Eco Buildings Group PLC Update on First Production of Modular Housing
2023年6月15日 - 3:00PM
RNSニュース (英語)
TIDMECOB
Eco Buildings Group PLC
15 June 2023
15(th) June 2023
Eco Buildings Group plc
("Eco Buildings" or the "Company" or "the Group")
Update on First Production of Modular Housing
Highlights
-- New purpose-built factory building in Albania completed close
to the new port terminal at Durres
-- All plant, equipment and vehicles previously operated in Dubai now located in Albania
-- Operational team relocated from Dubai to Albania
-- Reassembly and commissioning of plant and equipment proceeding apace at the new factory
-- Two supply and manufacturing contracts signed in place ready
to be fulfilled valued at EUR114 million
Eco Buildings is pleased to provide an update on the ongoing
works currently being undertaken in Albania ahead of first
production and sales of its modular housing product. The
purpose-built 3,000m(2) factory building, located near the new
commercial port of Durres in Albania has been completed. All the
plant and equipment required for production, which was previously
operated in Dubai, has now been shipped and hauled to the new
factory site. The team that operated the factory in Dubai and
decommissioned the plant and equipment there has now relocated to
Albania and is leading the local workforce in the reassembly and
commissioning in Durres. Progress is continuing apace. Eco expects
the factory to be operational and fully commissioned in Q3 this
year. This will enable the Company to commence production and sales
under two existing supply and manufacture contracts with a value of
EUR114 million.
Sanjay Bowry said:
"We are pleased to announce the completion of the factory
building, and the safe arrival of all the plant and equipment at
our new factory in Albania, one of the lowest cost production
environments in Europe. It is very encouraging to see the joint
team formed and working ahead rapidly to commission the factory
production line for commercial output in the near future. This will
enable the production of Eco modular buildings to commence later
this year against our contracted EUR114 million order book of
single dwelling units deliverable within the next three years.
We are currently well advanced in several further negotiations
in other markets where our fast, green building system is
generating significant interest as a tool to address the acute
social deficit in affordable housing. Following the successful
completion of the RTO, we are now well positioned to conclude these
discussions and I look forward to providing updates on additional
contracts over the coming weeks."
Further information is available on Eco Buildings website:
www.eco-buildings.net
For more information contact:
Eco Buildings Group plc Tel: +44 (0) 207 380
Sanjay Bowry, Chief Executive Officer 0999
Fiona Hadfield, Finance Director
Spark Advisory Partners Limited (Nominated Tel: +44 (0) 203 368
Adviser) 3550
Matt Davis / James Keeshan
Tavira Securities Limited (Broker) Tel: +44 (0) 203 192
Oliver Stansfield / Jonathan Evans 1739
Notes
The Company has acquired proven and innovative prefabricated
modular technology which has been in development and commercial use
since 2006. Eco Buildings' range of modular housing products from
glass fibre reinforced gypsum ("GFRG") provides a solution for the
construction of both affordable and high-end housing, with Eco
Buildings' products being up to 50% cheaper, two-thirds lighter and
five times faster to deploy than conventionally built homes.
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
EUR38 million in total per annum over the first three years
(approximately EUR114 million in total) following Admission.
In addition, the Group has entered into a manufacturing and
licence agreement with North Eco, a third-party company proposing
to build modular housing in the United Kingdom utilising the
intellectual property of Eco Buildings. Under the terms of the
agreement with North Eco, Eco Buildings will receive 30% of the
gross receipts of each unit sold by North Eco. The Company is also
in ongoing discussions with potential additional customers for its
modular housing product.
Modular housing market share is expected to grow significantly
over the coming years as developers and nations seek to address the
substantial shortage of stock and issues surrounding quality and
affordability.
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