Eqtec PLC on Thursday said it completed handover protocols and transfer of plant operations at its market development centre in Italy to the operating company.

The London-based technology firm - which focuses on distributed, decarbonised, new energy infrastructure via waste-to-value solutions for hydrogen, biofuels, and energy generation - said the site in Tuscany Italy was successfully handed over to Eqtec Italia MDC SRL.

It follows Eqtec’s announcement in mid-March that the Italia MDC was operational, having commenced export of electricity to the national power grid in early-March, alongside having produced biochar and commenced gasification in January 2023.

The Italia MDC is the first of Eqtec’s MDCs to be operational, Eqtec said.

It added the Italia MDC is pursuing refinance of the plant asset by an Italian bank, which is expected to complete during summer 2023.

‘We are pleased to see the operating company now fully in charge of our first MDC. The syngas quality and composition we are measuring there is exceptionally high, and we are confident that Eqtec Italia MDC will benefit from the high performance of both electricity and biochar this will allow,’ said Eqtec Chief Executive Officer David Palumbo.

‘We have already made good use of the MDC for a range of site visits including with prospective clients and investors and foresee many further visits well into the future. It is very rewarding to see EQTEC technology at the heart of a successful plant operation, supporting the local community.’

Palumbo continued: ‘As we move on to operate successive MDCs and other plants, we anticipate seeing Eqtec at the heart of baseload energy solutions for agricultural, municipal, industrial and utility clients across Europe and around the world.’

Shares in Eqtec were up 0.8% to 0.18 pence each on London on Thursday afternoon.

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