Verditek takes full control of Solar PV Business

RNS Number : 3325Z

Verditek PLC

17 May 2019

 

Verditek PLC

("Verditek" or the "Company")

Verditek takes full control of Solar PV Business

Verditek plc, (AIM: VDTK) is pleased to announce that it has successfully negotiated full control of Greenflex Energy Limited (previously a 51% subsidiary of Verditek plc), and liquidated Greenflex RSM s.r.l.

In doing so Verditek has consolidated all our PV assets in Verditek Solar Italy which will benefit from 100% of the results going forward. The acquisition has been achieved with full cooperation of the minority interest holder, forgiving accumulated losses incurred in Greenflex RMS s.r.l, the asset holding company owned entirely by Greenflex Energy Limited. The consolidated accounts of Verditek plc will reflect this change and full ownership of all assets of Verditek Solar Italy.

Having full control of the company and assets has allowed Verditek Solar Italy s.r.l. to move forward quickly with refurbishing the Lainate manufacturing facilities and refining the formulation of our lightweight PV modules. The result is a novel solar PV product that addresses clients needs and projects that otherwise could not consider a solar solution due to the weight and installation challenges of conventional panels. Additionally, Verditek has been developing financial instruments to offer clients the opportunity to reduce or remove the initial capital burden incurred with installing solar on their premises. By partnering with EPC (Engineering, Procurement, Construction) companies, and investors, we can create an affordable entry into solar and attract investment into renewable energy developments.

Dr Geoff Nesbitt, CEO of Verditek plc said: "the acquisition of the minority interest in Greenflex Energy and liquidation of Greenflex RSM allows us to operate decisively. A tremendous amount of work and commitment has been invested to turn this facility around and it will be gratifying to benefit fully from our efforts. We will continue to open up market opportunities via smart partnering with other organizations aligned to bring Solar PV to clients that would otherwise be denied access to renewable energy."

About Verditek:

Verditek plc (AIM: VDTK), the clean technology company is headquartered in London. Verditek is dedicated to commercializing proven technology in the renewable energy and clean-tech sectors that can deliver significant competitive advantage compared to conventional industrial solutions. From light-weight solar modules, cutting edge de-odorization, and ground-breaking CO2 capture, Verditek is realising tomorrow's technologies today.

For further information, please visit www.verditek.com 

Enquiries:

Verditek plc            Geoffrey Nesbitt, CEO Verditek Solar Italy srl Alfredo De Mutiis, Managing Director	Tel: [phone] 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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