EQTEC has shared its trading update for the fourth quarter of 2021, revealing strong revenue growth.
The company’s CEO, David Palumbo, said 2021 was a busy and rewarding year. EQTEC confirmed progress towards the commissioning of Market Development Centres (MDCs) in Italy and Croatia. Both are expected to be commissioned in the first half of this year and will be showcases of EQTEC’s technology in live commercial environments. Additionally, three other plants are under construction in the US, Greece and Croatia.
“The final quarter of 2021 was busy for us and rewarding as a result,” said Palumbo. “The foundations we set in 2010 and 2021 are now supporting targeted growth: joint ventures in target markets, MDCs and an ecosystem of partners that take over more of the project lifecycle, towards an increasing focus for EQTEC on licensing and innovating our technology.
“We are active now in seven markets and have opened the door for more as we scale. Despite some challenging market conditions, particularly raw materials shortages, higher prices and increased shipping costs and times, we have delivered over four times revenue growth and find ourselves in a strong position to grow even faster. We will do this across both geographical and solutions markets, driving innovation and better targeting of demand, together with our local and some multinational partners.
“2022 will see us commission more plants with more operational availability and prove our case that EQTEC syngas is the future for reliable, carbon-negative, baseload energy and biofuels.”
In terms of revenue, in December, EQTEC confirmed that, notwithstanding its decision to defer financial close for its two largest projects at Billingham and Deeside, it expected total revenues for 2021 would be in the range of €8-10 million, representing strong growth over previous years.
In 2022, the company aims to maintain a strong focus on revenue growth, supported by disciplined project development and construction, with an increasing number of larger partners with qualified delivery track records, and in many cases, multinational market access.
EQTEC will test and develop more high-margin feedstock types and extend its technology into new syngas applications such as waste-to-hydrogen, waste-to-syngas, and waste-to-biofuels.
Full details of EQTEC’s 2021 activities can be found here.