Proactive Investors - EQTEC PLC (LON:EQTE) (AIM:EQT) chief executive David Palumbo, in the waste-to-value firm’s financial results reported on a year in which it “reaffirmed its business strategy, strengthened its growth platform and toughened its resolve”.
Operationally, the company highlighted notable progress in its Market Development Centres (MDCs) in Italy, Croatia and France.
The company also launched a wholly owned subsidiary in France, focused on renewable natural gas (RNG) and advanced biofuels projects. Collaborations with leading industry partners have led to a strong pipeline of waste-to-RNG and waste-to-hydrogen projects in Italy.
It secured two loan facilities during the reporting period. One was for up to £10mln (€11.3mln) and the other for £2mln (€2.3mln).
Meanwhile, it also raised £3.7mln (€4.2mln) through a capital raise by placing new shares.
In terms of financial performance, the company reported revenues of €8mln for the year ended 31 December 2022 and a loss before significant and non-recurring items of €4.9mln – versus a €3.8mln loss in the prior year.
It saw a net loss including significant and non-recurring items of €10.5mln, which included an investment impairment of €4.7mln related to the North Fork project in California.
“Our target remains making EQTEC a leading licensor and innovator of technology that delivers clean, baseload energy and biofuels solutions to the world's leading Industrial and Utility companies and to Municipalities and Agroindustry around the globe," Palumbo said.
In regards to current trading and outlook, the company said it is focusing on the execution of its business strategy in France and Italy, combining advanced capabilities, demonstration of EQTEC technology and collaboration with top-tier partners.