Power supply systems maker IPS to build production plant in Bulgaria's Kardzhali

Sofia-based manufacturer of power supply systems IPS said on Thursday it plans to build a plant for production of systems and components for electricity generation and energy storage in the city of Kardzhali, in southern Bulgaria.

The systems will be used for production of electricity from renewable sources, International Power Supply (IPS) told SeeNews in an e-mailed statement.

The company has already purchased a land plot of 2 ha in Kardzhali for the construction of the new plant.

The first stage of the company's investment plan envisages the opening of 240 jobs. The total number of new jobs openings could reach 600 at a later stage.

IPS is 63%-owned by Sofia-based Power Technology Investment Group, according to the Bulgarian Commercial Registry.

In 2015, Bulgarian investment fund BlackPeak Capital said that together with PostScriptum Ventures, a venture capital group, it acquired a minority stake in International Power Supply (IPS) to support the company’s global expansion.

BalckPeak Capital and PostScriptum Ventures hold among themselves a 27% stake in the company, while Greece-registered Metka Industrial-Construction owns the remaining 10%.

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