"The large investment announced today by the Ministry of Economy and Transportation is connected to the activity of Genesis Energy Nyrt. According to the press release a HUF 26 billion American solar panel production factory will be built in Környe, in the Tatabánya Industrial Park, in Komárom-Esztergom county.The trading of Genesis stocks was suspended today, and restarted at 10.30 a.m. CET, after which the papers raised 20%, to HUF 2631.
The investment will start in the second half of 2007, and will be finished by 2009, it will employ 200, mostly highly skilled people.
The factory will produce solar energy cells in large volume for the European market. Due to its new technology, Genesis will produce cells much cheaper than those using traditional technology, and the energy producing capacity of the new cells is 25% higher.
This morning Genesis announced on BÉT that the government supported the subsidy claim of company's affiliate Genesis Solar Hungary, which will allow the company to deduce from its taxes 37.5% of the value of the investment."
Source:
Portfolio Online Financial Journal
28.06.2007