"The Platform HydroTechnologie" is a joint project between Koronne Technologie S.A. and general contractor Wodel (Elektrownie Wodne WODEL Sp. z o.o.).
We specialize in the construction, operation and maintenance of complex small hydro power plants. Additionally, we have our own design and production facilities to build and supply the water turbines for these plants. Our complete service team consists of experienced engineers and project managers in Poland and throughout Europe.
As an organization, we are now looking towards expanding our reach towards the ownership and operation of a collection of small plants throughout Poland and Ukraine in conjunction with the sales and trading of energy produced from these plants. With the addition of a significant financial backer, the future structure of the organization may change to meet the best needs of the market.
Hydropower refers to the extraction of energy created by the flow of running water. In the past, mechanical energy from the flow was used directly in water mills. Nowadays the mechanical energy is generally converted into electrical energy either for direct use by factories or individuals or to be sold on the energy markets.
Small Hydropower generally refers to hydropower production under 20MW in size. This can be further subdivided into mini-hydro (100KW-1MW) and micro-hydro (less than 100KW). Our company focuses on profitable mini-hydro projects.
Today hydropower supplies about 16% of global electricity and is the most intensively used source of renewable energy. However, its use is highly dependent on the geographic location. In Europe, for example, Iceland and Norway meet their electricity needs almost entirely from hydropower. In Austria, Italy, Sweden and Switzerland as much as 50% of the energy generated comes from hydropower.
Hydropower plants do not contribute to greenhouse gas emissions, use any fossil fuels, and cause no pollution or waste. In addition, hydropower has advantages over some other renewable energy sources. For example, it is impossible to produce solar energy at night or to produce energy from windmills when there is no wind. Rivers and streams flow night and day, regardless of sunshine or wind conditions.
Unlike other power plants, hydroelectric plants require less time to produce and are far more stable in the long term (68% of Poland's hydroelectric power plants are over 50 years old). And, although suitable locations for the construction of small hydropower are general away from cities, this seeming disadvantage is actually an advantage because it allows the energy needs of the residents in remote areas to be met, with or without access to the grid. Small hydropower plants can be designed quickly for any suitable location on small streams and built within 1-2 years. They are characterized by high reliability and technical simplicity leading to high reliability and long service life. Additionally, hydropower plants do not need a large work force and, for the most part, can be remotely controlled and automated.
Hydropower plants are very efficient compared to traditional power plants. A standard hydropower plant consumes an average of 0.5% of energy it generates, while conventional power plants consume upwards of 10% of energy generated. Dams used in Hydropower also give the ability for areas to manage their water retention, which is important in dry periods. By managing water resources, small hydropower is able to produces energy throughout the year and provide a solid regular income, and plants may be used as an emergency local power source in the event of damage of the national transmission networks.
In 2014 Poland about 1.5% of electricity demand was covered by hydropower. About 80% of this energy was produced in the region of Mazury, Pomerania, Sudetes and Karpaty at the Vistula River and Dunajec River. Approximately 488 hydropower plants operate in Poland. A great number of them, about 360, are micro hydropower plants with a capacity of less than one megawatt. Only 128 power plants provide an output of more than 1 MW, but these jointly generate more than 2200 MW of electricity.
Although, as stated, only around 1.5% of energy is currently produced via hydropower, it is estimated that with current technical, environmental and infrastructure hydropower can expand to 12% of Poland’s energy usage. The increase will come from a combination of new plants and by modernization and optimization of existing plants.
Due to the fact that there are many different types of hydropower plants, only a “Raised Dam” and “Running Water” systems shall be described.
Raised Dam
In this system, the pent-up dam water (headwater) is passed through pipes into the turbine(s). A rake stop prevents driftwood or larger fish from being caught in the blades of the turbine and a diffuser is implemented to even out the underwater deviations in pressure or flow speed.
The measurement (in meters) difference from the upper and lower water is called drop height and is a decisive factor in the calculation of the performance of water turbine (see below). The heart of any hydroelectric power plant is the turbine. A water turbine converts the kinetic energy of fluid in rotating or rotational energy. The blades of the turbine are rotated by the water flow. The rotation is then used as a drive for a generator. This converts the rotational energy into electric current. A constant torque of the motor ensures a uniform speed of the turbine or the rotational speed is kept constant by a controller.
