LONDON (Alliance News) - Verditek PLC on Tuesday said it opened its first solar PV module factory in Lainate, Italy.
The company said that the factory is operated by Verditek Solar Italy, which is in charge of overseeing production of the company's lightweight solar panel modules.
Furthermore, the company said it has secured its first distribution agreement, comprising a multi-year take or pay contract that begins with a minimum of 1 megawatts in the first year and increases to 3 megawatts in the second year.
The first 200 kilowatts will be shipped within 16 weeks and serve to establish the factory, Verditek said.
"Further orders are under negotiation and the directors are confident the pipeline will deliver firm commitments in the near future," it added.
Verditek shares were trading 3.1% higher at 7.48 pence each on Tuesday.