Shares in Eco Buildings Group PLC (AIM:ECOB) jumped 24% after progress was announced in its partnership with the Dominican Republic government.
Housing Minister Carlos Bonilla Sanchez recently toured the company’s high-tech modular housing factory in Albania, which produces homes that are half the cost, two-thirds the weight, and five times faster to build than traditional methods.
Following the visit, Eco Buildings secured a letter of intent with Dominican construction firm Gramma Constructora to supply 10,000 modular homes over five years, a deal valued at $237 million. The first 2,000 units are set for delivery annually, pending regulatory approvals.
The approval process will follow homologation, a streamlined method that adapts certifications from other regions to meet local requirements, cutting down on delays.
The deal also includes plans to test Eco Buildings’ glass fibre-reinforced gypsum panels and discuss building a local manufacturing facility, underscoring the company’s commitment to sustainable and affordable housing solutions.
The stock was changing hands for 8.4p, up 1.65p.