River and Running Water Power Plants
River power plants use the flow of rivers to generate electricity. There is no storage option, the river water flows directly through a turbine. A low drop height and high flow rate characterized this type of power plant, however weirs may increase the flow and fall height yet. Electricity is available around the clock. Hydropower plants are characterized by good utilization of turbines and low costs. It is the reason why they are used to meet the basic needs for electric current.
Classification of hydropower plants may be made about various aspects, such as performance, utilization, or kind. The performance of a power plant is defined by the quantity of electricity generated in a calendar year divided by the annual running time (in hours). A classification by utilization makes it clear whether the respective power plant is designed to cover the basic, intermediate or peak load.
The power P (in watts) of a water turbine is the product of the efficiency η of the turbine, Water density ρ, g the gravitational acceleration, flow volume V and drop height h:
P = η • ρ • g • V • h
Efficiency, generally refers to the ratio of energy used and power generated. Water turbines are very efficient (over 90%). The formula shows that a low drop height can be compensated by large flow volume, and vice versa. A water turbine must be optimally adapted to the different drop heights and flow rates of the system. For large power plants individual designs are often required. The characteristic of water turbines is a complex regulation of their speed in relation to slightly fluctuating flow of water. Therefore, the cost of a water turbine in a large power plant amounts up to 20% of the investment and in a small plant up to 50%. However, water turbines are characterized by significant life span of over 80 years.
Our mission is to bring Koronne Technologies’ partners quality products, delivered with excellent service, to all of the investors and advisors we serve. We collaborate with our investing businesses in every asset class to deliver bespoke product that meets the needs of individual investors and smaller institutions. We works with advisors to provide education around alternatives and deliver value-added investment insights. We understand the unique needs of the investors.
Investment Process
The Company’s investments shall generally be made through the acquisition of existing operations in the renewable energy industry, these opportunities may be in the private sector or they may be through the privatization of government-owned entities. The Company’s investment policy is to seek capital appreciation of its assets by:
The Company’s investment process may be summarized to consist in four phases:
Phase 1: Deal Generation
The Company shall seek to generate exclusive investment opportunities through its own broad and influential network of contacts within the region, active analysis, ongoing contacts with sellers, key management of companies and co-investors and outside Investment Advisers.
Phase 2: Deal Evaluation
Evaluation of deals shall be based on a series of distinct steps:
Phase 3: Active Ownership
After the closing of each investment the Company shall support the now subsidiary’s management board in preparation of a road plan to implement the agreed business objectives by defining high priority issues and focused action program. The Company may consult the Investment Adviser. The Company’s representation of active ownership shall include the following elements:
Phase 4: Exit from Investments
Alternative plans for exit shall be developed at the time of negotiating the initial investment. Some likely alternative scenarios shall be public offerings and sales to strategic investors. Attractive exit opportunities shall be exploited through the pricing differential that exists between the country specific/regional companies and corporations considered western/global with activities and production in the region. Whenever a likely alternative is a strategic sale, the Company shall seek to negotiate a cooperative agreement whereby other shareholders agree to sell jointly with the Company a majority stake in the Target Company. When a public offering is the route, the Company shall aim to enter the capital market as soon as practicable for several purposes: (i) to develop liquidity that may be used for further expansion; (ii) to have the Company and the Target Company benefit from the publicity and discipline involved; and (iii) to prepare for the final exit. Increase of leverage may also in some cases be used to enhance the payout to shareholders, for example through redemption of shares or, through decrease of the issued share capital of the Target Company.
IMPORTANT
Pre-construction Development
Prior to the construction of any hydropower project a great deal of work and analysis needs to be done in the acquisition of the rights to the land, survey of the water resources, conservation, connection to the electricity grid, and various local and national permits.
When possible the Company will look for projects that have as much as the preliminary work completed as possible. However, any remaining work will be assessed and will be done by the internal staff and/or external consultants.
General Contractor for Project Construction
A turnkey implementation of a hydroelectric plant requires experience, industry knowledge, production capacity, a project office and highly qualified staff.
The Team has over two decades of experience in the development of hydropower projects in Poland and Europe. The company works closely with leading companies and the best experts in the field of hydropower energy, environment, finance and law.
