In recent years both industrial and residential users have experienced rapid increases in electricity rates that have raised Cyprus’ rates to well over the average cost in the European Union. Residential rates are about $0.20 per kilowatt Hour (kWh) with industrial rates running slightly lower at about $0.18/kWh. As there is no supply of natural gas, Cyprus is currently solely dependent on electricity.
“The island of Cyprus is reliant on electricity and with rapid rate increases there is growing pressure to implement energy efficiency initiatives to reduce costs and maintain control of energy demand,” stated Steven Martin, director, sales, Smartcool Systems (EMEA) Ltd. “We are very happy with the relationship we have developed with Lumina Solar as they have the experience within the marketplace to represent our line of products from a technical perspective. In addition, they are already looking further afield in order to expose the Smartcool brand to a wider audience in that area of Europe.”
“We are pleased with the level of financial and technical commitment being made by Lumina Solar to obtain these distribution rights in Cyprus “ commented George Burnes, president and chief executive officer of Smartcool Systems, “as these commitments continue to help build the global exploitation of our technology and ensure future revenues for our Company”.
Lumina Solar is a Cyprus-based company whose mission is the consultancy, financing and commissioning of renewable energy production and the sale and installation of energy efficiency systems.
