational transitions to advance its strategy for growth. First, as announced on 9 August 2024 and 16 September 2024, it has moved operational leadership from London to Barcelona, appointing Murli Bhamidipati as Operations Director for EQTEC Iberia SLU. Amongst Mr Bhamidipati's primary objectives is organising and managing the engineering team for growth and scale. As a consequence, Chief Technical Officer (CTO) Dr. Yoel S. Alemán Méndez will focus entirely on growing the Company's innovation capabilities and on driving engineering excellence so that the Company can deliver best-in-class solutions based on EQTEC's unique technology. Finally, the Company is rationalising its staffing outside of Barcelona to focus on the development of the business around its technology innovation and engineering and to reduce costs where possible. The Company will work more closely with partners to deliver into various projects and markets.

 

Changes to the Board of Directors

 

In line with the transition of operations leadership to Barcelona, Jeffrey Vander Linden will resign from the Board of Directors (the "Board") on 29 September 2024, as announced on 9 August 2024.  Additionally, as announced on 18 September 2024, the Company has appointed Brian Cole to the Board as a non-executive Director. These two changes will leave the total number of directors on the Board at five.

 

The principal, unaudited, condensed and consolidated financial statements for the six months ended 30 June 2024 are set out below:

 

EQTEC plc

Unaudited condensed consolidated statement of profit or loss

for the six months ended 30 June 2024

 

 

Notes

6 months ended

30 June 2024

6 months ended

30 June 2023

(Restated)

 


Revenue

6

1,449,324

145,293

Cost of sales


(623,670)

(109,528)

Gross profit

 

825,654

35,765

Operating income/(expenses)

 



Administrative expenses


(2,329,461)

(2,122,832)

Reversal of impairment of project costs


36,920

-

Impairment of other receivables


(37,995)

-

Other income


11,238

52,914

Other losses/(gains)

7

(1,897)

182,833

Foreign currency losses


(140,933)

(68,897)

Operating loss

 

(1,636,474)

(1,920,217)

Share of loss from equity accounted investments


(53,478)

(102,996)

Gain/(loss) on revaluation of equity accounted investment


-

16,726

Change in fair value of investments


-

(6,822)

Finance income


51,566

39,451

Finance costs

8

(1,547,344)

(449,300)

Loss before taxation

6

(3,185,730)

(2,423,158)

Income tax 

9

         (8,173)

                  -

Loss for the period from continuing operations

 

(3,193,903)

(2,423,158)

Loss for the period from discontinued operations

19

                   -

        (1,448)

LOSS FOR THE FINANCIAL PERIOD

 

(3,193,903)

(2,424,606)

Loss/(Profit) attributable to:

 



Owners of the company


(3,193,885)

(2,424,594)

Non-controlling interest


               (18)

               (12)



(3,193,903)

(2,424,606)



 

 



6 months ended

30 June 2024

6 months ended

30 June 2023

(Restated)



€ per share

€ per share

Basic loss per share:




From continuing operations

10

(0.0163)

(0.0231)

From discontinued operations


              -

(0.0000)

Total basic loss per share

10

(0.0163)

(0.0231)

Diluted loss per share:




From continuing operations

10

(0.0163)


From discontinued operations


              -

(0.0000)

Total diluted loss per share

10

(0.0163)

(0.0231)












EQTEC plc

Unaudited condensed consolidated statement of other comprehensive income

for the six months ended 30 June 2024

 

 

 


6 months ended

30 June 2024

6 months ended

30 June 2023

 


 




Loss for the financial period


(3,193,903)

(2,424,606)

 




Other comprehensive income/(loss)




 




Items that may be reclassified

subsequently to profit or loss




Exchange differences arising on retranslation




of foreign operations


52,005

229,958







52,005

229,958





Total comprehensive loss for the financial period


(3,141,898)

(2,194,648)





Attributable to:




Owners of the company


(3,085,838)

(2,126,160)

Non-controlling interests


(56,060)

(68,488)







(3,141,898)

(2,194,648)





 

 

 

 

 

 

 

 

 

EQTEC plc

Unaudited condensed consolidated statement of financial position

At 30 June 2024

 





 

Notes

30 June 2024

31 December 2023

ASSETS

 

Non-current assets





Property, plant and equipment

11

508,618

615,634

Intangible assets

12

12,114,741

12,177,408

Investments accounted for using the equity method

13

6,852,174

6,832,388

Other financial investments


6,715

         6,715





Total non-current assets


19,482,248

19,632,145

 




Current assets




Development costs

14

479,914

613,516

Loans receivable from project development


-

2,066,099

Trade and other receivables

15

9,270,797

7,044,217

Cash and bank balances


646,293

262,019





Total current assets


10,397,004

9,985,851

 


