**Summary**
Eco Buildings Group PLC, a UK-listed modular construction company, has announced a โฌ2.2 million contract to build a luxury 18-unit apartment block in Tirana, Albania. Construction will begin immediately, with plans for five additional identical structures in the pipeline. The project is expected to generate โฌ2.2 million per apartment block, maintaining the companys 40% gross margin. Eco Buildings innovative technology, based on glass fibre reinforced gypsum (GFRG) panels, offers a cost-effective and faster alternative to traditional construction methods.
To fund the initial contract, the company has issued a ยฃ300,000 zero-coupon convertible loan note to existing shareholder Frazer Lang. The note has a 2-year term, is convertible at 4 pence per share, and includes warrants exercisable at 8 pence per share. This funding will support the companys growth in Albanias booming construction sector.
The contract marks the first phase of a larger luxury development in Tirana and underscores Eco Buildings strategic expansion into Albania. The companys modular housing solutions, catering to both affordable and high-end markets, are poised to capitalize on the growing demand for factory-based building technology globally. With a strong pipeline of projects and innovative technology, Eco Buildings aims to redefine sustainable and efficient construction.