EQT Eqtec Plc

16 September 2024

EQTEC plc

("EQTEC", the "Company" or the "Group")

Senior Management Appointment

EQTEC plc (AIM:EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation is pleased to announce the appointment of Murli Bhamidipati as Operations Director at EQTEC Iberia SLU. In his role, Mr Bhamidipati will become the Managing Director of the Company's Spain-based operations and will direct Group-wide business development activities and their interactions with the Spain-based engineering team. Mr Bhamidipati will join the Company on 30 September 2024 and will be based in Barcelona, Spain. It is expected that Mr Bhamidipati will, in due course, join the EQTEC Board.

Further to the Company's announcement on 9 August 2024, Group COO, Jeffrey Vander Linden will step down from the Board on 29 September 2024.

The appointment of a Spain-based Operations Director comes following the Group's announcement on 9 August 2024 that the Group's lead operations role will transition to Spain as part of operational and organisational changes in line with the Group's business strategy and stated intent to become a pure-play technology innovator and licensor. As part of this strategy, originally announced in September 2021, the Group will co-locate operational management and decision-making with its Engineering team based in Barcelona, to be led by Mr Bhamidipati as Operations Director. This appointment will permit Group Chief Technical Officer (CTO) Dr Yoel S. Alemán Méndez to focus exclusively on innovation, patent evolution and development of EQTEC's technology and engineering excellence. 

Mr Bhamidipati is well qualified to manage both business development and engineering operations for the Group, with a distinguished career spanning nearly 30 years, including several leadership roles. Most recently, he was CEO of Bolueta Engineering Group SL, a mid-sized engineering group in Spain focused on the Energy sector, where he directed engineering and operations, managed key clients, suppliers and investors, and led development of company growth strategy. Mr Bhamidipati has advised a number of start-ups on fundraising, commercial and go-to-market strategies. In addition, he has advised companies on turnaround and restructuring. Previously, he worked in finance and investment, at Deutsche Bank, GE Capital and Goldman Sachs, focusing on the conventional and new Energy and Commodities sectors. He is fluent in English, Spanish and German.

David Palumbo, CEO of EQTEC, commented:  

"It is not at all easy to find someone like Murli, so we are delighted he is joining EQTEC. He brings the right capability, depth of experience and mindset for growth aligned to the Company's long-term aspirations. His focus on the evolution of our Engineering business and his direct engagement at the interface between Engineering and Business Development are areas where we are seeking to build critical, operational skills to support more clients, more projects and more plants with our world-class technology capabilities. I am also delighted that CTO Yoel Alemán will be able now to devote more focus on driving greater, practical innovation of our technology for a wider range of projects for waste management and new energy infrastructure."

Murli Bhamidipati, incoming Director of Operations at EQTEC Iberia SLU, commented:

"I am honoured to join EQTEC at such an exciting time in its growth journey. The company's innovative approach to waste-to-value solutions has immense potential, and I am confident that my experience in both business development and engineering operations will allow me to contribute significantly as we advance our mission. I look forward to working closely with the talented team at EQTEC to drive the successful execution of our strategic objectives, particularly in scaling up our operations and expanding our impact in the energy sector."

ENQUIRIES  

About EQTEC 

As one of the world's most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems. 

EQTEC designs, specifies and delivers clean, syngas production solutions in the USA, EU and UK, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of feedstock, including forestry waste, agricultural waste, industrial waste and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of renewable natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen. 

EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world. 

The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions. 

Further information on the Company can be found at www.eqtec.com.