Betolar Plc
Company Release/Inside Information
4.7.2022 at 2:30 PM EET
Betolar Plc: Betolar has signed commercial agreements with three Indian concrete manufacturers to utilize the Geoprime® solution
Betolar Plc (“Betolar”) has entered into commercial agreements for the use of Geoprime solutions simultaneously with three Indian manufacturers of concrete products. The contractors are Sneh Precast, Shiv Tiles and Balaiji Cement Products. The companies' product offering focuses on various concrete products for infrastructure and environmental construction, such as pipes and paving materials. The three signed commercial agreements aim for a total annual Geoprime-based concrete production volume level of 250,000 tonnes by the end of 2023.
“Last week, we opened up the Asian market for commercial agreements in Vietnam. We are now continuing to commercialize our Geoprime solution in India, the second biggest construction market in the world,” says Juha Pinomaa, Betolar's Head of Asia Operations.
The contract partners have the right to use the Geoprime product family of solutions developed by Betolar in the manufacture of concrete products, combined with continuous product development and expert services, and in the future also data support. The contractors also have the right to use the Geoprime trademark in their products manufactured in accordance with the concept.
In addition to the three commercial agreements, Betolar has signed a letter of intent with one of India’s largest conglomerates, Godrej & Boyce. The letter of intent is expected to lead to a commercial agreement for paving stones, building blocks, and other infrastructure products after the successful piloting phase is completed.
Godrej Construction, part of the Godrej & Boyce Mfg Co ltd, builds sustainable building materials and provides comprehensive civil engineering solutions. The company is, among other things, involved in the construction of the Mumbai metro network. The turnover of the Godrej & Boyce Mfg Co ltd is 115 billion INR equaling approximately EUR 1.4 billion.
The Indian government is pushing hard for the country’s construction industry to shift to more environmentally friendly building materials. Replacing cement with industrial side streams in concrete production is one of the key means. The government aims to reduce CO2 emissions by 45 percent by 2030 and to strive for carbon neutrality by 2070.
“The agreements signed today support the Indian government’s climate goals and open up significant opportunities to promote the local circular economy. Our Geoprime solution has proven to be very attractive, and with our Geoprime solution we aim to utilize the huge volume of side streams even more extensively in India for the production of cement-free concrete.”, says Juha Pinomaa.
Betolar Plc
More information:
Matti Löppönen, CEO, tel. +358 50 306 6335, matti.lopponen@betolar.com
Riikka Ylikoski, CFO, tel. +358 40 828 2632, riikka.ylikoski@betolar.com
Juha Pinomaa, Head of Asia, tel. +358 40 5000281, juha.pinomaa@betolar.com
Certified Advisor:
Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, tel. +358 9 6162 8000
About Betolar Plc
Betolar Plc is a Finnish materials technology company that offers the production of sustainable and low-carbon concrete with the Geoprime® solution. The solution converts several previously unused high-volume industrial side streams into a substitute for cement.
Betolar's innovation can significantly reduce CO2 emissions at a competitive cost compared to conventional cement-based concrete manufacturing, leveraging the existing manufacturing processes. Betolar’s mission is to enable the green transformation of various industries globally, especially in the construction, process and energy industries by providing solutions to utilize its unique materials technology.
Betolar was founded in 2016 and is headquartered in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market. More information https://www.betolar.com/
About Sneh Precast
Sneh Precast was established in 2008 in Pune (Maharashtra, India). The company is known for producing various kinds of quality products made of concrete, like glossy finish paver block, matt finish paver block, solid concrete block, and hume pipes.
About Shiv Tiles
Shiv Tiles was established in 1997 at Rajkot (Gujarat, India). Shiv Tiles is engaged in manufacturing quality concrete products, such as paver block and precast wall. The products are widely known for high strength, sturdiness, crack resistance and durability. Shiv Tiles has approximately 25-35 people and the company’s customers are both from the public and private construction segments.
About Balaji Cement Products
Balaji Cement Products was established in 1995 at Rajkot (Gujarat, India). Balaji Cement Product produces concrete products, such as cement pipes, paver blocks, manhole covers, covering blocks, manhole footsteps, cement divider blocks. The company has a team of 25-50 people. The company’s customers are both from the public and private construction segments.