Eco Buildings Group PLC (AIM:ECOB, FRA:9ZL0) told investors its Senegal joint venture with local partner G2 Invest Group has progressed into the implementation phase, as the parties move from planning into funding and mobilisation for a local manufacturing and housing programme.
The company said €1.75 million has now been allocated into the JV subsidiary, Eco Buildings Senegal LLC, representing G2’s 35% equity stake and fulfilling its agreed equity commitment in full.
Eco Buildings said the funding is intended to support scaling in Senegal, including the establishment of a local manufacturing production line and delivery of in-country projects. It added that mobilisation of the Senegal-based production line has begun, and that formal engagement with its EPC contractor is now underway, starting procurement and construction planning for deployment of the line.
As part of the next phase, the JV will ship and install a fully constructed show house in Senegal, fully funded by G2, which the company said is designed to support final governmental approval and help formalise programme roll-out.