The Company growth strategy is focused developing green energy projects both domestically (in Poland) and elsewhere internationally (primarily in Eastern Europe). The Company is in present negotiations with various governments, infrastructure and property groups. The Directors believe that the status of the Company shall enable it to obtain favorable terms in negotiating, attracting and developing acquisitions and green energy opportunities as well as attracting suitable joint venture and project financing partners to develop these opportunities. The Company’s business model has a number of complementary components:
The Company shall keep corporate overheads as low as possible and the Directors shall not draw any remuneration from the Company until a substantial investment or acquisition is made. The Directors expect to recruit additional board members in due course, who shall not draw any remuneration from the Company until such time as the transaction is completed. The Company’s investments exclusively executed through wholly or partly owned local subsidiaries. The Company shall concentrate on projects aimed at renewable energy projects to serve the demands of incoming international business. The Company management aims to identify and secure development opportunities through its local and international network of strategic relationships and then to realize them working with internationally renowned cooperators.
We are proud of Koronne Technologie S.A. role as a positive economic catalyst for the companies in our corporate portfolio. We work to identify, invest in and enhance the value of great businesses. As of December 31, 2018, our company held significant interests in 11 companies all over the world with over 100 Million in combined annual revenue employs about 1000 people around the world.
There are a number of laws in Poland regarding “green” energy production and its distribution in the future. The question in this context is often referred to as the "triple pack":
The Polish Renewable Energy Act (EEG-PL), which should enter into force in January 2016, provides for comprehensive reforms of the current compensation system for energy from renewable sources. The new law, “What is to get it renewable?” (parliament form #2604 dated 07.07.2014), considers the technology used during power plant’s construction. This should be set upon commissioning of the plant and is valid for 15 years but not starting later than 2028. In order to understand the mechanism, a good explanation of the correcting factors for producing green energy is as follows:
The Ministry of Economy has prepared a regulation on a reference price for investment in renewable energy sources, which will be reported to the first, next year's auction. According to the adopted in May 2015 the Law on renewable energy sources, all new projects involving the construction of renewable energy power above 40 kW, whose owners will want to, use the force after 2015. Support system must be reported to the auction. In the auction, baskets auction for the installation of renewable energy with power from 40 kW to 1 MW and above 1 MW, will support investors who, in the case of projects submitted gathered permits necessary to start the production of energy - which is confirmed by the Energy Regulatory Office - and offered the lowest prices for the sale of energy. The owners of projects that will be eligible for support under the auction will receive 15-year guarantee energy sales after the price offered in the auction, which will be increased each year for inflation. In line with the auction system, offered in a public auction for the sale of energy prices may not be higher than indicated by the government maximum prices - the so-called. reference prices. In addition, the reference price level will determine the maximum support level of investment - e.g. In the form of grants - which will be able to receive investor in addition awarded in the auction support at the operational level. Under the Law on renewable energy sources in the case of an auction for new projects, economy minister has to take into account when determining the reference price: technical and economic parameters of the installation, capital expenditures incurred during the preparation of the project and its construction with the necessary technical infrastructure and operating costs and additional expenses Investment incurred during the operation in which the installation is subject to the mechanisms and instruments of support. The Ministry of Economy submitted a draft regulation was indicative of the reference prices that will apply in 2016.
The reference prices for new renewable energy projects According to the draft regulation, the reference prices for new investments in renewable energy sources will amount to:
Economy Ministry proposes in the draft regulation identical to the reference prices for renewable energy installations upgraded after January 1, 2016. In their calculations, the reference prices draw attention to the relatively low values adopted for installation in groups of up to 1 MW.
In mid-April, it published a draft Regulation of the Minister of Economy on the quantity and value of the electricity generated in installations of renewable energy sources with a total installed capacity of not more than 1 MW, which should be sold by auction in 2016. Regulation concerning Cart Bidding for projects with a capacity of up to 1 MW is assumed that the average price of energy for the winning projects in this group will be 470.01 zł / MWh.
Meanwhile, proposed just the reference prices for each technology group up to 1 MW are lower than this value. On the other hand, in the case of installations above 1 MW Ministry of Economy has taken before the average price of energy sold at auctions at 380.98 zł / MWh. The forecast average price was adopted taking into account the average value of property rights resulting from certificates of origin in 2014. (Zł 199.43 / MWh) and the value of the average sales price of electricity on the competitive market for 2013 (181.55 zł / MWh).
