EQTEC PLC has announced the approval of a €2.9 million loan facility by Banca del Fucino S.p.A. for EQTEC Italia MDC Srl, which owns the Italy Market Development Centre. The facility will support the Plant's business plan and fund performance improvements. The loan has an annual interest rate of 2.5% over the six-month Euro Interbank Offered Rate and is guaranteed up to 80% by MedioCredito Centrale S.p.A. The Plant, operational since March 2023, will utilize the loan to enhance operational efficiency and pursue commercial opportunities. Part of the facility will also be used for the repayment of shareholder loans, including those made by EQTEC.
David Palumbo, CEO of EQTEC, expressed delight at achieving this milestone, emphasizing the confidence Banca del Fucino's financing demonstrates in their business proposition. He highlighted the commitment to making Italia MDC a showcase of local capability and a demonstration of EQTEC syngas technology in a live, efficient, and sustainable business.
EQTEC Italia MDC Srl, in which EQTEC owns 49.0%, operates a 1 MWe plant in Gallina, Tuscany, converting agricultural and forestry waste into electrical power and biochar. The Plant, with EQTEC technology at its core, can convert multiple types of biomass feedstock into electrical power and thermal energy. It is currently converting wood waste into electrical power for export to the national grid and producing biochar for purchase by European wholesalers. The Plant has been upgraded to support lower-density feedstocks, adding resilience to its business model.
The Italy Market Development Centre is focused on the Agricultural solution model, demonstrating the potential for smaller-scale, autonomous plants in remote areas to convert agricultural and forestry biomass into value for the local community. This facility's development aligns with EQTEC's goal of powering distributed, decarbonized, new energy infrastructure through waste-to-value solutions for hydrogen, biofuels, and energy generation.