Notifying via a press release, the Treet Corporation has informed that it has started trial production of batteries at its newly built Battery Project plant. The plant was funded by issuing a 150% Right Issue in 2015.
The company received a sum of around Rs. 2.26 billion for the said right issue against a target of Rs. 4.04 billion. The funds were used to acquire 40 Acres land in M3-Industrial City, Faisalabad for “Lead Acid Batteries Project”.
In its quarterly report on the project completion, the company in its 10th August circular informed the exchange that almost 99% work had been completed on the project. The company had set a date during first week of October for its trial run at Battery Production, with a tentative date for its commercial operations sometime around November. However, due to some unforeseen delays the company couldn’t complete the projects in stipulated time.
The company in its November 30th letter mentioned that the company will soon begin commercial production after it achieves successful trials.
According to earlier releases the company was to begin commercial operations from the month of November.
The Battery Project plant is to have its own 13 MW Grid Station which will provide for the energy needs at the plant.
