press releases
Lightning Strikces For U.S. and Greek Joint Venture
Thessaloniki (June 28, 2001) – Energy Photovoltaics Inc. of New Jersey, United States and Themeliodomi S.A. of Thessaloniki, Greece, officially launched a joint venture, Heliodomi S.A. The joint venture will build a $22 million high technology thin-film photovoltaic module manufacturing plant in Kilkis, Greece. At a ceremony at the Hyatt Regency Thessaloniki this afternoon, officers from the three companies outlined theirs plans for the new factory, which will produce the photovoltaic modules used for electricity production in houses, buildings, power stations, and telecommunications. The venture is expected to bring approximately 160 new jobs to the area and represents the largest high technology investment in the Macedonia region in recent years.
The two parent companies will provide 60 percent of the investment capital, while the Ministry of National Economy is expected to approve the remainder from EU convergence funds. The U.S. company will have a 20 percent investment share in Heliodomi. Production from the factory will begin in late 2002.
U.S. Ambassador to Greece R. Nicholas Burns attended the launch at the Hyatt, and saluted the companies. "We are delighted by this joint venture, especially because it represents U.S.-Greek cooperation in an important sector – environmentally-friendly power generation. Energy Photovoltaics has secured a first-rate Greek partner, and over one hundred and sixty new jobs will be added in Kilkis. Today’s announcement coincides with the dramatic improvement in US-Greece economic relations in recent years. Our two-way trade grew by 16% in 2000, and American investment is now one third of all foreign investment in Greece.”