Business
EUR 300,000 Sale of Equipment to Movialsa
EUR 300,000 Sale of Equipment to Movialsa.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 6313A EQTEC PLC 22 January 2020 \n\n22 January 2020\n \nEQTEC plc\n(\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n€300,000 Sale of Equipment to Movialsa and 6MW Plant Access for Demonstration \n \nEQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce the sale of certain items of equipment and spare parts to Mostos Vinos y Alcoholes S.A. (\"Movialsa\"), part of the Huertas Business Group, a Spanish conglomerate involved in the agricultural, winemaking, construction, and energy generation sectors. The equipment has been sold to Movialsa for net cash proceeds of €300,000, which have been received by the Company.\nMovialsa utilises the Company's proprietary gasification technology at its 6 MW plant in Spain (the \"Plant\") in order to convert olive pomace waste, which is a residue of the manufacture of olive oil, into energy. The Jenbacher engines on the Plant have recently surpassed 111,000 aggregated operating hours at full expected operational capacity powered with the high quality syngas produced from EQTEC's gasifier.\nAs previously announced, EQTEC is targeting energy recovery from agri food residues and other industrial waste streams as one of its three identified sector verticals, where it believes it has the core capabilities to establish a significant competitive advantage through its proprietary gasification technology. \nAs part of the contract for the sale of the equipment and spare parts announced herein, the Group is able to arrange visits to the Plant to showcase the Group's technology to potential future stakeholders in its projects. \nThe equipment sold to Movialsa consists primarily of ancillary parts for the power block of the gasification plant and formed part of a series of equipment, stored at the Company's site in Newry, which was not required as consideration for the Company's investment in the North Fork project, as announced on 4 June 2019.\n \nDavid Palumbo, CEO of EQTEC, commented: \n\"We are delighted to develop further the relationship with one of our key strategic clients. Movialsa is a leader in their agri-industry sector with extensive experience in co-generation energy infrastructure, with a plant using EQTEC's Gasifier Technology that showcases over 111,000 hours of operati...