 

 

Total assets


29,879,252

29,617,996

 

 

 

 


 

 

-

 

EQTEC plc

Unaudited condensed consolidated statement of financial position

At 30 June 2024 - continued

 

Notes

30 June 2024

31 December 2023

 

EQUITY AND LIABILITIES


 

Equity





 

Share capital

16

33,259,098

32,497,848


 

Share premium


89,357,300

88,916,950


 

Other reserves


2,694,125

2,694,125


 

Accumulated deficit


(103,674,003)

(100,588,165)


 






 

Equity attributable to the owners of the company


21,636,520

23,520,758


 

Non-controlling interests


(2,361,992)

(2,305,932)


 






 

Total equity


19,274,528

21,214,826


 






 

Non-current liabilities





 

Borrowings

17

6,524,362

2,457,984


 

Lease liabilities

18

297,340

400,518


 






 

Total non-current liabilities


6,821,702

2,858,502


 

 





 

Current liabilities





 

Trade and other payables


3,345,966

2,853,641


 

Borrowings

17

228,638

2,488,229


 

Lease liabilities

18

208,418

202,798


 






 

Total current liabilities


3,783,022

5,544,668


 

 


 

 


 

Total equity and liabilities


29,879,252

29,617,996


 

 


 

 














 

 


EQTEC plc

Unaudited condensed consolidated statement of changes in equity

for the six months ended 30 June 2024 and the six months ended 30 June 2023



Share

Capital

 

Share premium

 

 

 

Other reserves

 

Accumulated deficit

Equity attributable to owners of the company

Non-controlling interests

 

Total

 


Balance at 1 January 2023

26,799,584

87,203,372

2,694,125

(77,305,919)

39,391,162

(2,258,523)

37,132,639

Issue of ordinary shares

1,596,560

 

2,399,413

 

-

 

-

 

3,995,973

 

-

 

3,995,973

Issue of ordinary shares in lieu of debt

510,215

 

621,674

 

-

 

-

 

1,131,889

 

-

 

1,131,889

Share issue costs

                    -

 

   (418,012)

 

                    -

 

                    -

 

    (418,012)

 

                     -

 

   (418,012)

Transactions with owners

   2,106,775

 

   2,603,075

 

                    -

 

                    -

 

   4,709,850

 

                    -

 

    4,709,850

Loss for the financial period

-

-

 

-

 

(2,424,594)

 

(2,424,594)

(12)

(2,424,606)

Unrealised foreign exchange gains/(losses)

                     -

                     -

                     -

      298,434

      298,434

(68,476)

     229,958

Total comprehensive loss for the financial period

                        -

                        -

                        -

  (2,126,160)

  (2,126,160)

(68,488)

(2,194,648)

 

Balance at 30 June 2023

28,906,359

89,806,447

 

2,694,125

(79,432,079)

41,974,852

(2,327,011)

39,647,841

Balance at 1 January 2024

32,497,848

88,916,950

 

2,694,125

(100,588,165)

23,520,758

(2,305,932)

21,214,826

Issue of ordinary shares

608,875

 

397,298

 

-

 

-

 

1,006,173

 

-

 

1,006,173

Issue of ordinary shares in lieu of debt

152,375

 

122,019

 

-

 

-

 

274,394

 

-

 

274,394

Share issue costs

                 -

 

(78,967)

 

                 -

 

                 -

 

    (78,967)

 

                 -

 

    (78,967)

Transactions with owners

761,250

 

440,350

 

               -

 

               -

 

1,201,600

 

               -

 

1,201,600

Loss for the financial period

-

-

 

-

 

(3,193,885)

 

(3,193,885)

(18)

(3,193,903)

Unrealised foreign exchange gains/(losses)

                -

               -

                -

     108,047

     108,047

 

 

(56,042)

52,005

Total comprehensive loss for the financial period

                 -

               -

                -

(3,085,838)

(3,085,838)

(56,060)

(3,141,898)

Balance at 30 June 2024

33,259,098

89,357,300

 

2,694,125

(103,674,003)

21,636,520

(2,361,992)

19,274,528


EQTEC plc

Unaudited condensed consolidated statement of cash flows

for the six months ended 30 June 2024

 

 

Notes

6 months ended

30 June 2024

6 months ended

30 June 2023

(Restated)

Cash flows from operating activities


Loss for the financial period


(3,185,730)

(2,423,158)

 

Adjustments for:




 

Depreciation of property, plant and equipment


110,861

92,823

 

Amortisation of intangible assets


62,666

62,301

 

Impairment of other receivables


37,995

-

 

Share of loss from equity accounted investments


53,478

102,996

 

(Gain)/loss on revaluation of equity accounted investment


-

(16,726)

