EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that following the appointment of Ian Price as CEO on 6 August 2018, the Company has concluded a review of its strategic business unit Eqtec Iberia SL (“Eqtec Iberia”), which is a wholly owned, and the principal operating, subsidiary of EQTEC plc. Eqtec Iberia’s business portfolio includes engineering and design services and selling EQTEC Gasifier Technology (“EGT”), the Company’s patented gasification technology, to waste-to-energy operators and enterprise partners.

The strategic review has concluded the following so far:

The Company to exert greater direct control over its strategic business unit and will restructure it to shift the near-term focus from business development to pipeline execution to ensure delivery on customer requirements for immediate pipeline opportunities;

Eqtec Iberia to continue to respond to Requests for Tender in order to identify core opportunities in energy recovery from waste for the Group;

A new strategic alliance with CT3 Ingeniería is being entered into to provide further technical and engineering support to facilitate the Growth Optimisation Plan;

Headcount of skilled engineering staff to be increased over the coming weeks and months;

Yoel Aleman, currently Chief Technology Officer, to separately head up the new engineering function and report directly to the Board of EQTEC plc; and,

The appointment of Ian Price and Gerry Madden, currently executive directors of EQTEC plc, as executive directors of Eqtec Iberia SL.

Ian Price, CEO of EQTEC plc, commented: “My review of the needs of the business has highlighted an immediate requirement for more engineering resource to support our current deal flow. This, coupled with cost reductions in other areas of the business are key elements of the Company’s Growth Optimisation Plan in the near term. We intend to change what EQTEC does and how we do it and we have set out clear commitments against which our progress can be measured.

Our goal is to make EQTEC the preferred supplier of energy recovery from waste technology and the plan that we set out today is pivotal to delivering that goal and executing on our extensive pipeline of projects. We will announce further updates as the business review proceeds.”

Ian Pearson, Non-Executive Chairman of EQTEC plc, commented: "Following the recent appointment of Ian Price as our new CEO, I fully support the business review being undertaken. I believe that the fundamentals for the waste-to-energy sector have seldom been so good and that the existing pipeline of projects presents a significant opportunity for shareholders.”