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
For the year ended December 31, 2019, the group reported a loss of €3.6mln, a narrowing from an €8.2mln loss in the prior year, while revenues were €1.6mln compared to €2.2mln in 2018.
Post-period, EQTEC said contracted revenues in the first quarter of 2020 were at €2.35mln, already ahead of the total for the entire previous year.
The company also said it had a “high degree of earnings visibility” on contracted or near contracted sales of technology, with its results for 2020 expected to be “significantly weighted” to the second half of the year.
EQTEC said demand for its technology and services “remains strong”, noting that the waste to energy market is forecast to grow and there were early indications that demand was increasing.
While the impact of the coronavirus was not yet quantified, the company said the pandemic “may influence the pace and nature of climate action positively”, which in turn could accelerate the recovery of the global economy.
Over 2020, the firm has been making strong progress with a slew of deals and agreements, announcing in July that it has inked an exclusive agreement with Logik Developments to take control of the Deeside Refuse Derived Fuel (RDF) project in Flintshire, Wales.
This was followed in August by a deal to sell the Pluckanes wind farm in County Cork, Ireland for €1.1mln gross, with a maximum net cash consideration of €383,503, as well as an equipment sale and services deal with German EPC firm ewerGy relating to a waste gasification project in Larissa in Greece, the country’s first waste gasification plant.
- 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