Globe Newswire

Lithuania’s Grigiskes signs LTL 11.95 million budgeting financial support agreement to modernize its steam production facilities

Wed, Oct 24, 2012

VILNIUS, Lithuania, Oct. 24, 2012 (Globe Newswire) -As it was published on 27.07.2012 seeking to enhance production competitiveness, to reduce impact of gas price increase on business and to modernize its heat (steam) production facilities, GRIGISKES AB Company Group intends to implement two projects in Vilnius and Klaipeda. For this purpose, GRIGISKES AB and Klaipedos kartonas AB signed tripartite agreements with the Lithuanian Ministry of Economy and Public Institution Lithuanian Business support Agency on the Cohesion Fund award these projects.

By these contracts the assistance of 11.95 million LTL (3.5 million EUR) from the Cohesion Fund was allocated for GRIGISKES AB Group. Totally the companies will invest 30 million LTL (8.7 million EUR) into modernization of the heat sector.

Till January 10, 2014 GRIGISKES AB plans to implement the project "Construction of 10 MW steam boiler using renewable energy resources at GRIGISKES AB" No. VP3-3.4-ŪM-02-K-02-020 of value of 11.9 million LTL (3.4 million EUR) and to start using a new biofuel steam boiler. A subsidiary company Klaipedos kartonas AB plans to implement the project "Modernization of the existing boiler plant of Klaipėdos kartonas AB through use of renewable energy resources" No. VP3-3.4-ŪM-02-K-02-003 of value of 18 million LTL (5.2 million EUR) and to start using thermal energy (steam form) produced from biofuel in manufacturing processes till February 28, 2014.

It is expected that in Klaipeda new biofuel steam boiler will produce about 50 percent of heat consumption of the company's technological needs and in Grigiskes, having regard to the current market situation, heat generated by the new boiler will enable to entirely abandon the use of fossil fuel used in production of heat required for the company's technological purposes.

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