 

Change in fair value of investments


-

6,822

 

(Gain)/(loss) on debt for equity swap


1,897

(182,833)

 

Unrealised foreign exchange movements


(171,273)

332,389

 

Operating cash flows before working capital changes


(3,090,106)

(2,025,386)

 

(Increase)/decrease in:




 

Development costs


(112,335)

(1,105,162)

 

Trade and other receivables


140,216

102,061

 

Increase/(decrease) in Trade and other payables


1,004,752

(652,009)

 



(2,057,473)

(3,680,496)

 

Income taxes (paid)/repaid


(14,363)

22,746

 

Finance income


(51,566)

(39,451)

 

Finance costs


1,547,344

449,300

 



 


 

Cash used in operating activities - continuing operations


(576,058)

(3,247,901)

 

Cash used in operating activities - discontinued operations

 19

                 -

(1,448)

 

 


 

 

 

Net cash used in operating activities


(576,058)

(3,249,349)

 





 

Cash flows from investing activities




 

Additions to property, plant and equipment


-

(7,482)

 

Additions to other investments


-

(5,665)

 

Investment in associate undertakings


(117)

-

 

Loans advanced to equity accounted investments


(35,660)

(225,250)

 

Loans repaid by equity accounted investments


14,080

33,200

 

Other advances to equity accounted investments


(168,137)

(2,000)

 





 

Cash used in investing activities - continuing operations


(189,834)

(207,197)

 

Cash used in investing activities - discontinued operations

19

                -

                -

 

 


 

 

 

Net cash used in investing activities


(189,834)

(207,197)

 

 

Cash flows from financing activities





Proceeds from borrowings and lease liabilities


416,607

906,540


Repayment of borrowings and lease liabilities


(144,596)

(2,006,943)


Proceeds from issue of ordinary shares


1,006,173

4,051,609


Share issue costs


(58,988)

(247,173)


Loan issue costs


(67,866)

(9,097)


Interest paid


(2,982)

             (2,101)


 


 

 


Cash generated from financing activities - continuing operations


1,148,348

   2,692,835


Cash generated from financing activities - discontinued operations

 

   19

 

                -

 

                -


 


 

 


Net cash generated from financing activities


1,148,348

   2,692,835







Net (decrease)/ increase in cash and cash equivalents


382,456

(763,711)







Cash and cash equivalents at the beginning of the financial period *


113,838

1,693,116







Cash and cash equivalents at the end of the financial period *


496,294

929,405




 

* Cash and cash equivalents includes bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 



EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

1.         GENERAL INFORMATION

The unaudited interim condensed consolidated financial statements of EQTEC plc ("the Company") and its subsidiaries ("the Group") for the six months ended 30 June 2024 were authorised for issue in accordance with a resolution of the directors on 23 September 2024.

EQTEC plc ("the Company") is a company domiciled in Ireland. The Company's registered office is at Building 1000, City Gate, Mahon, Cork T12 W7CV, Ireland. The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM: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.

The Group is a technology provider to clients in the Utility, Industrial and Waste Management sectors with its own, proprietary and patented technology for clean production of synthesis gas (syngas), a fossil fuel alternative that will increasingly contribute to production of the world's baseload energy and biofuels. Syngas plants utilising EQTEC technology are fuelled by waste from industrial, municipal, agricultural, forestry and other sources. Syngas can be used either as a direct replacement for natural gas or as an intermediate fuel for generation of a range of final fuels including hydrogen, renewable natural gas (RNG), liquid biofuels, thermal energy, electrical power and chemicals such as methanol or ethanol.

EQTEC designs, develops and supplies core technology to syngas production plants in Europe and the USA, with highly efficient equipment that is modular and scalable from 1MW to 30MW and beyond. EQTEC's versatile solutions convert at least 60 types of feedstock, including biomass wastes, industrial wastes and municipal solid waste, with no hazardous or toxic emissions.

In future, EQTEC intends to augment its services and equipment revenues with recurring revenues from licensing of its technology to syngas plant owners, providing value-added services including maintenance, upgrades and data-based services over the lifetime of each plant.

 

2.          BASIS OF PREPARATION

 

              The unaudited interim condensed consolidated financial statements are for the six months ended 30 June 2024 and are presented in Euro, which is the functional currency of the parent company. They have been prepared on a going concern basis in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

 

The annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the financial year ended 31 December 2023, except for the adoption of new standards effective as of 1 January 2024. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

 

The financial information contained in this interim statement, which is unaudited, does not constitute statutory accounts as defined by the Companies Act, 2014. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's financial statements for the financial year ended 31 December 2023. The financial statements of the Group for the financial year ended 31 December 2023 were prepared in accordance with IFRSs as adopted by the European Union and can be found on the Group's website at www.eqtec.com.

