IS Vizullo has concluded an agreement with the Latvian Investment and Development Agency (LIAA) for over 0.5 million EUR Attrition from the Norwegian financial instruments program “Entrepreneurship development, innovation and small and medium-sized enterprises”.
As part of the project, the company intends to increase production efficiency in order to promote competitiveness in the field of green innovations.
According to the company, the total costs attributable to the project are estimated at over 1.5 million. for an amount of EUR, while the financing part of the grant amounts to over 0.5 million. EUR. The implementation of the project is expected until January 2, 2024.
The new geopolitical and economic reality in Europe and in the world, as well as the consequent increase in the cost of energy resources, increasingly raise the issue of sustainable production and innovative products with high added value and high energy efficiency. Right now, both private and public sector organizations are looking for solutions to optimize production processes, business management, provision of administrative and even management functions. In addition, thermal efficiency and the use of electricity, for example for lighting, are usually a major cost item.
For this Vizullo requested and received a Norwegian financial instrument for the implementation of a new production technology, which will speed up the production process by almost 85% and allow the use of recyclable plastics in new products. As part of the project, plastic extrusion molding equipment, an automated metalworking line and various robotic manufacturing equipment will be installed.
“Vizullo has always been synonymous with green thinking, sustainability, energy efficiency and the future. Today it can be said with absolute certainty that the old solutions in the field of street lighting, the territory, buildings and environments have run out and have become ineffective. We see the need to switch to LED lighting, which helps reduce electricity consumption by up to 70%. Vizullo specializes in the production of LED lighting products and the funds raised will help expand the product range with new products with high added value, whose life cycle significantly reduces the impact on the environment “, says the project Vizullo Prime Minister Jānis Zeltiņš.
