Palumbo highlighted that the first half of 2020 has seen growth accelerate for EQTEC in terms of sales activity, contracting, and partner, pipeline and portfolio development.
“Our mission is to help the world reduce waste and generate green energy,” Palumbo said. “Our greatest contribution to that mission is producing the world’s purest syngas for the widest variety of applications.
He added: “Our continuing focus on growing EQTEC’s pipeline has, in the first half of the year, created additional non-contracted tender opportunities worth a total potential of EUR341mln amongst which we sent full commercial offers worth a total of EUR205mln.
“Although we see pipeline growth continuing in the second half of 2020 and beyond, we are also taking the opportunity to put in place greater discipline with financial close and with project execution.”
Palumbo noted that the accelerating growth is built upon market-leading waste gasification technology capabilities and industry partnerships across key target markets.
“In Europe, we have solid foundations from which we are expanding,” Palumbo said. “In the USA, we remain focused on further strengthening our relationship with Phoenix Energy in California.
“In Asia, we have received numerous enquiries, based on the strength of our technologies and the significant advantages our technologies have over alternatives in Asian markets including South Korea, Japan, Indonesia and Malaysia.”
“We expect strong pipeline growth to continue through H2 and our partner portfolio approach to continue bearing fruit.”
Amidst the COVID019 pandemic, however, the company notes that it has begun to see some delays in the closing of deals. It noted today that it expects delays with a small number of deals previously expected to close in the second half of 2020, now moving into the first half of 2021,
Palumbo highlighted that 2021 is seen by EQTEC as “potentially exponential” in terms of deal closures and revenue growth.
“Fuelled further by investment from EQTEC’s own development capital in a majority of these opportunities, we believe we can both accelerate and secure financial closure of these and future deals.
“Through combining EQTEC technology, capital and strengthening partnerships around the world, we intend to scale our business and more effectively position ourselves to lead the growing gasification industry and to drive sustainable revenue and shareholder value.”
In terms of its financial results, for the first half of 2020, the emerging green technology company reported EUR770,000 of revenue, albeit it noted that a further EUR958,837 was invoiced during the period in relation to the provision of technology and engineering services to North Fork Community Power – and this has yet to be realised in the statement of profit or loss.
It reported a EUR1.3mln operating loss for the six months and a net loss of EUR1.8mln.
The company ended June with EUR1.7mln of cash. Subsequently, an oversubscribed institutional equity fundraise brought in GBP10mln of new capital.