The Board of NewFuels is delighted to announce the recent acquisition of the remaining 50.04% stake in the Company by the current owner of 49.96%, of the equity, Mr Andreas Tserni. Based in Cyprus and UAE, Mr Tserni is also the owner of the CHP electricity plant currently providing heat to one of NewFuels’ pellet lines at their site in Rezekne.
As original developer and previous owner of the pellet plant since 2011, a Director of Clear Energy Holdings SA, Mr Graham Bell, commented:
“We have been very pleased with our investment in a major wood pellet facility in Rezekne, Latvia, over the past 5 years. The company’s success could not have been achieved without the assistance and dedication of all the company’s staff, all of whom we wish to thank and wish well for the future. We are confident that Mr Tserni’s acquisition of NewFuels and his exciting plans for further investment will enable continued expansion and development of this significant business”.
Mr Tserni commented:
“I am delighted to have acquired 100% of NewFuels. Along with our CHP business, I have a long term investment plans and intend to continue their development and expansion to further improve quality, and efficiency. I am also pleased to be working with Nordea Bank in Latvia, who is supporting NewFuels and our CHP. I am looking forward to further economic development cooperation with them in the future”.
Currently Chairman of the Board of the CHP plant, Mr Roman Vdovychenko has also been appointed to the Board of NewFuels with immediate effect, replacing Mr Matiss Paegle. Mr Vdovychenko commented:
“I am very pleased to have been appointed as Chairman of the Board of NewFuels. I know that NewFuels is already a high quality pellet manufacturer that holds all major international quality accreditations including SBP, GGL, EN + A2. We are currently seeking UK BSL and EN + A1 accreditation as my main goal is to ensure that NewFuels continues to produce the highest quality pellets for our customers. I am delighted to be working with Mr Dura, the Plant General Manager, who is an experienced professional in the pellets industry with over 10 years’ experience. His technical and operational management team will remain unchanged and quite possibly expanded. I’m also very pleased to say that we have persuaded Mr Graham Bell, a previous director of NewFuels who has been involved with the business since its first beginnings, to continue to support me in the area of international sales and customer relations. These are very exciting times”.