EQTEC PLC COVID-19 Update (1947H)
March 23 2020 - 6:21AM
UK Regulatory
TIDMEQT
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 .
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