Business
Verditek takes full control of Solar PV Business
Verditek takes full control of Solar PV Business.
About this update from Earnz Plc
[{"type":"text","content":"\n \nRNS Number : 3325Z Verditek PLC 17 May 2019 \n\nVerditek PLC\n(\"Verditek\" or the \"Company\")\nVerditek takes full control of Solar PV Business\nVerditek 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. \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 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.\nHaving 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.\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 organizations aligned to bring Solar PV to clients that would otherwise be denied access to renewable energy.\"\nAbout Verditek:\nVerditek plc (AIM: VDTK), the clean technology company is headquartered in London. Verditek is dedicated to commercializing proven technology in the renewable energ...