There is currently an opportunity to create a roll-up of small-medium sized players in the Polish Hydropower market.
The opportunity is simply as follows:
Essentially, we believe there is a strong opportunity (with enough capital) to quickly roll-up these small to medium scale operations in the Polish market. By creating a vertically integrated energy supply market it should be possible to squeeze much greater efficiencies and profits out of this supply chain. We estimate the amount of Capital required to implement project would be between 15 and 30 million Euros (including all construction costs) and depending on the number of hydroelectric projects created and the number of energy companies acquired.
Background
Poland 25 years ago was not the economic miracle it is today. Since 1989, the country’s GDP per capita more than doubled and exports have increased more than 25 times (more than $250 billion today). Even during the 2008-09 global financial crisis, Poland was the only EU economy not to sink into a recession. Poland’s stability, legal regime, and proximity to other locations in Europe make it a very attractive location for investment.
Although Poland is a country with scarce water resources compared to its size (relative to other European countries). It is more significant in the fact that is lags behind in its use of the limited hydropower capacity that it does have.
Poland's hydropower resources are estimated at about 13,7 TWh per year, but Poland uses only 12% of its hydropower resources, which constitutes 7,3% of its whole public power system. And this production comes primarily from 5-6 “major” projects (over 100 MW). In 2010 Poland had 722 small hydropower plants and a total installed capacity of 275 MW (generating 1,036GWh per year). By 2020, the aim is to have 840 plants with a total installed capacity of 332 MW, generating 1,130 GWh, while the total economic small hydropower potential with environmental constraints is 1,928 GWh
The first hydropower facilities were built in Poland in the interwar period. The development of hydropower facilities intensified in Poland after World War II. They were the low and high head plants, but also facilities with equilibrium reservoirs and reversible units. After World War II, in Poland, within its new borders, there were a lot of small hydropower plants, which initially were ignored by utility companies and were devastated. Later, they were gradually activated. The construction of new facilities, modernization of existing ones, as well as reconstruction of those degraded, are often obstructed by significant ecological restrictions.
Economics
This is the opportune moment to enter the Polish market. A number of reforms have taken place in the past several years to make the country more competitive in the energy distribution and production. However, there is still not enough capital to take advantage of these opportunities.
The energy market is regulated such that producers sell their supply either directly to major consumers (e.g. a mine or brewery) at an agreed upon price, or sell to traders in the market via an auction mechanism. However the auction mechanism sets a floor price at 450 PLZ (approximately 110EUR) / MWh. So, as long as the economics of a production project work at this floor price, then any other income is a bonus. For example, in the project currently being undertaken by our company (MEW Dobroszów) we expect construction costs to be around 4 Million EUR1 with a completion time of 16 months. Based on the minimum electricity price of 110/MWh. We expect revenue for the project to be approximately 726.000 EUR / year (110 EUR/MWh x 6600 MWh/y) giving a payback period to the investor of less than 6 years. This payback time could be decreased through potentially higher electricity prices or collateralizing future revenues. As the expected lifetime of this asset is at least 80 years there are many options open to investors.
Any investor that can come in with enough financial backing is also, very easily, able to get construction loans from Polish banks a very attractive rate so as not to tie up capital that could be better used for other purposes. Especially with Bank Ochrony Środowiska www.bosbank.pl Bank of Environmental Protection and BGK bgk.pl
Project Goals
Although the final details need to accommodate the legal and fiscal requirements of the investors the general concept is as follows:
Principal Risks of the Fund
Like any investment, the first is a risk is the ability of the managers to select investments that will raise in value according to investors’ expectations. However this is especially important in this fund due to the long period required for many of the investments to realize their value. The good and the bad of Hydropower investments is they have lifetimes of 80+ years.
In Hydro Power investments there are 2 primary risks: 1, the water resources will cease to exist at a future date due to climate change; 2, environmental regulations will change to make the production and sale of power impossible or financially unacceptable. With these risks in mind investments and projects will be examined closely for their payback period and profitability under extreme conditions.
The Project Management
The operations will be managed by a team from the Polish investment company Koronne Technologie S.A. (which currently has owns many of the assets) as well as additional experts brought in as needed. These parties have significant experience working in the Renewable Energy Industry, fund management and a deep knowledge of operational aspects of small and growing international companies and their activities.
