Energtek Inc. (Pink Sheets: EGTK), a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that the company’s subsidiary in Bosnia and Herzegovina has been granted financing of €1MM from the Sarajevo branch of Raiffeisen Bank, to complete the implementation of the company’s commercial natural gas supply to Aluminij d.o.o Mostar..
The capital financing will enable Energtek’s subsidiary Energtek Herz d.o.o. Mostar, to complete the installation of infrastructure required for reaching the stage of full delivery as per the contract signed with Aluminij d.o.o. Mostar. This project is expected to yield revenues of $10MM annually.
Raiffeisen Bank is one of Central and Eastern Europe’s leading corporate and investment banks, operating over 3,000 branches in 17 markets, and servicing over 14 million customers.
“The significant financing provided by Raiffeisen, a major central European bank, is a clear validation of our energy supply business model that leverages on our technology and know-how,” said Lev Zaidenberg, CEO of Energtek. “We believe that this is a first step in a long-term relationship with Raiffeisen Bank. With the participation of institutional financing Energtek will be able to undertake several additional ongoing energy supply contracts.”