Update on the Company's EQTEC Italia Investment

RNS Number : 3918A

MetalNRG PLC

02 February 2022

 

2 February 2022

MetalNRG plc

Update on the Company's EQTEC Italia Investment("MetalNRG" or the "Company")

Following the trading update released to market by EQTEC plc (AIM: EQT) on 1 February 2022, the Company is pleased to provide an update on progress made at its investment project in Italy.

In October, EQTEC's work with partners on the recommissioning of EQTEC Italia MDC SRL in Tuscany, Italy ("Italia MDC") progressed with the site fully cleaned and relevant components disassembled and cleared.

In December, EQTEC Italia ordered core technology components and all deliveries were made on schedule. The 1MWe plant will convert multiple types of biomass feedstock into heat, power and/or fuel for local businesses and residents.

Once operational, Italia MDC is expected to generate annual plant revenues of c. 2,000,000, with plant EBITDA of c. 750,000.

The Company currently owns 26.6% of Italia MDC. In January 2022, Company Directors visited the site with fellow shareholders and reviewed progress with local construction partner COS.M.I. SRL.

The meeting also addressed the potential for further commercial opportunities for the plant, including production of high-quality biochar and construction of additional infrastructure to accommodate higher-margin feedstock and further offtake alternatives.

EQTEC is undertaking feasibility assessments now and expects to complete them in Q1 2022.

MetalNRG Chief Executive, Rolf Gerritsen, commented "Good progress is being made toward recommissioning the Italia MDC plant in 2022 and we look forward to our ongoing working relationship with EQTEC. The partnership is a solid development opportunity and investment, allowing us to support the social, environmental and economic improvements that a sustainable approach to waste-to-energy can have."

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Contact details:

MetalNRG PLC Rolf Gerritsen Christopher Latilla-Campbell	[phone]
Corporate Broker PETERHOUSE CAPITAL LIMITED Lucy Williams Duncan Vasey	[phone]
Corporate Broker SI CAPITAL LIMITED Nick Emerson	[phone]

 

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