Slovak Investment Holding announces an investment in KOOR with the goal of increasing energy efficiency in Slovakia
Bratislava, September 30, 2019 – Slovak Investment Holding (SIH), along with a private investor, has signed an investment contract with KOOR which is one of the main providers of guaranteed energy savings, energy management and renewable energy sources in the Slovak market. Each euro of SIH funding should enable KOOR to generate up to 9 euros of total investment in this area in Slovakia.
KOOR is a provider of guaranteed energy services. These comprise the preparation, implementation and financing of investments in the energy efficiency of buildings or companies. Clients repay the investment only from the energy savings they achieve. KOOR uses smart meters with IoT (Internet of Things) elements to continually measure energy consumption. The firm instals photovoltaic installations to harness renewable energy sources and deploys other innovative technologies to ensure maximum energy efficiency for its clients.
“We see enormous potential in guaranteed energy services, both for Slovakia and the rest of the EU. Reductions in energy consumption by means of the intelligent management of buildings and businesses is a vital aspect of dealing with climate change. Moreover, if this can be achieved economically and with the help of the latest technology, it represents a major benefit for all stakeholders”, according to KOOR co-founder and partner Milan Orlovský.
SIH's quasi-capital investment, which is sourced from the Operational Program for Research and Innovation, is in the form of a convertible secured loan. SIH CEO Ivan Lesay commented: "This is an innovative form of financing that will enable KOOR to attract additional private funds from banks and co-investors for its projects and is expected to boost the impact of SIH's overall investment." In this case, SIH anticipates that €1 of its financial support will ultimately enable KOOR to realize up to €9 of energy efficiency investments in Slovakia.
Information about KOOR
KOOR is in the vanguard of companies focused on providing guaranteed energy services in Slovakia. Since its inception, it has been one of the leaders in deploying innovative, high-value-added technologies, as well as system solutions, to promote sustainable energy efficiency strategies for its customers. Thanks to its specialist subsidiaries in heat generation and distribution, in addition to its research and development activities and its technology transfer know-how, KOOR is able to provide comprehensive services to its clients.
Information about SIH
SIH is a 100% state-owned joint stock company. Its primary goal is to support strategic public and private investments in Slovakia in the areas of infrastructure, energy efficiency, waste management, social economy, health, cultural and creative industries and small and medium-sized enterprises. SIH draws on European Structural and Investment Funds to make investments. Projects are financed exclusively in returnable form, i.e., using financial instruments rather than grants.