VILNIUS - Finland's energy solutions company Valoe is investing 11.3 million euros in the Lithuanian solar module producer SoliTek's technologies in Vilnius' Visoriai Information Technology Park (VITP).
The companies have signed agreements under which the Finns committed to invest in the Interdigitated Back Contact (IBC) solar cell and module production technology and to purchase the company's products, Global BOD Group, the owner of SoliTek, told BNS.
"By installing state-of-the-art solar cell production technologies in Visoriai, the Finns will enable us to produce even more state-of-the-art solar cells and modules and to flexibly adapt to an ever-increasing demand in both Lithuania and the Scandinavian countries," Global BOD Group Chairman Vidmantas Janulevicius said in a press release.
Plans call for increasing the annual solar cell and module production capacity in Vilnius to 180 megawatts (MW), up from the current 90 MW. The upgraded production line is to be launched by next September.
Under an agreement signed with the Lithuanian Economy and Innovation Ministry in late 2018, Intersurgical, Global BOD Group and other companies plan to invest 32 million euros and create 700 new jobs in VITP within the next few years.
Global BOD Group owns optical disc, solar cell and digital eyeglass lens production companies in Lithuania, Latvia and Estonia.