Verditek PLC (AIM:VDTK) jumped 17% as the solar panel specialist announced a potential deal with Net Zero Valley (NZV), an Italian business in ESG-only investor SerendipEquity's portfolio.
The two have signed an MOU for a 50:50 joint venture 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, which wants to tap into the booming market for commercial solar panel use in areas such as electric-vehicle (EV) charging stations and greenhouses, will build the plant with Verditek sourcing the machinery and operating it.
A new 1GW plant will enable production to be scaled up sufficiently to compete on price and quality with traditional, heavier solar panels and make ultra-lightweights much cheaper generally, said the statement.
Lord Willetts, Verditek’s chairman said the JV 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."
Shares rose 0.18p to 1.18p.