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Rigas Elektromasinbuves Rupnica secures ERDF financing for development of new generation electric engine

BC, Riga, 10.04.2019.Print version
Joint-stock motor and generator manufacturing company Rigas Elektromasinbuves Rupnica (RER) has secured European Regional Development Fund's (ERDF) financing for the development of a new generation synchronous relay engine, as the company informed Nasdaq Riga stock exchange.

The company's representatives report that RER on April 4 signed an agreement with the Central Finance and Contracting Agency for the ERDF co-financed project "Developing a New Generation Synchronous Relay Engine". Total eligible cost of the project is EUR 990,353.61, without value added tax.

The project is to be implemented in 18 months.

The objective of the project is the development of a new energy-efficient electricity driven traction based synchronous relativity engine, as well as gaining new collective competence in the development and testing of a new type of complete electrical equipment. As a result of the project, a new product is to be developed: a synchronous releasing electric engine.

RER Group achieved EUR 27.399 mln in turnover in the first nine months of 2018, an increase of 27.5% on the same period in 2017, while the group's profit decreased 11.5% to EUR 1.4 mln.

The company's largest shareholder is the Cyprus-registered Measurestep Enterprises Limited (98.64%). RER shares are quoted on the Second List of Nasdaq Riga.

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