Eqtec announces leadership changes, cost-cutting measures
By Josh White
Date: Friday 24 Oct 2025
(Sharecast News) - Eqtec announced sweeping leadership changes, cost-cutting measures and a new funding agreement on Friday, as the clean energy technology group looked to streamline operations and strengthen its financial position.
The AIM-traded company said non-executive chairman Ian Pearson, non-executive director Tom Quigley and chief technical officer Dr Yoel Alemán Méndez had stepped down from the board, with Dr Alemán remaining in his technical role.
David Palumbo, previously chief executive, had transitioned to executive chairman and relocated to the United Arab Emirates to lead strategic capital formation and partnerships, while James Parsons had joined the board as chief executive officer.
Gerry Madden had meanwhile been appointed non-board chief financial officer and company secretary.
The reshaped leadership team would focus on cost optimisation, operational stability and revenue growth.
Eqtec said it had already started streamlining its Spanish, UK and French operations, a move expected to deliver up to €1.5m in annualised savings versus 2024.
The firm said its immediate priorities included reducing its cost base, stabilising reference plants in Greece, Italy and the US, and expanding revenue.
As part of its funding update, Eqtec said its option agreement with Rebel Ion had been suspended, with the investor reviewing potential regulatory implications of recent ownership changes.
Rebel Ion was continuing to progress the acquisition of the company's secured debt.
Eqtec said it had replaced the agreement with a new unsecured convertible loan facility of up to £1.5m, provided by its sole broker Global Investment Strategy UK, with an initial drawdown of £0.3m to support working capital and development of its waste-to-liquids technology platform.
"Today marks the start of a new chapter for Eqtec - more resilient, more focused, and more intentionally structured for both current market conditions and long-term value creation," said executive chairman David Palumbo.
"We are transitioning into a leaner, execution-focused organisation that is better aligned with the realities and opportunities of our sector."
Departing chairman Ian Pearson added it had been "a privilege" to serve during "a time of profound transformation and innovation".
"The company's mission to provide sustainable energy solutions through world-class technology has never been more relevant," he added.
Newly-appointed CEO James Parsons commented that he was "delighted" to join Eqtec at a "critical inflection point" calling for "sharper execution, tighter discipline, and a renewed focus" on commercial outcomes.
"My immediate priority is to bring operational rigour, cost focus and capital efficiency to everything we do, while positioning Eqtec to capture the growing demand for sustainable, waste-to-value solutions particularly in synthetic fuels."
At 0814 BST, shares in Eqtec were up 2.04% at 0.5p.
Reporting by Josh White for Sharecast.com.
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