Italy Waste to Energy Update

23 June 2023

     MetalNRG plc

                                                     Italy waste to energy update 

MetalNRG plc ("MetalNRG" or the "Company") is pleased to confirm that EQTEC Italia, our  joint investment with EQTEC Plc and two family offices in a waste to energy plant in Italy  located in Gallina, near Castiglione d'Orcia, Tuscany, Italy, has completed handover protocols to EQTEC Italia and transferring plant operations to EQTEC Italia MDC srl ("Italia MDC")

This follows the Company's 14 March 2023 announcement that the Italia MDC was operational, having commenced export of electricity to the national power grid on 8 March 2023 and having produced biochar and commenced gasification in January 2023.  The Italia MDC is the first of EQTEC's MDCs to be operational.

Additionally, Italia MDC is pursuing refinance of the plant asset by an Italian bank, which is expected to complete during Summer 2023.

Rolf Gerritsen commented:

"We are pleased to see the operating company now fully in charge. The syngas quality and composition being measured is exceptionally high, and we are confident that EQTEC Italia MDC srl will benefit from the high performance of both electricity and biochar this will allow, we now look forward to finalising the refinancing of the plant."

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