Cleantech Building Materials plc announced that the Group’s joint venture company in China, Jiangsu Dragon Wood (“Dragon Wood”), has signed a long-term contract for land, utilities, and various tax incentives with the Nantong local government ’s Administration Committee of Jiangsu Rudong Yangkou Port Economic Development Zone (the “Investment Agreement”). Dragon Wood is the joint venture company owned 51% by CBM’s subsidiary Diamond Wood China Ltd. and 49% by Nantong Acetic Acid Company (“NTAAC”). Under the terms of the binding Investment Agreement, Dragon Wood will acquire a parcel of land in the Nantong chemical industrial zone of approximately 16 hectares for circa €6 million. The Company plans to have its first supply of China-produced Accoya® Wood available for construction firms and manufacturers of wood products by early 2023. The factory will initially produce 40,000 m3 of Accoya® Wood. The factory will be built on a plot of land adjacent to Shanghai, and is large enough to accommodate 480,000 m3 of Accoya® Wood annual production. In addition to the terms of the land purchase, the Investment Agreement also details the local government’s committed provision of utilities and tax incentives. On 31 March 2021, CBM announced the signing of a joint venture agreement with NTAAC to build the first Accoya® Wood factory in Asia. Under that joint venture agreement, the equity and debt financing terms were agreed for the first phase of the Dragon Wood factory.