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The largest environmental management and recycling group in the Baltics, AS Eco Baltia, has appointed Jiří Novák as the Managing Director for its subsidiary company in the Czech Republic, TESIL Fibres, starting from March 1^st this year. To strengthen corporate governance, changes have been made to the company’s Articles of Association to establish four-member Supervisory Board of TESIL Fibres.

The newly established Supervisory Board of TESIL Fibres includes Salvis Lapiņš as Chairman, Māris Simanovičs as Deputy Chairman, and Justas Bučelis and Matīss Leitis as members. All Supervisory Board members represent the shareholders of the company. S.Lapiņš is the Chairman of the Board at TESIL Fibres parent company PET Baltija, M.Simanovičs is the Chairman of the Board at Eco Baltia, J.Bučelis is Senior Associate at INVL Baltic Sea Growth Fund, while M.Leitis is the Board Member and CFO at PET Baltija.

“We are delighted to welcome Jiří Novák as the new CEO of TESIL Fibres. He brings with him impressive experience and expertise in manufacturing and business management, which will be invaluable to strengthen TESIL Fibres production capacity and expansion into new markets. Only six months ago PET Baltija completed acquisition of the TESIL Fibres and this was busy period for all the team to ensure smooth transition process. By strengthening the management team and corporate governance structure we aim to improve business performance in more strategic way to cope with market situation, as well as challenges coming together with our company growth ambitions and take advantage of opportunities arising from the shift toward a circular economy,” says Chairman of the Board at Eco Baltia and Deputy Chairman of the Supervisory Board at TESIL Fibres Māris Simanovičs.

J. Novák is experienced professional in manufacturing and engineering, having worked in various leadership roles for over 30 years. He holds a degree in Machine Building from the University of Mechanical and Electrical Engineering in Plzen, Czech Republic. Prior to joining TESIL Fibres, Novák served as the plant director at HOCHTIEF Plc from 2021 to 2023. Before that, he was the Managing Director and CEO at Linberg Ltd. from 2016 to 2021. He has also held senior management roles in MABA Prefa Ltd., MABA Eurobeton Ltd., ACO Industries Tábor Ltd. and at Jihotvar.

J. Novák said: “I am excited to join TESIL Fibres and Eco Baltia at such an exciting and challenging time. One of my key focusses will be to conclude the transition and integration process in Eco Baltia group and ensure that company achieves business goals, greater results and improves profitability. Likewise, the strategic task is to increase production of TESIL Fibres to full capacity and expand in the new markets to bring more value to our customers, employees, shareholders and also society.”

Changes in the TESIL Fibres management team are registered in the Czech Commercial Register on March 22.

Environmental management company Eco Baltia vide’s subsidiary in Lithuania, Ecoservice, has invested 700 000 EUR in a new and the first-of-its-kind construction waste sorting line in Lithuania. This will ensure that an even larger amount of construction waste can be reused and will also increase the overall capacity of construction waste sorting. While approximately 60% of the sorted construction waste could be returned to circulation before, with the new and partially automated equipment, this proportion will increase up to 82%.

“Considering the increasing volume of construction waste and the need to ensure their reuse, within the companies of Eco Baltia, we are purposefully developing construction waste sorting possibilities and new technological solutions. Ecoservice has already completed a modernization project for the existing construction waste sorting area, installing new and more efficient equipment that will double the company’s construction waste sorting capacity. Meanwhile, in Latvia, Eco Baltia vide is developing a completely new construction waste sorting area, so that we can expand our services in more sustainable construction waste management for Latvian clients,” says Jānis Aizbalts, Head of the Environmental Management Sector at Eco Baltia.

The new equipment installed by Ecoservice is semi-automated, ensuring maximum efficiency in sorting the most common types of construction waste: cement, sand, gravel, various films and cardboard, tiles, metal, wood waste, screws, drywall, etc. The new sorting line provides construction waste sorting in 13 different categories. Separated clean rubble and gravel can be used in road and sidewalk construction, wood materials can be used as secondary raw material in various furniture details production, while metal, plastic, cardboard and films can be recycled into new secondary raw materials.

“We estimate that the Ecoservice’s construction waste sorting capacity will double thanks to partial automation and the ability to sort wider types of materials. These investments will also significantly improve efficiency – both the speed and quality of the sorting process. Our goal is to use waste as resources as effectively as possible. Previously, 60-70% of construction waste was reused and recycled, but with the new sorting line, we will increase this indicator to up to 82%, leaving only a small amount of waste that for incineration,” explains Mindaugas Šeštokas, Head of Production at Ecoservice.

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, March 2, 2023 – Nasdaq (Nasdaq: NDAQ) announces that bonds issued by Eco Baltia, the largest environmental and waste management group in the Baltics, have been admitted to trading on the Nasdaq Baltic First North market by Nasdaq Riga as of today.

The size of Eco Baltia bond issue is EUR 8 million. The nominal value of bonds is 1 000 EUR with annual coupon rate 8%, paid twice a year. Maturity date of the bonds is set on February 17, 2026.

The listing of Eco Baltiabonds follows its public offering to Latvian and Lithuanian investors. Based on demand for the bonds, the offering was oversubscribed more than 3.5 times with total volume of 28.49 million EUR from more than 250 private and institutional investors.

CEO of Nasdaq Riga Daiga Auziņa-Melalksne: “We are excited to partner with Eco Baltia and delighted to celebrate their successful entry to stock exchange. We look forward to growing our partnership and supporting Eco Baltia growth and we wish the company success in achieving their further business and sustainability goals!”

„Joining the capital markets and listing our inaugural bonds on Nasdaq stock exchange is significant milestone for Eco Baltia, signaling confidence in our growth prospect and providing access to a wider range of investors in the future. We are determined to fulfill our strategic goals by expanding our operations and promoting circular economy in international level and balance our growth ambitions with strong ESG strategy, financial discipline and transparency, ensuring that we meet our obligations to the investors and other stakeholders,” says Māris Simanovičs, Chairman of the Management Board at Eco Baltia.

“Funds raised from investors will be used for acquisitions to achieve the strategic goal of developing the environmental and waste management group as a strong regional leader. Listing the bonds on the public market will also undoubtedly increase Eco Baltia’s visibility to investors,” says Vytautas Plunksnis, Partner at INVL Baltic Sea Growth Fund and Chairman of the Supervisory Board of Eco Baltia.