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EQTEC PLC - COVID-19 Update

RNS Number : 1947H
EQTEC PLC
23 March 2020
 

23 March 2020

EQTEC plc

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

 

 

COVID-19 Update

 

EQTEC plc (AIM: EQT), the technology solution company for advanced gasification in waste to energy projects, provides an update on how the Company is managing and responding to the current global health situation and the rapidly evolving circumstances surrounding the spread of COVID-19. 

 

The safety of our staff, their families, our customers and partners are the priority for EQTEC.  With offices in the UK, Spain and Ireland, the impact of COVID-19 and government recommendations varies in each location. Accordingly, we continue to assess the risks and adapt our plans and actions in consultation with our local stakeholders.

 

We have already implemented a number of government recommendations, including those surrounding the avoidance of non-essential travel and working from home where practical.  Our technical and corporate staff are set up for remote working and we expect no reduction in our design and engineering capability, and the delivery of these services to any of our projects.

 

We are also in regular contact with our key partners and suppliers regarding their own preparedness for the impact of the COVID-19 virus and are reassured by the actions they have put in place to mitigate against the long term effect of localised business disruption.

 

Given the uncertainty and rapidly changing nature of the situation, the Company is working to protect its cash resources by pro-actively managing its capital expenditure and working capital, as well as identifying opportunities for expenditure savings that will not impact on the long-term success of the Company. 

 

Despite the current challenging circumstances, we are seeking to maintain momentum following the increase in commercial enquires and the addition of strategic partnerships in our core geographies.  We are continuing to advance our commercial pipeline in the US and more recently in Greece, as well as advancing discussions with parties that have expressed interest in EQTEC becoming their advanced gasification technology partner.

 

Green economy provisions featured heavily, in the recent Budget from the UK Chancellor, with multi-million-pound spending pots promised for low-carbon transport and renewable energy.  These announcements continue to affirm the opportunities in the market for proven technology solutions, such as EQTEC's advanced gasification, which will be essential to the new infrastructure required for energy transition.  Whilst it is very hard to predict the full impact of COVID-19 on our business at this stage, we believe we are well placed to capitalise on this new reality once the adversity of the current situation reduces.

 

David Palumbo, Chief Executive Officer of EQTEC, said: 

"We continue to monitor and adhere to the official guidance regarding COVID-19. It is very hard to predict the full impact of COVID-19 at this stage, however, we are taking all possible actions to manage and mitigate this situation.  We have implemented measures to safeguard employee and customer health, as well as maintaining operations during this uncertain time.  We are grateful to our staff, partners and wider stakeholders for the commitment and resilience they have already shown, and I believe that our ties will be even stronger once this crisis is behind us."

 

Enquiries

 

EQTEC plc

+353 21 2409 056

David Palumbo / Gerry Madden

 

 

Strand Hanson - Nomad & Financial Adviser

+44 20 7409 3494

James Harris / James Dance / Jack Botros

 

 

SI Capital Limited - Broker

+44 1483 413 500 

Nick Emerson / Jon Levinson

 

 

IFC Advisory - Financial PR & IR

+44 20 3934 6630

Tim Metcalfe / Graham Herring / Zach Cohen

 

 

Notes to Editors

 

About EQTEC plc

 

EQTEC is the technological solution partner for converting waste to clean energy.

 

EQTEC mission is to provides sustainable technological solutions to address two of the world's greatest challenges: managing rising levels of waste and meeting the growing demand for clean energy.

 

EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects which will convert waste into clean energy, to which it will ultimately sell its EQTEC Advanced Gasification Technology and O&M services. EQTEC Advanced Gasification Technology enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.

 

EQTEC sources projects that have a local supply of waste in need of elimination and conversion.  It builds relationships and brings together the developers, the waste owners, the building contractors and funders.  It then supplies the energy recovery technology and provides engineering services to the projects.

 

EQTEC also seeks to provide O&M services to established operating co-generation plants generating recurring revenues over the life of the projects.

 

The Company is quoted on AIM, bears the Green Economy Mark awarded by the London Stock Exchange and trades as EQT.  Further information on the Company can be found at www.eqtecplc.com.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: EQTEC PLC

Price: 0.62

Market: AIM
Market Cap: £26.9 m
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