 

The financial information for the six months ended 30 June 2024 and the comparative financial information for the six months ended 30 June 2023 have not been audited or reviewed by the Company's auditors pursuant to guidance issued by the Auditing Practices Board. The comparative figures for the financial year ended 31 December 2023 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditor and will be delivered to the Company's Registration Office in due course. The audit report on those statutory accounts was unqualified.

 

The Group incurred a loss on continuing operations of €3,193,903 (1H 2023: €2,423,158) during the six-month period ended 30 June 2024 and had net current assets of €6,613,982 (31 December 2023: €4,441,183) and net assets of €19,274,528 (31 December 2023: €21,214,826) at 30 June 2024.

 

Going concern

The unaudited interim financial statements have been prepared on the going concern basis, which assumes that the Company will have sufficient funds available to enable it to continue to trade for the foreseeable future.

 

The directors have carried out an evaluation of financial forecasts, sensitised to reflect a rational judgement of the level of inherent risk. The forecasts which Management have prepared covering the next 12 months include certain assumptions with regard to cost and overhead reductions and the timing and amount of any funds generated from sales of the Group's technology. The forecasts indicate that during this period the Group will have sufficient funds to continue with its activities for a period of at least 12 months from the date of signing these unaudited interim financial statements.

 

After undertaking the assessments and considering the level of inherent risk, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future and for these reasons they continue to adopt the going concern basis in preparing the unaudited interim financial statements. The financial statements do not include any adjustments that would arise if the Group were unable to continue as a going concern.

 

 

 

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

3.          BASIS OF CONSOLIDATION

 

The unaudited interim condensed consolidated financial statements include the financial statements of the Group and all subsidiaries. The financial period ends of all entities in the Group are coterminous.

 

4.          MATERIAL ACCOUNTING POLICIES

The material accounting policies used in preparing the unaudited interim condensed consolidated financial information are consistent with those disclosed in the Annual Report and Accounts of EQTEC plc for the financial year ended 31 December 2023, except for the adoption of new standards and interpretations and revisions of existing standards as of 1 January 2024 noted below:

 

New/revised standards and interpretations adopted in 2024

The following amendments to existing standards and interpretations were effective in the period to 30 June 2024, but were either not applicable or did not have any material effect on the Group:

 

·       Amendments to IAS 1 Classification of Liabilities as Current or Non-current;

·       Amendments to IAS 1 Non-current Liabilities with Covenants;

·       Amendments to IFRS 16 Lease Liability in a Sale and Leaseback;

·       Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements; and

·       Amendments to IAS 21 Lack of Exchangeability.

 

The directors do not expect the adoption of the above amendments and interpretations to have a material effect on the interim condensed financial statements in the period of initial application.

 

5.          ESTIMATES

The preparation of the interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of certain assets, liabilities, revenues and expenses together with disclosure of contingent assets and liabilities.  Estimates and underlying assumptions are reviewed on an on-going basis. Revisions of accounting estimates are recognised in the period in which the estimate is revised.

The judgements, estimations and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the financial year ended 31 December 2023.

6.         SEGMENT INFORMATION

Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance focuses on the products and services sold to customers. The Group's reportable segments under IFRS 8 Operating Segments are as follows:

 

Technology Sales: Being the sale of Gasification Technology and associated Engineering and Design Services;

 

The chief operating decision maker is the Chief Executive Officer. Information regarding the Group's current reportable segment is presented below. The following is an analysis of the Group's revenue and results from continuing operations by reportable segment:


                           Segment Revenue

             Segment Profit/(Loss)


                           6 months ended

                   6 months ended


30 June 2024

30 June 2023

30 June 2024

30 June 2023

(Restated)


Technology Sales

1,449,324

145,293

(22,533)

(780,147)

Total from continuing operations

 

1,449,324

 

145,293

 

(22,533)

 

(780,147)

Central administration costs and directors' salaries

(1,481,274)

(1,306,920)

Reversal of impairment of project costs


36,920

-

Impairment of other receivables


(37,995)

-

Other income


11,238

52,914

Other gains and losses


(1,897)

182,833

Foreign currency losses


(140,933)

(68,897)

Share of loss of equity accounted investments


(53,478)

(102,996)

Gain/(loss) on revaluation of equity accounted investment


-

16,726

Change in fair value of investments


-

(6,822)

Finance income


51,566

39,451

Finance costs


(1,547,344)

(449,300)

 



Loss before taxation (continuing operations)

(3,185,730)

(2,423,158)

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

6.              SEGMENT INFORMATION - continued

Revenue reported above represents revenue generated from associated undertakings and external customers. Inter-segment sales for the financial period amounted to €Nil (2023: €Nil). Included in revenues in the Technology Sales Segment are revenues of €517,061 (2023: €Nil) which arose from sales to associate undertakings, joint ventures and unconsolidated structured entities of EQTEC plc.

