EARNZ PLC

Management Reports • Sep 26, 2019

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RNS Number : 7008N

Verditek PLC

26 September 2019

Verditek PLC

("Verditek" or the "Company")

Verditek Solar Italy announces material Order Intake

Verditek plc, (AIM: VDTK), is delighted to announce that it has secured a further material  order with a Nigerian distributor comprising a multi-year take or pay contract that begins with a minimum of 1 MW in the first year and increases to 3 MW in the second year. The first 200 kW will be shipped within 16 weeks and complements the previously announced distribution agreement announced on the 28th May 2019 (RNS 2258A). Further orders are under negotiation and the directors are confident the pipeline will deliver new commitments in the near future.

The company has ambitious plans to expand and enhance the performance of the plant to bring our product competitively to market and has identified opportunities to increase production capacity cost effectively, as our pipeline continues to grow.

Constructed for high efficiency and durability, Verditek Solar Italy's production line utilises nanowire technology to enhance electrical conductivity and safety. Thanks to their polymer construction, the PV panels are robust and semi-flexible but without the heavy aluminium frame and glass sheets required in conventional modules. The final product is approximately 3mm thick, easy to install, and weighs in around 2kg/m2 compared with 22-28 kg/m2 for conventional panels. Since we use the same high quality 160µm monocrystalline cells employed in the very best PV modules, we deliver more watts per weight and can be applied easily to many surfaces without the need for bulky frames.  Together, these properties open markets that otherwise cannot consider solar energy to address their power requirements

Geoff Nesbitt, CEO of Verditek plc says: "The sales team is diligently converting the leads we have developed into orders, with a number of material opportunities under development. The tremendous growth forecast in renewable energy is just beginning and our experience to date indicates we are entering the market at the right time to inject our energy and products into this surge. Our technology services clients who would otherwise be denied access to renewable energy. We will continue to position ourselves to deliver product where it is needed, with the lowest carbon footprint possible."

About Verditek plc

Verditek plc (AIM: VDTK) is headquartered in London and holds interests in three businesses operating within the clean technology sector. This includes full control of a new manufacturing factory in Lainate Italy comprising two solar manufacturing production lines (total of 20MW p.a.) producing innovative lightweight solar modules. Additionally, the company has interests in a sustainable filtration and deodorization technology which is commercially proven to remove a wide range of odours found in wastewater and exhausts, and a unique liquid gas absorption technology which can revolutionize the global CO2-capture industry.

For further information, please visit www.verditek.com 

Enquiries:

Verditek plc            Geoffrey Nesbitt, CEO	Tel: +44 (0)20 7129 1110
WH Ireland Limited - NOMAD and Broker	Tel: +44 (0)20 7220 1666
Chris Hardie Matthew Chan
Novella (Financial PR) Tim Robertson	Tel: +44 (0)20 3151 7008
Fergus Young

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