September 15 (SeeNews) - Romanian green energy company Simtel Team said on Thursday it plans to expand its operations in Moldova and Western Europe.
Simtel Team has already signed contracts representing investments of over 500,000 euro ($499,695) in Moldova, it said in a press release.
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"In the coming years, we strongly believe in energy storage using Li-ion or hydrogen batteries, and we are developing specific services and products in this direction," Simtel Team CEO Iulian Nedea said.
At end-June, the company raised a total of 12.8 million lei ($2.6 million/ 2.6 million euro) from investors following a capital hike. Half of the funds will be used to support ongoing projects, while the other 50% of the sum will be directed towards the development of new green energy initiatives.
Simtel Team's individual net profit soared 129% on the year to 1.7 million lei during the first half of the year, while turnover surged by an annual 91% to 35.4 million lei.
The improved financial results are due to the performance of the company's renewable energy business line, which generated 85% of the total turnover.
Simtel targets a net profit of 11.6 million lei in 2022.
The company was founded in 2010 and operates in three main sectors ‒ telecommunications, renewable energy, and industrial automation. Simtel is listed listed on the AeRO market of the Bucharest Stock Exchange and has a market capitalization of approximately 209 million lei.
Its shares traded 0.56% higher at 27.1 lei by 27.1 CET on Thursday, bourse data showed.
(1 euro=4.9259 lei)