VSI Commences Manufacturing and First Order Intake

RNS Number : 2258A

Verditek PLC

28 May 2019

 

Verditek PLC

("Verditek" or the "Company")

Verditek Solar Italy Commences Manufacturing and First Order Intake

Verditek plc, (AIM: VDTK), is delighted to announce the official opening of our first Solar PV module factory in Lainate Italy. Verditek Solar Italy (VSI) operates the site and production of our lightweight solar panel modules which we are bringing to market. The chairman RH Lord David Willetts FRS and board members have inspected the facility and observed the manufacture of PV modules across a range of sizes and formats. The production facility is ideally situated, close to major transport corridors and near to the Milan-Malpensa airport in the industrial and design heartland of Italy.

The 1800m² facility includes a largely automated state-of-the-art production line that has benefited from full refurbishment and testing during the preceding months. Verditek Solar Italy will provide employment opportunities requiring production and administration skills in Lainate and has hired operations staff to begin ramp up to full production capacity in the coming months. In anticipation, VSI has hired sales staff in March covering the EU, Africa and Asia, and has been attending solar exhibitions and pursuing leads to fill the order book.

This has resulted in securing our first material distribution agreement comprising a multi-year take or pay contract that begins with a minimum of 1 MW in the first year and increases to 3 MW in the second year. The first 200 kW will be shipped within 16 weeks and serve to establish the factory. Further orders are under negotiation and the directors are confident the pipeline will deliver firm commitments in the near future.

The company has ambitious plans to expand and enhance the performance of the plant to bring our product competitively to market and has identified opportunities to increase production capacity cost effectively, as our pipeline continues to grow.

Constructed for high efficiency and durability, Verditek Solar Italy's production line utilises nanowire technology to enhance electrical conductivity and safety. Thanks to their polymer construction, the PV panels are robust and semi-flexible but without the heavy aluminium frame and glass sheets required in conventional modules. The final product is approximately 3mm thick, easy to install, and weighs in around 2kg/m2 compared with 22-28 kg/m2 for conventional panels. Since we use the same high quality 160µm monocrystalline cells employed in the very best PV modules, we deliver more watts per weight.

Alfredo De Mutiis, General Manager, Verditek Solar Italy says: "The new factory is a real pleasure to operate and has plenty of space to expand production capacity. This will allow us to deliver our strategy providing a more sustainable means of generating renewable energy to clients."

Geoff Nesbitt, CEO of Verditek plc says: "I am proud of the progress made in Lainate and the realization of a first-class solar manufacturing facility in Europe. The sales team is converting the leads we have in the funnel into orders, with plenty of ground yet to cover. The tremendous growth predicted in renewable energy is just beginning and I am convinced we are entering the market at the right time to catch this surge. Our technology accesses clients who would otherwise have to sit this transformation of energy resourcing out. We will continue to position ourselves to deliver product where it is needed, with the lowest carbon footprint possible."

About Verditek plc

Verditek plc (AIM: VDTK) is headquartered in London and holds interests in three businesses operating within the clean technology sector. This includes full control of a new manufacturing factory in Lainate Italy comprising two solar manufacturing production lines (total of 20MW p.a.) producing innovative lightweight solar modules. Additionally, the company has interests in a sustainable filtration and deodorization technology which is commercially proven to remove a wide range of odours found in wastewater and exhausts, and a unique liquid gas absorption technology which can revolutionize the global CO2-capture industry.

For further information, please visit www.verditek.com 

Enquiries:

Verditek plc            Geoffrey Nesbitt, CEO	Tel: [phone]
WH Ireland Limited - NOMAD and Broker	Tel: [phone]
Chris Hardie Matthew Chan
Strand Hanson Limited - Financial Adviser James Harris Ritchie Balmer Jack Botros	Tel: [phone]

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

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