Segment profit or loss represents the profit or loss earned by each segment without allocation of central administration costs and directors' salaries, other operating income, share of losses of jointly controlled entities, investment revenue and finance costs. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.

 

Other segment information:

Depreciation and amortisation

Additions to non-current assets


6 months ended

6 months ended


30 June 2024

30 June 2023

30 June 2024

30 June 2023


Technology sales

55,863

57,429

-

496,612

Head Office

117,664

97,695

             -

             -







173,527

155,124

              -

496,612






The Group operates in four principal geographical areas: Republic of Ireland (country of domicile), the European Union, United States and the United Kingdom. The Group's revenue from continuing operations from external customers and information about its non-current assets* by geographical location are detailed below:


Revenue from Associates and External Customers

Non-current assets*



6 months ended

6 months

ended

 

As at

 

As at



30 June 2024

30 June 2023

30 June 2024

31 December 2023

 


          €

                €


 

Republic of Ireland

 

-

 

-

 

-

 

-


European Union

1,248,323

145,293

2,489,329

2,607,493


United States

165,501

-

-

-


United Kingdom

35,500

             -

134,030

185,549









1,449,324

145,293

2,623,359

2,793,042








*Non-current assets excluding goodwill, financial instruments, deferred tax and investment in jointly controlled entities and associates.

 

The management information provided to the chief operating decision maker does not include an analysis by reportable segment of assets and liabilities and accordingly no analysis by reportable segment of total assets or total liabilities is disclosed.

 

7.

OTHER GAINS AND LOSSES

6 months ended

6 months ended

 

 

30 June 2024

30 June 2023

 

 

 

 

 

 

(Loss)/gain on debt for equity swap

 

       (1,897)

 

 

      182,833








 

During the financial period, the Group extinguished some of its borrowings by issuing equity instruments. In accordance with IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments, the loss recognised on these transactions was €1,897 (H1 2023: gain of €182,833).

 

8.

FINANCE COSTS

 

During the 6-month period ended 30 June 2024, the Group announced a refinancing of its existing secured loan facility. As a result of this refinancing, finance costs of €1,009,169 were crystallised and capitalised as part of the new refinanced facility. These finance costs have been recognised in the period ended 30 June 2024.

 

 

 

 

 

 

 

 

 

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

9.

IINCOME TAX

6 months ended

6 months ended

 

 

 

30 June 2024

30 June 2023

 

 

 

 

 

 

 

Income tax expense comprises:



 

 

Current tax expense

-

-

 

 

 

Deferred tax credit

-

-

 

 

 

Adjustment for prior financial periods

    8,173

             -

 

 

 

 

Tax expense

 

     8,173

 

             -

 










 

An income tax charge does not arise for the six months ended 30 June 2024 or 30 June 2023 as the effective tax rate applicable to expected total annual earnings is Nil as the Group has sufficient tax losses coming forward to offset against any taxable profits. A deferred tax asset as not been recognised for the losses coming forward.

 

10.

LOSS PER SHARE

6 months ended

30 June 2024

6 months ended

30 June 2023

(Restated)

 

Basic loss per share

€ per share

€ per share

 

From continuing operations

(0.0163)

(0.0231)

 

From discontinued operations

              -

0.0000

 

Total basic loss per share

(0.0163)

(0.0231)

 




 

Diluted loss per share



 

From continuing operations

(0.0163)

(0.0231)

 

From discontinued operations

              -

0.0000

 

Total diluted loss per share

(0.0163)

(0.0231)

 

The loss and weighted average number of ordinary shares used in the calculation of the basic and diluted loss per share are as follows:

 


6 months ended

30 June 2024

6 months ended

30 June 2023

(Restated)

 

 


 

 

Loss for period attributable to equity holders of the parent

(3,193,885)

(2,424,594)

 

 

Loss for the period from discontinued operations used in the calculation of basic earnings per share from discontinued operations

 

                  -

                 (1,448)

 

 

Losses used in the calculation of basic loss per share from continuing operations

 

(3,193,885)

 

(2,423,146)

 

 


No.

No.

(Restated)

 

 

Weighted average number of ordinary shares for



 

 

the purposes of basic loss per share

196,306,565

104,746,823

 

 

Weighted average number of ordinary shares for



 

 

the purposes of diluted loss per share

196,306,565

104,746,823

 

 














Dilutive and anti-dilutive potential ordinary shares

The following potential ordinary shares were excluded in the diluted earnings per share calculation as they were anti-dilutive.

