“The evolution of net profit reflects higher operating expenses associated with a more intense development activity, alongside costs related to the stock exchange listing,” stated Horia Pitulea, the company’s CEO.
He specified the company continues investments in strategic projects combining geothermal energy with high-tech farming.
The modernization and expansion project of the greenhouse complex in Ciocaia, Bihor County, has progressed and aims to develop a 9- hectare modular greenhouse dedicated to the production of cherry and cocktail tomatoes in a hydroponic system using state-of-the-art technology, addressing a significant market opportunity in the context of Romania’s annual deficit of over 100,000 tons of tomatoes.
At the same time, in Lovrin, Timiș County, we obtained the environmental permit for the development of a 19-hectare hydroponic greenhouse complex, integrating nine geothermal wells and a trigeneration system with two 1.2 MW cogeneration engines. The project is currently in the final stage of obtaining the building permit. In addition, we have further potential to develop greenhouses on an additional 50 hectares of land in the area.
In parallel, Green Tech International S.A. has launched a strategic project for the modernization and decarbonization of Bucharest’s district heating system through the integration of local geothermal energy into the centralized SACET network, with a capacity of over 595 thousand MWh of clean thermal energy annually and an estimated impact of reducing emissions by approximately 127 thousand tons of CO₂ per year, thus contributing to lower dependency on natural gas and the long-term stabilization of prices for consumers.
The company’s shares have posted an 11% decline in the past year, to a RON1 billion capitalization.
(English version by Catalina Apostoiu)