EQTEC PLC – New Board Appointments & Appointment of Broker

EQTEC PLC – New Board Appointments & Appointment of Broker

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce the appointments of Mr David Palumbo and Mr Yoel Alemán Méndez to the Board of Directors of the Company as Executive Directors with immediate effect.  As announced on 28 June 2019, Mr Palumbo and Mr Alemán were appointed to the senior management of the Group as Commercial Director and Chief Technical Director respectively.  They will continue to fulfil these roles alongside their Board responsibilities.

Mr David Palumbo is an experienced entrepreneur with 20 years’ experience in private equity, business development and asset management.  Since 2006, David has founded and co-founded a number of companies in various industries such as renewable energy, wealth management, property and real estate.  David is the Founding and Managing Partner of Origen Capital LLP, a private investment firm representing family offices and private consortia in Europe, CIS and Latin America.  He has a B.Sc and a M.Sc in electrical engineering.

Origen has previously been engaged by the Company to introduce potential investors.  Origen facilitated the introduction of Altair Group Investment Ltd to the Company in 2014, together a number of additional investors since, which have invested in and/or provided funding to the Company.  Origen has also acted as an adviser to Altair in other real estate investments since 2015.  Altair currently owns approximately 28.1 per cent of the Company’s issued share capital.  Recognising the relationship between Altair and Origen, whilst Mr. Palumbo serves on the Board, Altair has committed not to exercise its right to nominate an appointee to the Board (see the Company’s announcement of 28 June 2019 for further information). 

Mr Yoel Alemán Méndez is an experienced chemical engineer with over 20 years’ experience in Biomass Gasification.  He has designed, built and operated gasification facilities of various industrial capacities, is the author of three technology patents related to specialty power generation, has been a University Associated Professor and Researcher at three universities and holds a PhD in chemical engineering.  Prior to his appointment to the senior management of the Company in June 2019, Yoel was the Chief Technical Officer of EQTEC Iberia from April 2010.

Commenting on the Board appointments, Ian Pearson, Non-Executive Chairman of the Company, said: “I am very pleased to welcome David and Yoel to the Company’s Board.  Since starting their senior management roles at the end of June they have already provided a valuable contribution to the Company.  I look forward to working with them as we seek to accelerate progress with our significant pipeline of projects and opportunities across the UK, Europe and US.”

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