October 9 (SeeNews) - Romanian renewable packaging manufacturer Promateris [BVB:PPL] said that it has invested around 1 million euro ($1.05 million) in a photovoltaic (PV) system installed at its factory in Buftea, in the southern county of Ilfov.
Close to 600,000 euro of the investment was covered by non-refundable Norwegian funds granted to Promateris from EEA & Norway Grants, the company said in a press release on Friday.
The installation of the PV system was carried out by Romanian technology and engineering company Simtel Team [BVB:SMTL]. The PV array has an installed capacity of 1 MWp and was installed on the rooftop of the Promateris factory in Buftea. Its outputs covers roughly a fifth of the factory's electricity needs.
"Through the implementation of this project, we will annually replace approximately 1.2 million kWh of traditional energy by green energy and we will have a reduction in carbon emissions of 570 tonnes per year," said Tudor Georgescu, CEO of Promateris.
Founded in 1991 as Prodplast, the company rebranded to Promateris in 2020. It is specialised in the production of environmentally friendly packaging.
Promateris shares traded 0.52 lower at 9.55 lei ($2.02/1.92 euro) as at 1203 CET on Monday on the Bucharest Stock Exchange.
Simtel Team's shares traded 1.03% lower at 38.4 lei as of 0923 CET on Monday.
($=0.950151 euro)