Verditek plc, (AIM: VDTK), the international green technology company that develops, manufactures and sells lightweight solar panels, and Net Zero Valley ("NZV"), an Italian fully owned investment holding of the SerendipEquity Group, a global impact/ESG-only private equity and real estate investment firm and alternative fund manager, are pleased to announce the execution of a non-binding Memorandum of Understanding ("MOU") that forms the basis of the framework for a 50:50 Joint Venture Agreement ("JVA") to invest in a new large scale (1GW) ultra-lightweight solar panel manufacturing plant in Southern Italy on NZV's 1.5m sq ft campus.
NZV is planning to establish an integrated R&D and manufacturing campus in Eastern Sicily which will focus on:
(i) technologies for the decarbonization of the real estate and automotive sectors (including renewable energy generation & storage, carbon negative building materials and systems)
(ii) systemic solutions and applications thereof (including EV charging stations, solar car parks,
PV window systems and facades, smart agri-voltaic and greenhouses, integrated residential and commercial PV rooftops, power walls, energy management systems, utility scale energy storage).
NZV will be responsible for providing the necessary land, buildings and all funding for the plant, as well as being jointly responsible with Verditek for maximising the PV product off-take through SerendipEquity Group's strategic and proprietary distribution network with a strong emphasis on the multi-billion dollar agri-voltaic and Building Integrated Photovoltaic ("BIPV") markets throughout the EU and North America. The proposed JV will have access to a factory which is on-site and the delivery time for machinery is approximately nine months.
Verditek will be responsible for providing its expertise in sourcing the required machinery, setting up and operating the plant, deploying its proprietary know-how and ensuring the 1GW factory is certified. Verditek will be jointly responsible for securing for the new JV its existing strategic distribution partners that already sell photovoltaic ("PV") integrated roof products as well as new prospective off-takers.
Both parties are confident that a new PV plant with manufacturing capacity of 1GW will reduce the unit cost of ultra-lightweight solar modules enabling them to compete on price and quality with products sold in the mainstream PV market by significantly reducing the price differential with that of far heavier conventional glass panels which are more expensive to install and less aesthetically pleasing.
Mario Bonaccorso, Managing Partner, SerendipEquity said. "We are delighted to have signed an MOU to work together with Verditek in harnessing this exciting technology and providing the funds that enable this product to become competitive in the mainstream PV market. Scaling production up, NZV and Verditek will transform the social, environmental, and economic outlook for the region in Southern Italy."
Lord Willetts, Chairman of Verditek, said, "We are excited to have signed an MOU with a view to entering into a JV with NZV which would have the potential to transform the outlook for Verditek. It would provide the opportunity to achieve essential critical mass, significantly scaling our manufacturing capability and allow the opportunity to carve out an increased share of the fast-growing, mainstream PV market in Europe with our ultra-lightweight panels."