 


30 June 2024

30 June 2023

(Restated)

 

Share warrants in issue

55,450,910

20,538,468

 

Share options in issue

673,045

673,045

 

Convertible loans

572,825,165

2,766,983

 

LTIP Share options in issue

2,116,937

3,747,799

 

Total anti-dilutive shares

631,066,057

27,726,295

 

                   Events after the balance sheet date

177,163,874 ordinary shares were issued after the period end. If these shares were in issue prior to 30 June 2024, they would have affected the calculation of the weighted average number of shares in issue for the purposes of calculating both the basic loss per share and diluted loss per share by 29,527,312.

 

                    Retrospective Adjustments

                   The comparative earnings per share figures have been restated to reflect:

(1) The disposal of a subsidiary in 2023, leading to a restatement of comparative figures to reflect discontinued operations (see Notes 34 and 35); and

                   (2) The capital reorganisation that took place in December 2023, leading to a decrease in the number of ordinary shares outstanding.

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

11.

PROPERTY, PLANT AND EQUIPMENT

 

During the six-month period ended 30 June 2024, the Group acquired property, plant and equipment to the value of €Nil financed by new leases (H1 2023 - €489,130) and €Nil financed by cash. (H1 2023: €7,482).

 

12.

INTANGIBLE ASSETS


 

 

 

Included are the following amounts relating to goodwill in intangible assets:

 

 

 

 

 

30 June 2024

31 December 2023

 

Cost

 

 

               €

 

At start and at end of the financial period


16,710,497

16,710,497

 


 

 

 


 

Accumulated impairment losses




 

At start of the financial period


6,710,497

1,427,038

 

Impairment losses


               -

5,283,459

 










 


At end of the financial period

 

 

6,710,497

6,710,497

 

Carrying value

 

 

 

 

At start and at end of the financial period


10,000,000

10,000,000

 

13.

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

 

Investments accounted for using the equity method are made up as follows:

 


30 June 2024

31 December 2023

 


 

Investment in associate undertakings

3,477,820

3,474,359

 

Investment in joint ventures

3,374,354

3,358,029

 




 


6,852,174

6,832,388

 









The carrying amount of equity-accounted investments has changed as follows in the six months to June 2024:

 


Associate

Undertakings

Joint

Ventures


6 months ended

30 June 2024

6 months ended

30 June 2024


Beginning of the period

3,474,359

3,358,029

Loans advanced in period

-

35,660

Loans repaid in period

-

(14,080)

Interest accrued on loans in period

51,566

-

Share of loss on equity-accounted investments in period

(48,105)

(5,372)

Investment in joint venture

                  -

           117





3,477,820

3,374,354

 

14.         DEVELOPMENT ASSETS

 

30 June 2024

31 December 2023


 


 




Costs associated with project development

 

479,914

613,516


 

The Group uses its expertise in engineering, project management, permitting, planning and financing to develop waste to value projects. Once the projects reach a certain level of maturity, third party investors are allowed invest in the project SPV. The Group charges a premium to the project SPV for the development services over and above the costs incurred in developing the project.

Costs associated with project development, including loans advanced to project undertakings (together "Total Project Costs") comprise expenses associated with engineering, project management, permitting, planning, financing and other services, incurred in furthering the development of a project towards financial close. Total Project Costs set out above represent the cost of delivery of project development services and are transferred to cost of sales when the project SPV is invoiced by the Group for project development work.

 


 

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

15.        TRADE AND OTHER RECEIVABLES

 



Included in trade and other receivables is an amount of €2,360,947 (31 December 2023: €Nil) receivable in respect of the legal settlement agreement announced on 3 April 2024 of claims made against Logik Developments Limited and its wholly owned subsidiary, Logik WTE Limited amounting to £2,000,000. The Group received these settlement funds on 4 September 2024.

 

16.         EQUITY

During the 6-month period ended 30 June 2024, 2,106,774,908 shares of €0.01 each (6 months ended 30 June 2023: 2,106,774,908 shares of €0.001 each) were issued as follows:

 

Amounts of shares

6 months ended

6 months ended


30 June 2024

30 June 2023

Ordinary Shares of €0.001 each issued and fully paid



-           Beginning of the period

-

9,421,479,112

-           Issued in lieu of borrowings and settlement of payables

-

510,214,535

-           Share issue for cash - public and private placement

                        -

1,596,560,373




Total Ordinary shares of €0.001 each authorised, issued and fully paid at the end of the period

 

                        -

 

11,528,254,020

 

 

Ordinary Shares of €0.01 each issued and fully paid



-           Beginning of the period

181,485,890

-

-           Issued in lieu of borrowings and settlement of payables

15,237,530

-

-           Share issue for cash - public and private placement

60,887,491

                       -




Total Ordinary shares of €0.01 each authorised, issued and fully paid at the end of the period

 

257,610,911

 

                       -

 

On 17 December 2023, a capital re-organisation took place whereby (1) each existing ordinary share of €0.001 each was sub-divided into 10 ordinary shares of €0.0001 each; (2) every 1,000 sub-divided shares of €0.0001 each was consolidated into 10 ordinary shares of €0.01 each; and (3) 9 out of every 10 ordinary shares of €0.01 each was re-designated into 9 deferred "C" ordinary shares of €0.01 each.

