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Valoe Establishes a Joint Venture Company and Commenced Solar Module Sales in the Kingdom of Saudi Arabia
Valoe Oyj (“Valoe” or “Company”) and ICON Advanced Co. Ltd (“ICON”), a Saudi Limited Liability Company fully owned by Salem Balhamer Holding, have agreed on establishing a joint venture company in Saudi Arabia. On 12 August 2021, Valoe disclosed that it had signed a Memorandum of Understanding with ICON. Since then, Valoe, ICON, and Salem Balhamer Holding have held more detailed negotiations to implement the project. As a result, the parties completed the negotiations, and Valoe and ICON signed an agreement for establishing a joint venture company at Expo2020 in Dubai.