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Lentex LLC, located in Gyumri, is the only Armenian factory producing a full range of socks and hosiery – more than 100 products of different colour and size, for people of all ages, and for different seasons. To meet international business standards, the company has implemented environmental, quality assurance, staff development and community policies.
Suffering from high costs of energy consumption, the company decided to replace its 62 old knitting machines and approached the GEFF for a loan and advisory package. The GEFF project team performed the analysis of various aspects of the investment, primarily the energy savings potential, and defined the financial-technical parameters.
The project included replacing 62 old knitting machines with 48 new, more efficient units.
The US$ 669,000 investment allowed Lentex to reduce its electricity consumption by 1,385 MWh per year, saving around US$ 111,000. The investment will repay itself from energy savings in just six years, turning future cash flows into company income for many years to come. This project will have a significant impact on the stability of Lentex’s profits and its future development, allowing it to implement other socially responsible projects.
This is a good example of how new technology can bring high energy savings in processes where such savings were not immediately obvious. This proves once again that energy and cost savings can be achieved in all sectors and technologies, meaning it is worth pursuing all possibilities with the help of in-house or outsourced expertise.
This project was supported by the European Union and the Austrian Federal Ministry of Finance.