The green technology group had in September inked an equipment sale and services contract with North Fork Community Project (NFCP), the plant’s manager, as part of a joint venture with US private company Phoenix Biomass Energy.
The two firms committed to provide equipment, engineering and design services to the North Folk plant to allow production of synthetic gas of enough quality to achieve two megawatts of power on a continuous basis.
The AIM-listed firm said the contract has now been executed and will invoice a total of €2.2mln to NFCP. It will comprise a down-payment of €880,000 on execution, as well as milestone payments leading up to commissioning of the project, expected in the first quarter of 2021.
According to NFCP, the biomass project is expected to cost US$20mln and will have the capacity to generate US$4mln in annual revenue. The project’s advancement pushed EQTEC shares up nearly 33%.
Over the shortened holiday trading week, the AIM All-Share rose 0.8% to 962, while the FTSE 100 dipped 0.8% to 7,575.
Another AIM success story came from CyanConnode PLC (LON:CYAN), which rocketed 80% higher on Monday after entering the Thai market with a new order for its smart metering systems.
The tech firm said the 33,000 unit order, received from its distributor partner The JST Group is for Thailand’s state-backed enterprise Metropolitan Electricity Authority.
Cyanconnode will receive an upfront payment of US$400,000, around 25 per cent of the contract value, with another 200,000 units expected to follow the successful deployment of the original 33,000.
IT firm IDE Group Holdings PLC (LON:IDE) also bounced 10% higher on the same day on the back of multiple contract renewals and a £1.5mln fundraise from its three largest shareholders.
And another commodity stock, Richland Resources Ltd. (LON:RLD) rose 20% the same day as it became a cash shell after selling off its wholly-owned subsidiary Richland Corporate, the holder of the Capricorn Sapphire Project, to Fura Gems (CVE:FURA).
Tri-Star Resources PLC (LON:TSTR) was one of the few notable fallers on AIM over the week, crashing by 55% on Friday after doubts were raised over the financing of its antimony and gold production facility in Oman, which now requires an additional US$160mln investment.