Commercial orders in new sectors and geographies

RNS Number : 7788R

Verditek PLC

02 July 2020

 

02 July 2020

Verditek PLC

("Verditek" or the "Company")

Announces its first commercial orders in marine and agricultural industry verticals and cements another oil and gas order in Africa.

Verditek plc, (AIM:VDTK) the clean technology company is pleased to announce, following its successful product development activities, that it has received a number of orders over the past two weeks in new geographical areas and new vertical markets .

The team has successfully secured its first order for the very profitable marine market, selling panels in Thailand to be used on yachts.  The lightweight solar panels provided will be used to power the cabin electrical loads such as navigation, lighting. and communication equipment. On the back of Verditek's first order in this industry vertical, Verditek expects to cement its footprint in the marine market in the coming months both in Thailand and in other geographical locations. The marine market for photovoltaic ultra lightweight products is fast growing, under utilised and we believe to be in the region of 150-200MW per annum of sales.

In the UK, Verditek has secured its first order in the agricultural sector, with Verditek solar panels to be installed on the roofs of barns in the near future.  Due to the low load bearing characteristics of these structures the installation of a lightweight solar panels on the roof was the only practical solution to generating electricity.  In the case of both the marine and agricultural orders, shipment is being made this month out of existing stock levels.

Following on from the success in Pakistan, Verditek has secured another order in the Oil & Gas vertical. Verditek panels will be installed in Libya, which will be the first sale to an African state for Verditek.  The purchase order has come from Italian engineering contractor Endeco SPA, who provide oil field facilities services in Libya.  Due to the size, the project will start this week with procurement activities and will be shipped to the client at the beginning of September.

Giovanni Aloisi, Branch Manager - Endeco Libya, commented:   "Powering our facilities in remote locations in the Oil & Gas fields of Libya is extremely challenging, using diesel fuel adds a further degree of logistic complexity to any operations.  By using the durable lightweight solar solution we are able to reliably power our operations in harsh conditions and reduce our reliance on diesel " . 

Enquiries:

Verditek plc

RH Lord David Willetts FRS (Non-Executive Chairman)                                        [phone]

Robert Richards (Chief Executive Officer)    [e-mail]

WH Ireland Limited (NOMAD and Broker)

Chris Hardie (D irector, Corporate Finance)  [phone] 

                   [e-mail]

About Verditek plc

AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously impossible. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf, and have created the worlds' first Graphene Integrated Photo Voltaic cell. We are working together to engineer the technology for commercialization.

Verditek provides compelling commercial solutions that make our customers business sustainable.

For more information please visit or contact the following:   https://verditek.com/

 

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