LONDON (ShareCast) - (Sharecast News) - Energy-from-waste company Eqtec has brought in an experienced waste and renewables executive to replace Luis Sanchez as its chief executive on Monday as the firm issued 307m new shares as a result of the conversion of loan notes entered into last month.
As part of an agreed restructuring, the waste-gasification-to-energy group revealed that Sanchez would stand down as CEO immediately, but would continue with the group as a senior executive.

To fill the void left by Sanchez, Eqtec appointed Ian Price to the board with immediate effect. Price has had a career spanning more than two decades, principally in the waste and renewables sectors, spending time as Covanta's director of commercial services and as a director of KSP Renewables, a company which specialises in the development of merchant energy from waste plants in the UK.

Last December the company merged with Spanish sister company Eqtec Iberia, refocusing its strategy on the energy-from-waste market in the UK and around the world, using Eqtec Iberia's proven gasifier technology and gaining a strong pipeline of projects.

In the first half of the year, the company agreed to sell assets from its Newry project for approximately €4m and at the half-year point had cash of €1.8m, boosted by an equity placing from re-admission and the Iberia deal.

In recent months, a strategic alliance was agreed with Cobra to identify and collaborate on waste-to-energy projects, a memorandum of understanding signed with Citra Metro Jaya to supply the Eqtec gasifier technology for a 12 MWe power plant in Vietnam and another MOU signed with a consortium to use the companys's technology for the gasification and gas cleaning process for a 6.4 MWe power plant.



"I am looking forward to taking on the role of CEO at Eqtec at a time of tremendous opportunity," said Price. "The challenge of increased global consumption leading to more and more waste coupled with an increasing need for sustainable energy is creating a highly receptive environment for our waste conversion technology."

Elsewhere, the company confirmed it had issued 307m new ordinary shares to Origen Capital, Altair Group Investments and Ecofinance following the agreement for the conversion of loan notes entered into on 5 July, with trading in the new shares expected to kick off on 10 August.

As of 0840 BST, EQTEC shares had dipped 0.35% to 1.27p.

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