EQTEC PLC has successfully acquired two lots of property in Castiglione d'Orcia, Italy, housing the EQTEC Italia MDC plant and feedstock storage facilities. The acquisition includes land, buildings, and associated rights of way. The first lot houses the core gasification technology, including the gasification reactor, control room, and an engine room that generates heat and electrical power. The second lot is a large storage facility for feedstock and equipment. The consideration for the transaction was €0.57 million in cash, funded by Italia MDC from a facility provided by Banda del Fucino S.p.A. Italia MDC had been leasing the property and the acquisition eliminates leasing payments, saving operational expenditure of approximately €0.1 million per annum.
David Palumbo, CEO of EQTEC, stated, "Italia MDC has completed the Transaction on schedule and thus takes ownership of critical infrastructure and land to support the plant. In addition to removing rent as a run cost to the facility, in the Board's view this Transaction also substantially enhances the value of the combined facility and gives Italia MDC the flexibility to develop it further for efficiencies and new revenue opportunities."
EQTEC Italia MDC Srl is a company registered in Italy focused on transforming agricultural and forestry waste into energy. The company owns and operates a 1 MWe plant in Gallina, capable of converting multiple types of biomass feedstock into electrical power, thermal energy, and biochar. The plant, which went into live operation in March 2023, is working toward sustained, continuous operation, with regular down time for maintenance and improvements. Italia MDC is considering permits for different feedstocks that could be supported by the technology and deliver better economics.
EQTEC, as a thermochemical conversion technology and engineering company, delivers waste management and new energy solutions through innovation and infrastructure engineering. The company's proven, proprietary, and patented technology is focused on replacing fossil fuels for reliable, baseload energy.