EQTEC completes Eqtec Iberia acquisition

EQTEC, the technology solution company for waste gasification to energy projects, has completed the acquisition of Eqtec Iberia SL, an engineering company specialising in the design, construction, operation and maintenance of power plants.

EQTEC's shares will resume trading on AIM today.

EQTEC said the market capitalisation of the enlarged group on readmission would be £33.7m.

It said that in addition to the acquisition, the company had raised £1.6m, gross, through the issue of 246,153,847 ordinary shares at 0.65 pence to fund the working capital needs of the enlarged group and the continued development of its near-term pipeline.

Chief executive Luis Sanchez said: 'Today marks a milestone in EQTEC's development and is a transformational step for the company in refocusing its strategy into the energy-from-waste market in the UK and Europe.

'With our patented gasification technology, a strong pipeline of projects and relationships with some of the global market leaders in the energy sector, the board believes EQTEC is well positioned to become a leading player in creating electricity by converting waste into synthetic gas.'