EQTEC (LON:EQT), the technology solution company for waste gasification to energy projects, today announced that, via its wholly owned subsidiary EQTEC Iberia SLU, it has completed its first maintenance contract with Transports Metropolitans de Barcelona, the public transport operator in Barcelona, following a successful tender for the project earlier in the year.
As part of its wider commercial strategy, EQTEC has been actively seeking to employ its engineering capacity, experience and credentials in co-generation applications to bid for maintenance contracts with significant clients which have extensive infrastructure. This strategy allows the Company to generate revenues from its Operations and Maintenance team, whilst its waste elimination and energy recovery technologies are being developed and constructed. This enables EQTEC to build its credentials in a given market, while developing potential new sales channels for projects and services within this new customer base.
The Company won a tender for a maintenance contract with TMB, consisting of the overhaul of the engine cogeneration unit at TMB’s Horta Station in Barcelona, Spain. The Company secured financing for the project from CAIXA Bank and the works were completed in September 2019, with final sign off being received on 3 October 2019. The initial works have generated revenue of approximately €155,000 for the group.
Following completion of these works, EQTEC will retain the preventive maintenance contract until May 2020 for both TMB’s Horta Station and a second project, at TMB’s Triangle Station.
TMB is the main public transit operator in Barcelona, made up of two formerly separate companies, Ferrocarril Metropolità de Barcelona, SA. and Transports de Barcelona, SA. and it runs most of the metro and local bus lines in Barcelona and the wider metropolitan area. The bus network serves Barcelona and the metropolitan area through 109 lines that cover a total distance of 920.62 kilometres. The Barcelona Metro service has six lines comprising 123 stations and a funicular railway. In 2017, TMB carried 592.45 million passengers and had 7,935 active employees.
Yoel Aleman, EQTEC’s Chief Technology Officer, commented:
“We believe our commitment to technology, innovation and customer support is second to none in the sector. The capabilities of our engineering team are ideally suited to securing maintenance contracts with blue chip counterparties such as TMB and we will continue to reinforce this to the market.
“This type of maintenance contract with large entities, with significant infrastructure, are ideal for EQTEC to scale up the Company’s services portfolio with activities that are capable of generating recurrent income. We are targeting further similar contracts alongside our focus on the Company’s ongoing projects.”