Business
Update on First Production of Modular Housing
Update on First Production of Modular Housing.
About this update from Eco Buildings Group Plc
[{"type":"text","content":"\n\n15th June 2023\nEco Buildings Group plc\n(\"Eco Buildings\" or the \"Company\" or \"the Group\")\nUpdate on First Production of Modular Housing\nHighlights\n· New purpose-built factory building in Albania completed close to the new port terminal at Durres\n· All plant, equipment and vehicles previously operated in Dubai now located in Albania\n· Operational team relocated from Dubai to Albania\n· Reassembly and commissioning of plant and equipment proceeding apace at the new factory\n· Two supply and manufacturing contracts signed in place ready to be fulfilled valued at €114 million\nEco Buildings is pleased to provide an update on the ongoing works currently being undertaken in Albania ahead of first production and sales of its modular housing product. The purpose-built 3,000m² factory building, located near the new commercial port of Durres in Albania has been completed. All the plant and equipment required for production, which was previously operated in Dubai, has now been shipped and hauled to the new factory site. The team that operated the factory in Dubai and decommissioned the plant and equipment there has now relocated to Albania and is leading the local workforce in the reassembly and commissioning in Durres. Progress is continuing apace. Eco expects the factory to be operational and fully commissioned in Q3 this year. This will enable the Company to commence production and sales under two existing supply and manufacture contracts with a value of €114 million.\nSanjay Bowry said:\n\"We are pleased to announce the completion of the factory building, and the safe arrival of all the plant and equipment at our new factory in Albania, one of the lowest cost production environments in Europe. It is very encouraging to see the joint team formed and working ahead rapidly to commission the factory production line for commercial output in the near future. This will enable the production of Eco modular buildings to commence later this year against our contracted €114 million order book of single dwelling units deliverable within the next three years.\nWe are currently well advanced in several further negotiations in other markets where our fast, green building system is genera...