Romanian tech and engineering company Simtel opens branch in Moldova

Simtel Team, a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange (BVB: SMTL) and a national leader in the construction of photovoltaic power plants on the roofs of buildings, announced the opening of a branch in Chisinau, Moldova. It established a local company, called Simtel Solar, in which Simtel Team owns the full participation.

"The presence in the Republic of Moldova market was an important goal for us this year, considering the requests from our clients who also operate in this country. We are delighted to have taken this step as it is the first move in our company's international expansion. In the coming period, we want to consolidate the team at the local level, which consists mainly of experienced subcontractors according to Simtel standards," said Sergiu Bazarciuc, co-founder and COO of Simtel Team and coordinator of the activity of Simtel in the Republic of Moldova.

"At the project level, we already have orders placed and in execution for approximately 2 MWh, and we estimate another 2 MWh in the first half of next year. Thus, in addition to Romania, our objective is to support companies from the Republic of Moldova to reduce their energy consumption and become more efficient by developing photovoltaic power plants for them," he added.

Currently, the company's activity in the Moldovan market is focused on the construction, maintenance and operation of photovoltaic power plants for retailers on the roofs of their stores or warehouses.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021. Currently, the company has a market capitalization of approximately RON 203 million.

(Photo source: the company)