Business
Italia MDC: Project update and new investment
Italia MDC: Project update and new investment.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n \n \n 22 November 2022\n \n \n \n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Italia MDC: Project update, new investment and shareholding\n \n \n \n \n \n \n EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation is pleased to provide an update on the EQTEC Italia Market Development Centre in Gallina, near Castiglione d'Orcia, Tuscany, Italy (\"ItaliaMDC\") and in particular, on improvements to the plant (the \"Plant\") in support of a sustainable business model, funded by its existing investors (the \"Investors\"), as set out in the Company's announcement on 21 June 2021.\n \n \n \n \n \n \n Project status\n \n \n \n \n \n \n \n \n The project to recommission the Plant (the \"Project\") remains on track, with the commercial operations date (\"COD\") scheduled for December 2022, subject to the availability of service providers to complete work on ancillary equipment. Earlier this year, the Company employed an operations manager and operations specialists to run the Plant and has had EQTEC operations & maintenance (\"O&M\") specialists on site since October, to train and support the ramp up of the local team. The Company expects to take delivery of the last, critical, ancillary equipment this week, with mechanical and electrical completion of the Plant anticipated by the end of November 2022.\n \n \n \n \n \n The Project has overcome a number of unexpected delays with on-time delivery of key components and availability of service providers to support commissioning of specific pieces of ancillary equipment.\n \n \n \n \n \n The Company intends to continue communicating its progress with Italia MDC in coming weeks, in the run-up to full operation of its first Market Development Centre (\"MDC\"). The Company is also currently pursuing construction and commissioning of additional MDCs in Croatia, France and the UK.\n \n \n \n \n \n \n Business model resilience\n \n \n \n \n \n \n In addition to being a showcase for EQTEC technology in a live, commercial environment, the Italia MDC will be a clean solution for conversion of locally sourced agricultural waste in...