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Regulatory News


Complete control of Solar PV Business

Fri, 17th May 2019 08:05


RNS Number : 3874Z
Verditek PLC
17 May 2019

Amendments 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.

Verditek PLC

("Verditek" or the "Company")

Verditek takes complete control of Solar PV Business

Verditek 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.

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 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.

Having 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.

Dr Geo? 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. With particular focus on light-weight solar modules, Verditek also has interests in 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: +44 (0)20 7129 1110

Tel: +44 (0)78 3306 2577

WH Ireland Limited - NOMAD and Broker

Tel: +44 (0)20 7220 1666

Chris Hardie

Matthew Chan




Strand Hanson Limited - Financial Adviser

James Harris

Ritchie Balmer

Jack Botros

Tel: +44 (0)20 7409 3494

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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