This modern 17.5 MW boiler will enable the company to have an up to 100% supply of green energy produced by burning wood waste bought by the company, Grigiskes AB reports.
"In addition, price of heat produced by burning wood waste is nearly twice lower than in case of using natural gas. It is particularly important for Klaipedos Kartonas AB, which is being modernised and sales expanding company," says Gintautas Pangonis, President and Chairman of the Management Board of Grigiskes Group.
As it was published, the project was implemented with the support of Cohesion Fund up to LTL 6.0 million (EUR 1.7 million). After the positive assessment of the prospects the construction of a new biofuel boiler received a bank loan up to LTL 11 million (EUR 3.2 million). A part of the subsidiary's working capital was also used to finance the project.
This was not the first, but the biggest investment project, implemented by Klaipedos Kartonas AB in less than 4.5 years, when it was purchased by Grigiskes AB. "At this project we will not stop. This project is a solid foundation and, I'd say, a source of financing for future investments in subsidiary's equipment's modernisations and renovations, which would allow to reduce costs and expand production capacity," said Gintautas Pangonis.
