EQTEC 2021 annual report

2021 annual report and results

25 April 2022

Today EQTEC is pleased to announce audited results for the year ended 31 December 2021 and release its annual report which can be read and downloaded HERE.

The highlights for 2021 were:
• Delivery of c. €9.2m revenue, 410% of c. €2.2m revenue in previous year
• Reduction in EBTIDA loss with an increase in net assets
• Growth across 7 geographies
o 2 new projects led to financial close with financing for a 3rd in progress
o 2 Market Development Centres under commissioning
o 3 additional plants under construction
o 12 projects under development
• Establishment of platform for growth
o Formal legal entities in Croatia and Greece established, with two more expected in 2022
o Advancement of strategic partnerships including collaborations with Wood, Toyota, Logik, H2
o Recruitment of engineering and project development talent
o Successful placing raised £16m applied towards market, project and capability growth

David Palumbo, CEO of EQTEC, commented: “We set ambitious targets for 2021 and delivered more than 4x revenue over 2020, building the momentum we intended. We converted more opportunities than ever into focused, planned projects and amongst these was closure of both of our targeted Market Development Centres in Italy and Croatia. We formalised majority-owned joint ventures in Croatia and the Aegean and invested in our go-to-market presence across USA, UK, France, Italy and Ireland, with a view to increasing pace and impact in those markets. Critically, we also started extending our partnership network to major players that will credibly support our growth into new geographies and solutions.

“I am especially proud of these achievements in the face of strong market headwinds, including significant price increases and delays in receiving critical raw materials or manufactured parts. Our business platform grows increasingly resilient as we add partners and new talent to our global network. From post-Covid challenges to COP26 to more recent geopolitical events, we experience more demand than ever and are taking our place as a leading technology innovator for fossil fuel replacements and clean, baseload energy and biofuels, as well as an innovator of new business models for energy independence and security.”