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EQTEC plc

EQTEC plc announces David Palumbo as new CEO

EQTEC plc (LON: EQT), the technology solution company for waste gasification to energy projects announced today that Ian Price has stepped down as the Company’s Chief Executive Officer and as a Director of the Company with immediate effect. The Company has appointed David Palumbo to succeed Ian as Chief Executive Officer with immediate effect. Ian Price will remain as part of the Company’s senior management team and will continue to support the development of the Group’s business.

Mr Palumbo joined the Company’s Board on 28 August 2019, having been appointed to the senior management of the Group as Commercial Director on 28 June 2019. He has been in involved in an advisory capacity with the Group since 2014 and was responsible for introducing a number of significant stakeholders to the Company in that period. David 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.

Ian Pearson, Chairman of EQTEC plc, said:

“We are excited to welcome David as Chief Executive. His knowledge of and long relationship with the Company, together with his strong and varied international experience make him ideally placed to realise the full benefits of the recent restructuring and continue to implement our clear strategy for growth in the highly attractive waste to energy market.

“The Board would like to thank Ian for his contribution as Chief Executive, overseeing the final stages of the integration of the transformational merger with Eqtec Iberia and the operational re-focus of the Group’s business. His extensive experience in the UK RDF market will continue to benefit the Group in his new role.

David Palumbo, Chief Executive Officer of EQTEC plc, said:

“I am delighted to have been appointed EQTEC’s new CEO at what I know is a very exciting time for the Group. My focus will be on accelerating the strong foundation for growth, focusing on increasing sales from a lean organisation, continuing to optimise the capital structure of the Company and establishing new funding structures for project finance. With this in place, I believe the potential of the Group’s unique and highly compelling technology and portfolio of projects will be maximised.”