Business
Complete control of Solar PV Business
Complete control of Solar PV Business.
About this update from Earnz Plc
[{"type":"text","content":"\n \nRNS Number : 3874Z Verditek PLC 17 May 2019 \n\nAmendments have been made to the announcement (3325Z), released 17 May 2019, in the title and the third paragraph of the body of the text. All other details remain unchanged.\n \n \nVerditek PLC\n(\"Verditek\" or the \"Company\")\nVerditek takes complete control of Solar PV Business\nVerditek plc, (AIM: VDTK) is pleased to announce that it has successfully negotiated complete control of Greenflex Energy Limited (previously a 51% subsidiary of Verditek plc), and liquidated Greenflex RSM s.r.l. \nIn 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 complete cooperation of the minority interest holder, forgiving accumulated losses incurred in Greenflex RSM 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.\nHaving complete 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 is significantly lighter and easier to install than conventional panels. This opens up new market opportunities with clients who 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.\n \nDr 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 o...