 

17.            BORROWINGS

 

                   During the six months ended 30 June 2024, the following occurred in relation to debt securities:

 

Secured Loan Facility

During May 2024, the Company announced that it had secured a refinancing of its existing secured lending facility. The new funding replaces the previous funding with a non-convertible secured term loan facility with no scheduled repayments until 21 May 2026. The outstanding debt will only reduce proportionally to future capital inflows prior to the 24-month maturity date.

 

Unsecured Convertible Loan Facility

During May 2024, the Company announced a further drawdown of £260,638 on the unsecured convertible loan facility which was set up in November 2023.

 

On 4 September 2024, after the balance sheet date, certain lenders under the unsecured convertible loan facility were automatically deemed to have issued a conversion notice at a conversion price equal to the Issue Price in respect of their respective outstanding loan balances. Accordingly, a total amount of £522,000 (principal and interest) was converted into 52,200,000 new Ordinary Shares at a price of 1 pence per new Ordinary Share.

 

 

 


 

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

18.

LEASES

Lease liabilities are presented in the statement of financial position as follows:

 

 

 

30 June 2024

31 December 2023

 


 

Current

208,418

202,798

 

Non-current

297,340

400,518

 




 


505,758

603,316







 

The Group has a lease for its offices in Iberia, Spain and London, United Kingdom. The lease liabilities are secured by the related underlying asset. Further minimum lease payments at 30 June 2024 were as follows:


Minimum lease payments due


Within 1 year

1-2 years

2-3 years

3-4 years

4-5 years

After 5 years

Total


30 June 2024








Lease payments

220,740

128,683

105,600

74,800

-

-

529,823

Finance charges

(12,322)

(6,982)

(3,878)

(883)

         -

        -

(24,065)

Net Present Values

208,418

121,701

101,722

73,917

         -

        -

505,758

 








31 December 2023








Lease payments

218,124

184,420

105,600

105,600

22,000

-

635,744

Finance charges

(15,326)

(9,270)

(5,391)

(2,343)

      (98)

        -

(32,428)

Net Present Values

202,798

175,150

100,209

103,257

21,902

           -

603,316

 

19.

    DISCONTINUED OPERATIONS

 

On 12 July 2023, the Group disposed of 95% of its interest in Grande-Combe SAS, retaining 5% which has been transferred to other investments. The combined results of the discontinued operations included in the loss for the financial period is set out below:

6 months ended

30 June 2024

6 months ended

30 June 2023


Revenue

-

-

Cost of sales

             -

             -

Gross profit

-

-

Administrative expenses

-

(1,448)

Finance costs and income

              -

              -

Loss from discontinued operations before tax

-

(1,448)

Taxation

            -

            -

Loss for the financial period from discontinued operations (attributable to owners of the Company)

 

              -

 

(1,448)




Cash flows generated by Grande-Combe SAS for the financial years under review were as follows:


 


6 months ended

30 June 2024

6 months ended

30 June 2023


Operating activities

-

(1,448)

Investing activities

-

-

Financing activities

             -

             -

Net cash flows used in discontinued operations

             -

(1,448)

 

 

 


 

 

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

20.

    RELATED PARTY TRANSACTIONS

 

The Group's related parties include Altair Group Investment Limited ("Altair"), the associate and joint venture companies, unconsolidated structured entities and key management.

 

Transactions with Altair

During the six-month period ended 30 June 2024, Altair advanced €117,125 (H1 2023: €905,640) by way of borrowings and was repaid €Nil (H1 2023: €1,707,919) with respect to these loans. Interest payable to Altair for the six-month period ended 30 June 2024 amounted to €8,727 (H1 2023: €42,295). Included in borrowings, net of amortisation costs, at 30 June 2024 is an amount of €283,107 (31 December 2023: €152,643) due to Altair from the Group

 

Transactions with associate undertakings and joint ventures

The following aggregated transactions were made with associate undertakings and joint ventures in the six months ended 30 June 2024:


6 months ended

30 June 2024

6 months ended

30 June 2023

Loans to associated undertakings and joint ventures

Beginning of the financial period

6,278,269

5,174,551

Loans advanced in period

35,660

225,250

Loans repaid in period

(14,080)

