Our mission is to help the world reduce waste and generate green energy. Our greatest contribution to that mission is producing the world’s purest syngas for the widest variety of applications
David Palumbo, chief executive
What the company does
The business model is simple: source waste-to-energy projects and sell the developers an EGT along with an ongoing contract for operation and maintenance of the project.
The company has been targeting power generation systems fed by municipal waste, waste olive oil and biomass. The aim ultimately is to become a ‘one-stop-shop’ for the technology, design, the build and the operation and management of these projects.
How it is doing
The company expects revenues will rise to around €15mln in 2021 from €2.2mln in 2020, shifting it into the black.
The increase in revenues, together with an expected contribution from EQTEC Capital, are forecast to generate positive underlying earnings (EBITDA), making 2021 EQTEC’s first year of profitability.
Revenue in 2020 grew to €2.23mln from €1.69mln in 2019 while the loss before tax widened to €5.84mln from €3.58mln, partly reflecting an increase in administrative expenses to €3.69mln (2019: €2.67mln) and employee share-based compensation in 2020 of €1.30mln.
The company ended 2020 with cash and cash equivalents of €6.39mln, up from €482,392 a year earlier, after it raised £10mln during the year from an oversubscribed placing of shares.
In March, the company revealed that the EQTEC subsidiary that is overseeing the Deeside Refuse Derived Fuel (RDF) project will collaborate with Toyota Motor Manufacturing (UK) on the project over a period of three years. The project is set to be located right next door to Toyota’s Deeside plant in Flintshire, Wales.
The Deeside RDF Project seeks to provide the local community, Toyota and other potential users with a decentralised energy source. EQTEC is set to act as the land developer and technology provider for the plant.
The parties have agreed to work together on scoping and evaluating the potential supply of bio-methane gas and green electricity and conversion of manufacturing waste through the sharing of cost data, energy usage and other information.
If adopted, EQTEC’s waste-to-energy solution could reduce the carbon footprint of the Toyota Deeside site on an annual basis.
In January, the company received local council approval for a 25MWe waste-to-gas plant at Billingham, Teeside.
The resolution from Stockton-on-Tees Borough Council is for a revised scheme that EQTEC said both improves the economics of the project and reduces the size of the footprint of the plant.
EQTEC signed an option to acquire the land at the Haverton Hill site in December.
Earlier in the month, along with German engineering, procurement and construction (EPC) partner ewerGy, it signed a memorandum of understanding (MoU) with Greek construction group Nobilis Pro Energy which provides for the collaborative development of the firm’s pipeline of opportunities in the country.
The energy-from-waste technology firm said the MoU will allow the firms to work together to deliver advanced gasification projects in the Nobilis pipeline, starting with a 0.9 megawatt electric (MWe) gasification plant in the town of Almyros.
- Spending the £10mln in funding raised recently
- More deals for the company’s technology across the world
- Increased demand for technology as waste-to-energy market expands
What the boss says: David Palumbo, chief executive officer
“2020 was a year in which we advanced and embedded our business strategy, significantly added to our pipeline, strengthened our management team, increased the depth and number of our partner relationships and expanded our platform for growth.
“In the first half of the year, we achieved financial close on two ground-breaking projects, each with an additional pipeline attached to them and we concentrated on maturing our relationships with our go-to-market partners. In the second half of the year, we built further discipline into our business operations and project execution capabilities, toward mitigating risks and accelerating delivery of business cases and measurable value.”