Last checked at 18 Dec 2023 07:00
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.
18th December 2023
Eco Buildings Group plc
(the "Company" or the "Group")
Factory Update - First Wall Produced
Highlights
· Company's first manufacturing facility established in Dürres, Albania
· First walls have been produced at the new factory
· Full scale commercial production in Q1 2024 to commence fulfilling orders that are expected to generate up to ?114 million in total for the first three years.
Eco Buildings Group Limited (AIM: ECOB), the UK-listed green tech housing company, has commenced early production at its recently completed facility at Dürres, Albania with the manufacture and assessment of its first walls.
This follows the successful relocation of the production line from Dubai and an extensive programme of refurbishment and technical upgrades to the plant at the Company's custom built 2,440 sqm facility at Dürres. This will improve production capacity, reliability and quality as the Group begins fulfilling an order book of up to ?114 million in Albania, as previously disclosed. An additional production line is expected to be installed during 2024.
Sanjay Bowry, CEO, Eco Buildings said, "I would like to congratulate the team in Albania for bringing the factory into operation as efficiently as they have, culminating in this major milestone for Eco Buildings of producing its first walls at the new facility.
We have a significant existing order book which is expected to generate up to ?114 million in total for the first three years. We expect to add to this during 2024, particularly in already identified markets such as Chile and Spain
The scale and scope of our target market continues to grow, and the team at Eco Buildings is building capacity to address this opportunity. Our factory-based construction technology is as little as half the cost, a third of the weight, and a fifth of the installation time as conventional construction, and with a significantly reduced impact on the environment.
We look forward to updating the market soon on these matters and to continue to provide regular updates over the coming months."
Further information is available on Eco Buildings website: www.eco-buildings.net
For more information contact:
Eco Buildings Group plc Sanjay Bowry, Chief Executive Officer Fiona Hadfield, Finance Director | Tel: +44 (0) 207 380 0999
|
Spark Advisory Partners Limited (Nominated Adviser) Matt Davis / James Keeshan
|
Tel: +44 (0) 203 368 3550 |
Tavira Securities Limited (Broker) Oliver Stansfield / Jonathan Evans | Tel: +44 (0) 203 192 1739 |
Notes
The Company has acquired proven and innovative prefabricated technology which has been in development and commercial use since 2006. Eco Buildings' range of prefabricated, green housing products based on glass fibre reinforced gypsum panels ("GFRG") provides a construction solution for both affordable and high-end housing.
Eco Buildings has already secured two sales contracts with major construction companies, one in Albania, the other in Kosovo, which are expected to generate gross sales revenue of approximately up to ?38 million in total per annum over the first three years (approximately up to ?114 million in total).
The market share for factory-based building technology is expected to grow significantly over the coming years as private developers and the public sector seek to address the substantial and growing deficit in housing stock and issues of construction cost, speed and quality and housing affordability.