Hungary's Genesis announces major plant plans


Genesis Energy Investment Nyrt will build a solar panel factory about €100 million ($134.5 million) investment, making use of the tax rebate granted by the government, announced the company on Friday.

The solar plant will build near Környe, township in Komárom-Esztergom county, 5 km from Tatabánya. The factory will start production in spring in 2009, at the earliest, said CEO Gábor Rényi at a press conference on Monday. Genesis will build factories of similar capacity in Spain and Singapore as well, he added. The investments will be covered by the firm's own capital - issuance of new shares is probable -, subsidies and banking loans. The ratio of own-capital has to be 25%-30% so for the company to be able to get state subsidies. The solar panels produced in the three factories by 2010 will have an annual total capacity of 250-300 mW – 8% of the solar panel market of the time. The shares of Genesis Energy Investment Nyrt (formerly called Novotrade) are being traded in Category 'B' at the Budapest Stock Exchange (BÉT) but the company aspires to become a significant, Category 'A' player. (Gazdasági Rádió)



POPIHN Raises Forecast for Fuel Consumption Energy Trade

POPIHN Raises Forecast for Fuel Consumption

Hungarian Lawmakers Ratify Finland's NATO Accession Parliament

Hungarian Lawmakers Ratify Finland's NATO Accession

Nolato Partners With Happy at Work HR

Nolato Partners With Happy at Work

Sümeg Castle Reopens History

Sümeg Castle Reopens


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.