As described above, only 1.5% of Polish energy is currently produced by hydropower out of an estimated potential of around 12%. Based on the fact that there are less than 500 current projects in Poland, this means there are potentially thousands of small-hydro opportunities in the country.
The Company has done extensive research on 3 potential projects as well has having meetings on several other projects in the near future.
The key investment opportunities include Legnica, Dobroszów and Mielec:
MEW Dobroszów (Construction in Progress)
Planned annual production of energy from hydroelectric power plant with and annual output of approximately 6.600 MWh.
MEW Legnica (Acquisition Negotiated)
MEW, installed power 110 kW, 3 m fall, Q = 4.5 m3 / s, near Legnica, with a building permit, productivity 650-700 MWh / year.
MEW Mielec (Acquisition Negotiated)
Planned annual production of energy from hydroelectric power plant with approximately 7 000 MWh/ year.
Marek Przemyslaw Tomiak
Investor, architect and project initiator
Michał Portalewski
Finance department
Paweł Rozmienc
Department of machining and steel structures
Aleksander Tomiak
Tadeusz Wawrzykowski
Konrad Wawrzykowski
Experts
Natali Derdzikowska
Specialist for project development
Krzysztof Jasiński
Legal department
Tadeusz Borkowski
Turbine production and assembly department
Przemek Jan Marchlewicz
Advisor
Agnieszka Kocięcka
Quality management system
KRS0000397811
REGON144699540
NIP PL5272663177
Registered Capital100.100,10 PLN
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Koronne Technologie reserves the right to make changes to the Site and these Terms and Conditions of Use at any time without prior notice to you. For this reason, each time you use the Site, you should visit and review the then-current Terms and Conditions of Use that apply to your use of the Site.
You may not violate or attempt to violate the security of the Site. Tampering with any portion of the Site, providing untruthful or inaccurate information, misrepresenting your identity, or conducting fraudulent activities on the Site, whether or not through the use of agents, are prohibited and constitute a breach of these Terms and Conditions of Use.
You are prohibited from violating or attempting to violate the security of the Site, including, without limitation, (a) accessing data not intended for you or logging onto a server or an account which you are not authorized to access; (b) disabling, removing, defeating, or avoiding any security device or system, including, without limitation, any password and login functionality used to authenticate users; (c) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization; (d) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Site, overloading, "flooding," "spamming," "mail bombing" or "crashing;" (e) sending unsolicited email, including promotions and/or advertising of products or services; (f) forging any TCP/IP packet header or any part of the header information in any email or posting; (g) using or attempting to use any engine, software, tool, agent or other device or mechanism (including, without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Site other than the search engine and search agents available on the Site and other than generally available third party web browsers; (h) reverse engineering, decompiling or disassembling the underlying software; (i) removing any notices, warnings, labels, annotations or instructions from any portion of the Site or any related material, including, without limitation, any patent, trademark, copyright, or other proprietary notices or license provisions; or (j) otherwise invading the privacy of, obtaining the identity of, or obtaining any personal information about any user of the Site.
Koronne Technologie may investigate occurrences that might involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations. We may, without prior notice or warning of any kind, restrict or terminate the access of any and all users to the Site if we reasonably conclude that such restriction or termination is necessary to prevent, or prevent the further spread, of a virus, security breach or system malfunction.
You may download or copy Content only to the extent such download is expressly Koronne Technologie permitted in writing on the Site. No right, title or interest in any downloaded materials or software is transferred to you as a result of any such downloading or copying. You may not reproduce (except as noted above), publish, transmit, distribute, display, modify, create derivative works from, sell or participate in any sale of or exploit in any way, in whole or in part, any of the Content, the Site or any related software.
The Koronne Technologie is the trademarks of Koronne Technologie. Nothing on the Site shall be interpreted as granting any license or right to use any image, trademark, trade dress, logo or service mark on the Site. Anything transmitted to the Site by you becomes Koronne Technologies’ property and may be used by us for any lawful purpose. Koronne Technologie reserves all rights with respect to copyright and trademark ownership of all material on the Site, and will enforce such rights fully of the law.
Unless otherwise noted, all Contents are copyrights, trademarks, trade dress and/or other intellectual property owned, controlled or licensed by Koronne Technologie or by third parties who have licensed their materials to Koronne Technologie and are protected by international copyright laws. The compilation of all Contents on the Site is the exclusive property of Koronne Technologie and is protected by international copyright laws.
