AQ establishes new factory for electrical cabinets in Bulgaria
AQ Group has signed an agreement to acquire a property of 22,000 m² in Pernik, Bulgaria, for Euro 5 million to continue to grow our electrical cabinet business. This new AQ factory will produce sheet metal housings and do the electrical integration of large battery systems for storage of energy for the grid. AQ Group has already secured orders for USD 12 million and are expecting additional orders of USD 12 million for 2023 with EBT margin in line with the AQ Group goal. Our estimate is that the annual volume will increase to USD 40 million in 2024. This acquisition will enable