EQTEC PLC Completion of Maintenance Contract with TMB (7029O)
October 03 2019 - 8:15AM
UK Regulatory
TIDMEQT
RNS Number : 7029O
EQTEC PLC
03 October 2019
3 October 2019
EQTEC plc
("EQTEC" or the "Company")
Completion of Maintenance Contract with Transports Metropolitans
de Barcelona
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, is pleased to announce that, via
its wholly owned subsidiary EQTEC Iberia SLU, it has completed its
first maintenance contract with Transports Metropolitans de
Barcelona ("TMB"), the public transport operator in Barcelona,
following a successful tender for the project earlier in the
year.
As part of its wider commercial strategy, EQTEC has been
actively seeking to employ its engineering capacity, experience and
credentials in co-generation applications to bid for maintenance
contracts with significant clients which have extensive
infrastructure. This strategy allows the Company to generate
revenues from its Operations and Maintenance ("O&M") team,
whilst its waste elimination and energy recovery technologies are
being developed and constructed. This enables EQTEC to build its
credentials in a given market, while developing potential new sales
channels for projects and services within this new customer
base.
The Company won a tender for a maintenance contract with TMB,
consisting of the overhaul of the engine cogeneration unit at TMB's
Horta Station in Barcelona, Spain. The Company secured financing
for the project from CAIXA Bank and the works were completed in
September 2019, with final sign off being received on 3 October
2019. The initial works have generated revenue of approximately
EUR155,000 for the group.
Following completion of these works, EQTEC will retain the
preventive maintenance contract until May 2020 for both TMB's Horta
Station and a second project, at TMB's Triangle Station.
TMB is the main public transit operator in Barcelona, made up of
two formerly separate companies, Ferrocarril Metropolità de
Barcelona, SA. and Transports de Barcelona, SA. and it runs most of
the metro and local bus lines in Barcelona and the wider
metropolitan area. The bus network serves Barcelona and the
metropolitan area through 109 lines that cover a total distance of
920.62 kilometres. The Barcelona Metro service has six lines
comprising 123 stations and a funicular railway. In 2017, TMB
carried 592.45 million passengers and had 7,935 active
employees.
Yoel Aleman, EQTEC's Chief Technology Officer, commented:
"We believe our commitment to technology, innovation and
customer support is second to none in the sector. The capabilities
of our engineering team are ideally suited to securing maintenance
contracts with blue chip counterparties such as TMB and we will
continue to reinforce this to the market.
"This type of maintenance contract with large entities, with
significant infrastructure, are ideal for EQTEC to scale up the
Company's services portfolio with activities that are capable of
generating recurrent income. We are targeting further similar
contracts alongside our focus on the Company's ongoing
projects."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Enquiries
EQTEC plc +353 (0)21 2409 056
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser +44 (0) 20 7409 3494
James Harris / James Dance
SI Capital Limited - Broker +44 (0)1483 413 500
Nick Emerson / Jon Levinson
IFC Advisory - Financial PR & IR +44 (0) 20 3934 6630
Tim Metcalfe / Graham Herring / Zach
Cohen
Notes to Editors
About EQTEC plc
EQTEC's business model involves sourcing and providing
assistance in developing waste elimination projects to which it
will ultimately sell its EQTEC Gasifier Technology ("EGT") and
O&M services. EGT enables project developers to construct waste
elimination plants and recover electrical and thermal energy from
the waste streams.
EQTEC sources projects that have a local supply of waste in need
of elimination and conversion. It builds relationships and brings
together the developers, the waste owners, the building contractors
and funders. It then supplies the waste elimination and energy
recovery technology and provides engineering services to the
projects.
Furthermore, EQTEC will provide O&M services to the
operating projects generating recurring revenues over the life of
the projects. EQTEC also seeks to provide Operation &
Maintenance services to established operating co-generation plants
generating recurring revenues over the life of these projects.
The Company is quoted on AIM and trades as EQT. Further
information on the Company can be found at www.eqtecplc.com
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END
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