Plovdiv-based Class A investor receives a grant of BGN 1.5 million as part of Bulgaria’s Investmet Promotion Act

The factory should open in 2023 and have a production capacity of 300,000 electric bicycles per year

The state is giving BGN 1.5 million to the bicycle manufacturer E-Velox OOD, which the company will use for the construction of road infrastructure connecting to its new plant near Plovdiv. The aim is to facilitate the work of enterprises and the movement of residents and employees in the vicinity, but also to create favorable conditions for attracting new investors to the region.

The contract for granting the public financing was handed over to the company by the Minister of Innovation and Growth Alexander Pulev. It comes after E-Velox received a class A certificate two months ago for the investment of its subsidiary Leader-96 in a new factory.

The electric bicycle factory, with a total investment of BGN 50 million, will be located in Kuklen, District Plovdiv, part of the Trakia Economic Zone. It is expected to open in the beginning of 2023 and have a production capacity of 300,000 bikes per year. The plan envisages the employment of 330 people.

In 2022, BGN 9.67 million was provided from the Ministry of Innovation and Growth’s budget for the construction of municipal road infrastructure in accordance with the national Investment Promotion Act. The funds were invested in the development of the industrial zones of Maritsa, Kuklen and Karlovo municipalities, all within District Plovdiv.

“Thus, the state supports investment projects of 5 companies with a total value of BGN 201 million, providing for the creation of over 1,500 new jobs,” the department states.

Source: Economic.bg

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