SIA “Vizulo” has concluded an agreement with the Investment and Development Agency of Latvia (LIAA) for having raised more than 0.5 million euros from Norway financial instrument programs “Entrepreneurship development, innovations 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.
The content will continue after the announcement
Advertising
The total eligible costs of the project exceed € 1.5 million, while the non-repayable part of the loan exceeds € 0.5 million. 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 price of energy resources, raise more and more questions about sustainable production and innovative energy-efficient products, explains the company. 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.
Therefore, “Vizulo” 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.
“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 become ineffective. We see that a transition to LED lighting must take place, which helps to reduce electricity consumption by up to 70% “Vizulo” specializes in the production of LED lighting products and the funds raised will help to expand the range of products with new products with high added value, whose life cycle significantly reduces the ‘impact on the environment “, says Jānis Zeltiņš, chairman of the board of” Vizulo “, about the project.
“Vizulo” is a company that creates energy saving lighting solutions, specializing in LED street, area, commercial, industrial and architectural lighting. “Vizulo” currently operates in 43 world markets and is one of the leading companies in the sector in the region, approximately 92% of production is exported.
