Simtel Team will build photovoltaic power plants for the Carmistin Group

Simtel Team, a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange, announces the signing of a partnership with Axell Green Energy, part of the Carmistin Group, one of the largest players in the agri-food market in Romania, which aims to build and install photovoltaic power plants for some of the group’s locations.

“The market context in which we find ourselves, marked by multiple events with economic impacts, such as rising energy prices, the war in Ukraine, and the continuous rise of inflation, determine more and more companies to move towards implementing green energy solutions. At Simtel, we have all the necessary resources to support companies that want to transition to green energy by installing photovoltaic power plants. We thank Carmistin Group for trusting our team in carrying out this project. We remain dedicated to our mission to make green energy a priority for Romania, and we strongly support the protection of the environment by streamlining energy consumption at the level of companies of all sizes,” stated Iulian Nedea, co-founder and CEO of Simtel Team.

The photovoltaic power plants will be designed and built by Simtel Team in 18 locations of Carmistin Group. They will have an installed capacity of 4.5 MWp, and approximately 10,500 photovoltaic panels. In the first year of operation, the energy produced will be 5,400,000 KWh and reduce carbon dioxide emissions into the atmosphere by about 3,300 tons per year.

Within this project, Simtel Team will be responsible for engineering works, design, procurement of equipment and materials, installation, testing, and commissioning of photovoltaic power plants. After completing the works, the company will ensure the maintenance of photovoltaic panels, which involves 24/7 monitoring, corrective remedies of any kind made within 24 hours, and annual inspections to prevent any other potential unpleasant situations in the future.

In the first quarter of 2022, Simtel Team recorded a turnover of 9.7 million lei, a 57% increase compared to the same period last year, and a net profit of 0.29 million lei. During this period, the green energy division had the largest contribution to turnover, 80%, approximately 7.7 million lei. At the end of Q1 2022, the company had signed contracts to install photovoltaic power plants with an installed capacity of 17 MWh. Simtel also has contracts signed with 63 clients totaling approximately 5 MWp and which have financing contracts approved by the Electric UP government project. Currently, another 9 MWp are being implemented through contracts signed at the end of 2021 with companies from various industries, such as Fan Courier, Penny Market (REWE Group), and Kaufland.

In 2022, Simtel Team targets operating revenues of 103.7 million lei, an EBITDA of 14.9 million lei, and a net profit of 11.6 million lei. Simtel will achieve this increase in financial results with the support of regional centers opened by the company in Cluj, Timisoara, and Bacau, through which it will access projects at the national level.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021. Currently, the company has a market capitalization of approximately 160 million lei.