Grigiskes AB - Notification on material event

GRIGISKES AB has successfully completed an investment project

Vilnius, Lithuania, 2011-05-09 09:17 CEST (GLOBE NEWSWIRE) -- GRIGISKES AB has
completed an investment project “The modernisation of the heat sector through
the greater use of renewable energy resources” No. VP3-3.4-ŪM-02-K-01-006. The
company has successfully built and started to operate a wood fuel steam boiler
of 17.5 MWh of power. For the implementation of the project the amount of LTL
17.6 mio (EUR 5,1 mio) was spent. The Cohesion Fund of the European Union and
the budget of Lithuanian Republic devoted the supporting grant of LTL 8.8 mln.
(EUR 2,7 mln.) for the project. 

Upon implementation of this project, GRIGISKES AB contributes to the Ministry
of National Energy Strategy and the Ministry of National Sustainable
Development Strategy set out the objectives of: renewable energy resources, the
country's dependence on fuel imports. 

After the new wood fuel steam boiler which was produced by Sweden company
„Järnforsen Energi System AB“ has started to operate, the hardboard business of
GRIGISKES AB, as the greatest consumer of heat energy (steam) of the company,
became fully independent from the growth of prices of imported natural gas. 


         Gintautas Pangonis
         General Director
         (+370-5) 243 58 01