We may collect certain aggregate and non-personal information when you visit the Site. We may collect this information through "cookie" technology. Cookies are bits of text that can be placed on your computer's hard drive when you visit certain web sites. Cookies may enhance your online experience by saving your preferences while you are visiting a particular site. The "help" portion of the toolbar on most browsers will tell you how to stop accepting new cookies, how to be notified when you receive a new cookie, and how to disable existing cookies. Remember, though, without cookies, you may not be able to take full advantage of all of the Site features.
The information on this website is provided for informational purposes only. No Content or other material on the Site shall be used or considered as an offer to sell or a solicitation of any offer to buy the securities or services of Koronne Technologie or any other issuer. Offers can only be made where lawful under, and in compliance with, applicable law.
Koronne Technologie makes no representations that transactions, products or services discussed on the Site are available or appropriate for sale or use in all jurisdictions or by all investors. Those who access the Site do so at their own initiative and are responsible for compliance with local laws or regulations.
While Koronne Technologie uses reasonable efforts to obtain information from reliable sources, Koronne Technologie makes no representations or warranties as to the accuracy, reliability or completeness of any information or document at the Site obtained outside of Koronne Technologie. Certain information on the Site may contain forward-looking statements, which reflect our views with respect to, among other things, our operations and financial performance. Such forward-looking statements are subject to various risks and uncertainties and speak only as of the date on which they are made. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from this indicated in these statements. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” "believe," "expect," “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” "anticipate," "optimistic," "intend," “plan,” “estimate,” "aim," "will" or the negative version of these words or similar expressions. Koronne Technologie undertakes no obligation to update publicly or revise any information on the Site, whether as a result of new information, future developments or otherwise. Opinions and any other Contents at the Site are subject to change without notice.
Koronne Technologie is not utilizing the Site to provide investment or other advice, and no information or material at the Site is to be deemed a recommendation to buy or sell any securities or is to be relied upon for the purpose of making or communicating investment or other decisions. In addition, no information, Content or other materials contained on the Site should be construed or relied upon as investment, legal, accounting, tax or other professional advice or in connection with any offer or sale of securities. Any transactions listed on the Site are included as representative transactions and are not necessarily reflective of overall performance.
Koronne Technologie does not advise on the tax consequences of any investment.
Past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.
BY USING THE SITE, YOU EXPRESSLY AGREE THAT SUCH USE IS AT YOUR SOLE RISK. THE SITE AND RELATED SERVICES ARE PROVIDED ON AN "AS IS", "AS AVAILABLE" AND “WITH ALL FAULTS” BASIS. NEITHER BLACKSTONE NOR ANY OF ITS RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, THIRD-PARTY CONTENT PROVIDERS, DESIGNERS, CONTRACTORS, DISTRIBUTORS, MERCHANTS, SPONSORS, LICENSORS OR THE LIKE (COLLECTIVELY, "ASSOCIATES") WARRANT THAT USE OF THE SITE OR RELATED SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE. NEITHER KORONNE TECHNOLOGIE NOR ITS ASSOCIATES WARRANT THE ACCURACY, INTEGRITY, COMPLETENESS, AVAILABILITY OR TIMELINESS OF THE CONTENT PROVIDED IN THE SITE OR THE MATERIALS OR SERVICES OFFERED IN THE SITE NOW OR IN THE FUTURE. KORONNE TECHNOLOGIE AND ITS ASSOCIATES SPECIFICALLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OF THE SITE, INFORMATION ON THE SITE OR THE RESULTS OBTAINED FROM USE OF THE SITE OR RELATED SERVICES.
UNDER NO CIRCUMSTANCES WILL KORONNE TECHNOLOGIE OR ITS ASSOCIATES BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER INDIRECT DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES, UNAUTHORIZED ACCESS, SYSTEMS FAILURE, COMMUNICATIONS LINE FAILURE, INTERNET FAILURE OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THE SITE, CONTENT, INCONVENIENCE OR DELAY. THIS IS TRUE EVEN IF BLACKSTONE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES.
Any Content downloaded or otherwise obtained through the Site is done at your own discretion and risk and you are solely responsible for any damage to your computer or other electronic system or loss of data that results from the download of any such Content. The foregoing limitation of liability will apply in any action, whether in contract, tort or any other claim, even if an authorized representative of KORONNE TECHNOLOGIE has been advised of or should have knowledge of the possibility of such damages.
