Bulmetal installs battery storage system, plans new PV plant

The new batteries are the first joint project between Bulmetal and Solar Home in energy storage, with four more similar projects in the pipeline, Bulmetal said in a bourse filing on Wednesday. The batteries will optimise efficiency and boost energy independence.

The planned PV system will be installed at the company's new production facilities at its factory in the south-central town of Gurkovo, which will be operational within a few months. Bulmetal currently has four solar plants, covering about 45% of its energy needs, the company said.

The industrial battery systems, alongside Bulmetal's self-developed energy management system, will enable the company to manage the electricity price dynamics, maximising profit and return on investment.

In December, the company raised over 8.2 million levs ($4.5 million/4.2 million euro) in an initial public offering on the Bulgarian Stock Exchange. It said back then that it plans to use the proceeds to expand its production capacity and automate its processes.

Shares in Bulmetal last traded on April 26 when they closed at 8.40 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)