Fiven Annual Report 2021 2021 Highlights 7 Modernization of Venezuela Due to subdued demand in 2020, our production facilities in Venezuela were out of service for many months. During this time, Fiven invested in upgrading the facilities and resumed production in 2021 when global demand for silicon carbide picked up again. With the investment made, our plants in Venezuela are ready for full capacity production in 2022. Tree planting Continuing its sustainability projects and believing in its social responsibility for the environment, Fiven has started to implement an ambitious environmental project in the Brazilian state of Minas Gerais. Currently, Fiven is planting another 100,000 trees on its property in Barbacena, Brazil. The trees planted are largely native to their environment and contribute to the biodiversity of Fiven's forest, which already has 400,000 trees. For Fiven, investing in the environment and the sustainability of our business is a priority. This is certainly another great success for all of us! Establishment of FIVEN North America, Inc On our way to further expand our global footprint, we are pleased to announce a new milestone. As of February 2021, we have registered the legal entity for our new sales office in Pittsburgh, Pennsylvania. The new commercial branch enables us to reach new prospects and expand our business with existing customers in multiple industries.
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