EU fund support for innovative projects of „Axis Industries“.

2009-04-01

„Axis Industries“ continues the innovation projects. Upon receiving the support of 2.4 million and 1.6 million litas from the EU structural funds, the group launched two projects intended for the production of a new generation of ultrasonic meters and advanced biofuel boilers with economisers.

“Support from the EU structural funds will allow us the expansion and complex modernisation of the manufacturing base for accounting devices and biofuel boilers. After updating it, we anticipate the increase in productivity and international competitiveness, in particular in the markets of the CIS and other Eastern European countries”, said General Director of „Axis Industries“ Remigijus Baltrušaitis. 

„Axis Industries“ projects received support from the EU Structural Funds after the submission of applications to the facility “Leader LT” managed by the Lithuanian Business Support Agency (LVPA).

„Axis Industries“ received the support of almost 1.6 million litas for the project “Acquisition of modern technological facilities and equipment for the production of new generation of meters and biofuel boiler stations”. It is planned to complete this project in February 2010.

Carried out in parallel, is another related project of „Axis Industries“, estimated at nearly 2.4 million litas support from the EU structural funds – “Establishment of a research laboratory for the combustion of different types of biofuels and expansion of the metering research laboratory”. The project started in February of this year and is intended for completion in August 2010.

According to R. Baltrušaitis, innovation projects currently carried out in the future will ensure a wider power-producing independence of Lithuania. “At this time, development of innovative products will contribute to energy saving and wider use of local renewable energy sources for energy production. At the same time, Lithuania will reduce the consumption of imported oil, natural gas, and increase its power industry’s independence”, said R. Baltrušaitis.

These are not the first innovation projects carried out by „Axis Industries“. Last year the group finished the project launched in 2006, which resulted in the development of a new generation automated system for energy accounting and management that allows remote management of the heating unit. Last year „Axis Industries“ also received a patent for a new product in the EU – an ultrasonic flow sensor.

The system with ultrasonic flow sensor created by „Axis Industries“ in 2008 won the Innovation Prize award of the National competition. The company was nominated in the Innovative Product category.