(Alliance News) - Verditek PLC on Tuesday said it signed a memorandum of understanding with Net Zero Valley, a global impact private equity and real estate investment firm and alternative fund manager.
Verditek shares surged 25% to 1.25 pence each on Tuesday morning in London.
Verditek, a London-based solar panel producer, said the non-binding MoU forms the basis of the framework for a 50:50 joint venture agreement to invest in a new large scale 1 gigawatt ultra-lightweight solar panel manufacturing plant in southern Italy on Net Zero's 1.5 million square feet campus.
Verditek said Net Zero is planning to establish an integrated research & development and manufacturing campus in eastern Sicily which will focus on technologies for the decarbonisation of the real estate and automotive sectors and systemic solutions and applications thereof, such as electric vehicle charging stations, solar car parks and agri-voltaic and greenhouses.
By Tom Budszus, Alliance News reporter
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