Third Party Content and Linked Sites
References on this Site to any names, marks, products or services of third parties, or hypertext links to third party sites or information or Content provided by third parties, are provided solely as a convenience to you and do not in any way constitute or imply our endorsement, sponsorship or recommendation of the third party, its information, materials or services. We are not responsible for the practices or policies of such third parties, nor the Content of any third party sites, and do not make any representations regarding third party materials or services, or the Content or accuracy of any material on such third party sites. If you decide to link to any such third party sites, you do so entirely at your own risk.
Certain areas within the Site may allow you to participate in blog discussions and other forms of social networking. These blogs and social networks are accessible to other users, and any information posted in such areas can be read, collected, shared, or otherwise used by other users who access the Site. You are solely responsible for any information you choose to submit in these forums.
Our name, brands and reputation may be misused by imposters and frauds publishing fake web sites and engaging in "phishing" scams seeking personal or confidential information.
When communicating with Koronne Technologie through digital media, please:
If you have any questions about the above, please contact Koronne Technologie using our Contact Us page.
These Terms and Conditions of Use are effective unless and until terminated by either you or Koronne Technologie. You may terminate these Terms and Conditions of Use at any time, provided that you discontinue any further use of the Site. We also may terminate these Terms and Conditions of Use, in our sole discretion, at any time and may do so immediately without notice, and accordingly deny you access to the Site. Upon any termination of these Terms and Conditions of Use by either you or us, you must promptly destroy all materials downloaded or otherwise obtained from the Site, as well as all copies of such materials, whether made under these Terms and Conditions of Use or otherwise.
As a condition of your use of the Site, you agree to indemnify and hold Koronne Technologie and its Associates harmless from and against any and all claims, losses, liability, costs and expenses (including, but not limited, to attorney’s fees), as incurred, arising from your use of the Site or related services or from your violation of these Terms and Conditions of Use.
You represent and warrant that: (i) you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to these Terms and Conditions of Use; (ii) you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of these Terms and Conditions of Use; and (iii) you will not delete any Content.
Nothing contained in these Terms and Conditions of Use is intended to modify or amend any other written agreement you may have with Koronne Technologie (including without limitation any customer agreement, participation agreement or account agreement) (collectively, “Other Agreements”), if any, that may currently be in effect. In the event of any inconsistency between these Terms and Conditions of Use and any Other Agreement, the Other Agreement will govern. Some pages within the Site contain supplemental terms, conditions, additional disclosure, and disclaimers, which are in addition to these Terms and Conditions of Use. In the event of a conflict, such supplemental terms, conditions, additional disclosures, and disclaimers will govern for those sections or pages.
Headings used in these Terms and Conditions of Use are for reference purposes only and in no way define or limit the scope of the section. The laws of Poland (except for conflict of law provisions) govern these Terms and Conditions of Use. Any claim related to any dispute arising as a result of the Site or under these Terms and Conditions of Use will be made before a court of competent jurisdiction located in Warsaw. If any provision of these Terms and Conditions of Use is held to be unenforceable, such provision will be reformed only to the extent necessary to make it enforceable. The failure of Koronne Technologie to act with respect to a breach of these Terms and Conditions of Use by you or others does not constitute a waiver and will not limit Koronne Technologies’ rights with respect to such breach or any subsequent breaches.
By using the Site, you agree that Koronne Technologie, at its sole discretion, may require you to submit any disputes arising from the use of the Site, related services or these Terms and Conditions of Use concerning or, including disputes arising from or concerning their interpretation, violation, nullity, invalidity, non-performance or termination, as well as disputes about filling gaps in this contract or its adaptation to newly arisen circumstances, to final and binding arbitration under the International Rules of Arbitration of the Warsaw Arbitration Association, by one or more arbitrators appointed in accordance with the said rules. Notwithstanding these rules, however, such proceeding shall be governed by the laws of the state as set forth in the previous section.
If you cannot contact Koronne Technologie through normal channels, please check The Koronne Technologie web site kornnetechnologie.com for alternative means of communication.
Koronne Technologie S.A.The Koronne Technologie business continuity plan is subject to change at any time, in Koronne Technologies’ sole discretion.