(33,200)

Reclassified as equity

-

(254,470)

Interest accrued on loans in period

51,566

31,597

Exchange differences

                 -

         2,450




At end of the financial period

6,351,415

5,146,178

 

    

6 months ended

30 June 2024

6 months ended

30 June 2023

Sales of goods and services

Technology sales

215,990

            -

Other income

6,128

52,913




Recharge of costs

1,147

-

 

 

                            

30 June 2024

31 December 2023

Period-end balances

Included in trade receivables

4,649,188

4,701,946

Included in other receivables

70,004

31,482

Included in other payables

118

129,737

 

              Transactions with unconsolidated structured entities

During the 6-month period ended 30 June 2024, the Group generated sales of €301,071 from Biogaz Gardanne SAS (6 months ended 30 June 2023: €Nil), an unconsolidated structured entity. Included in trade and other receivables at 31 December 2023 is €1,108,444 receivable from Biogaz Gardanne SAS (31 December 2024: €807,373).

 

              Transactions with key management

Key management of the Group are the members of EQTEC plc's board of directors. There have been no non-remuneration transactions with key management in the six months ended 30 June 2024. At 30 June 2024, directors' remuneration unpaid amounted to €271,368 (31 December 2023: €66,568).

 

 


 

EQTEC plc

Notes to the unaudited condensed consolidated financial statements

 

21.       EVENTS AFTER THE BALANCE SHEET DATE

 

              Receipt of funds under settlement agreement

On 4 September 2024, the Company received £2,000,000 from the proceeds of the legal settlement agreement with Logik Developments Limited.

 

Share Placings

On 4 September 2024, the Company announced that it had raised, in aggregate, £1.1 million before expenses by way of a £1 million placing and a subscription of £100,000 to new and existing institutional and other investors for, in aggregate, 110,000,000 new ordinary shares of €0.01 each in the capital of the Company ("Ordinary Shares") (together, the "Fundraise Shares") at a price of 1 pence per new Ordinary Share (the "Issue Price"). In addition, on 9 September 2024, the Company raised £72,528 from existing retail investors via the Winterflood Retail Access Platform ("WRAP") platform at the Issue Price through the issue of a total of 7,252,815 new Ordinary Shares

 

In addition, certain lenders under the unsecured convertible loan facility were automatically deemed to have issued a conversion notice at a conversion price equal to the Issue Price in respect of their respective outstanding loan balances. Accordingly, a total amount of £522,000 (principal and interest) was converted into 52,200,000 new Ordinary Shares at the Issue Price.

 

The Company further announced that it issued, in aggregate, 7,711,059 new Ordinary Shares at the Issue Price to certain strategic service providers providing business development and advisory services to the Group in satisfaction of fees due to them.

 

 

22.      APPROVAL OF FINANCIAL STATEMENTS

 

The condensed consolidated financial statements for the six months ended 30 June 2024, which comply with IAS 34, were approved by the Board of Directors on 23 September 2024.

 

 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation. 

 

ENQUIRIES 

 

EQTEC plc 

David Palumbo

 

+44 20 3883 7009 

Strand Hanson - Nomad & Financial Adviser 

James Harris / Richard Johnson 

 

+44 20 7409 3494 

Shard Capital Partners LLP - Broker 

Damon Heath / Isabella Pierre

 

+44 20 7186 9927

Fortified Securities - Broker 

Guy Wheatley 

 

+44 20 3411 7773 

Global Investment Strategy UK Ltd - Broker 

Samantha Esqulant 

 

+44 20 7048 9045 

 

About EQTEC 

 

EQTEC is one of only a few circular economy technology providers able to address the dual challenges of growing quantities of global waste and the growing demand for energy and biofuels. EQTEC cleanly converts waste into a range of valuable commodities that support new energy and industrial infrastructure. With one of the world's most experienced thermochemical conversion technology and engineering teams, EQTEC provides bespoke waste management and new energy solutions through best-in-class innovation, infrastructure engineering and value-added services for developers, owner-operators and industrials.

 

EQTEC's end-to-end process solutions are in demand from around the world with highly efficient equipment that is modular and scalable from three tonnes of waste per hour. Its versatile solutions process dozens of varieties of feedstock, including plastics, mixed municipal waste, industrial waste and other non-recyclables, allwith no hazardous or toxic emissions, producing a wide range of valuable commodities including synthesis gas ("syngas") electricity, heat and steam, synthetic natural gas, hydrogen, liquid fuels or other chemicals.

 

The Company is quoted on the London Stock Exchange's Alternative Investment Market (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 atwww.eqtec.com. 

 

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Companies

Eqtec (CDI) (EQT)
UK 100

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