Systems Sunlight received largest ever insurance compensation in Greece
Systems Sunlight, a leading battery producer and exporting company in Greece recently received the final verdict about the amount of compensation it would receive for its formerly damaged production plant at Xanthi. The Neo Olvio battery production facility, located near the city of Xanthi in northern Greece, sustained heavy damage in May 2018 from accidental fire. The production plant was co-insured in a joint scheme consisted of seven insurance companies from the domestic market. The final verdict was recently issued and envisioned that Sunlight would receive an aggregate total of €66 million from the seven insurers to cover for damages in its production plant.
The news about production plant compensation were met with applause by the Greek business community. Three reasons explain this positive reaction of the Greek market. First and foremostly, compensation funds would be redirected into the operations of the 142.000 square metres production plant. The plant was revamped in the immediate aftermath of the fire and by September 2018 it resumed operations. Today, additional investments into the plant infer greater employment opportunities into a distant and sensitive area of Greece, strategically located near the borderline with Turkey. Secondly, Systems Sunlight specialises in the production of submarine and torpedo battery systems, which are of invaluable importance to the Hellenic Navy. Thirdly, the compensation fee expected to be given to Sunlight represents so far the largest amount of financial settlement ever given to a Greek company as part of insurance indemnification schemes.
Sunlight is a market leader in lead-acid battery production, recycling and export markets in Greece. It is a subsidiary of the Olympia Group a renowned investment conglomerate from Greece with an active presence across ten different countries. Systems Sunlight ranks among the top 10 manufacturers of state-of-art batteries in the world. Its products accommodate an array of commercial and industrial purposes. For example, Sunlight’s area of expertise revolves around battery systems utilised in logistics, commercial vehicles and the automotive industry. It further specialises in conventional (oil and gas) and renewable energy systems (solar and wind), uninterruptible power supply (UPS) stations and advanced battery systems used in the defence industry. According to company data, Sunlight has a personnel base of 840 employees and roughly 98% of its industrial throughput is exported to over 700 clients across 100 countries.