Phased framework brings together a Nasdaq-listing-stage AI-native volumetric modular manufacturing and technology platform, a leading Kingdom-based modular construction consultancy to Public Investment Fund companies, and a specialist Modern Methods of Construction consultancy
DUBLIN, IE / ACCESS Newswire / May 25, 2026 / EcoModular, the AI-native volumetric modular manufacturing and technology platform, today announced that it has entered into a Memorandum of Understanding with IDS, the integrated turn-key development, project management, modular construction and consultancy platform headquartered in Riyadh, and Modul Consult Ltd, the Riga-headquartered specialist Modern Methods of Construction consultancy. The Memorandum of Understanding establishes a phased framework for collaboration across joint marketing, fee-bearing service delivery, and the potential for deeper corporate alignment over time.
The framework is structured around three time horizons. In the short term, the parties will go to market together through joint capability statements, credentials packs, pitch materials and bid responses, drawing on the combined track record of each party. In the medium term, IDS and Modul Consult will be available to deliver fee-bearing services to EcoModular projects, joint ventures and group companies, under standalone services contracts, with the option to reinvest part of any fee into the relevant project as a means of aligning long-term interests. In the longer term, and subject to the earlier phases proving successful, the parties have recorded a shared intention to explore corporate alignment, including the possibility of EcoModular acquiring IDS and Modul Consult following its Nasdaq listing, in each case subject to separate definitive agreements.
The combined capability brought to market under the framework spans the full lifecycle of volumetric modular development: development consultancy, project and cost management, design and site supervision, Design for Manufacture and Assembly, modular manufacturing, contracting and on-site delivery, factory advisory, procurement and supply chain, facility management, market research and financial modelling, and capital markets and investor relations. Each service line identifies a lead party drawn from the three signatories.
Strategic rationale
EcoModular contributes an industrial-scale volumetric modular manufacturing facility within a Special Economic Zone in Ventspils, Latvia (with annual production capacity of approximately 400,000 square metres, direct quay access and crane infrastructure), a contracted European pipeline originated through its partnerships and joint-venture vehicles, and a technology stack spanning Design for Manufacture and Assembly, takt-time production, Building Information Modelling, Manufacturing Execution Systems, automated guided vehicle and autonomous mobile robot logistics, and AI-native production systems.
IDS contributes a leading modular construction consultancy position with Public Investment Fund companies across the Kingdom of Saudi Arabia, including Qiddiya, the Diriyah Gate Development Authority, the Royal Commission for AlUla, Rua Al Madinah and NEOM, together with turn-key development and delivery capability locally registered and operationally embedded in the Kingdom since 2006, and a multi-jurisdictional presence spanning the United Kingdom, Saudi Arabia, the United Arab Emirates, Türkiye and Latvia.
Modul Consult contributes Design for Manufacture and Assembly design leadership, modular supervision, factory automation and manufacturing engineering know-how, procurement and supply chain management capability, and a market research, business planning and financial modelling discipline supporting institutional-grade decision-making. Modul Consult is a member of the Modular Building Institute.
Comments from the parties
Edvinas Cinga, CEO and Co-Founder of EcoModular, said: “The combined offer addresses the full lifecycle of volumetric modular development from origination and feasibility through design, manufacturing, contracting, delivery and operation. IDS and Modul Consult each bring capability that we genuinely could not build in-house in any reasonable timeframe, and that is the test for a partnership of this kind. The medium-term focus on fee-bearing engagements gives all three parties a clear path to scaling the relationship on the strength of delivered work.”
Niall Shanahan, Chairman and Co-Founder of EcoModular, said: “This framework brings together three highly complementary capabilities and positions our combined platform to address the volumetric modular opportunity across Europe, the Kingdom of Saudi Arabia and the wider GCC in a coordinated way. We have deliberately structured the collaboration in phases so that each party can build conviction through real, fee-bearing work before any deeper commitment is contemplated. We are very pleased to be taking this step with Bülent and his team at IDS, and with Ermīns and the team at Modul Consult, ahead of our listing.”
Bülent Peker, Principal of IDS, said: “IDS has been operationally embedded in the Kingdom of Saudi Arabia for two decades, and we see a clear opportunity to bring industrial-scale volumetric modular manufacturing capability to bear on the projects that the Public Investment Fund and its portfolio companies are advancing. EcoModular’s Latvian manufacturing footprint, combined with Modul Consult’s engineering and supply chain discipline, gives us a credible platform to address that opportunity at the standard our clients expect.”
Ermīns Sniedze, CEO of Modul Consult, said: “We have shaped this framework so that each phase has a clear purpose and so that the relationship can deepen on the basis of demonstrated performance. Modul Consult is excited to contribute its DfMA, factory advisory and supply chain expertise to the combined offering, and to work alongside EcoModular and IDS on the joint pipeline that the framework is designed to support.”
Governance and next steps
The parties have established a Steering Committee comprising one senior representative from each party, scheduled to meet monthly to review pipeline, project allocation, commercial terms, marketing activity and operational matters. Joint marketing materials, capability statements and credentials packs will be prepared over the coming weeks, and the parties will begin meeting clients together and submitting joint proposals shortly thereafter.
The Memorandum of Understanding is, save for clauses relating to confidentiality, costs and governing law, a statement of intent. Specific commercial engagements, services contracts and any future acquisition or corporate combination remain subject in all respects to separate definitive agreements, none of which has been entered into as at the date of this announcement.
About EcoModular
EcoModular is an Irish-incorporated AI-native volumetric modular manufacturing and technology platform advancing a direct listing on the Nasdaq Capital Market. EcoModular operates an industrial manufacturing platform within a Special Economic Zone in Ventspils, Latvia, with annual production capacity of approximately 400,000 square metres. The company is positioned at the intersection of advanced manufacturing, construction technology and the energy-efficient built environment.
About IDS
IDS is an integrated turn-key development, project management, modular construction and consultancy platform registered across the United Kingdom, the Kingdom of Saudi Arabia, the United Arab Emirates, Türkiye and Latvia, and headquartered in Riyadh. With over thirty years of global expertise and a continuous presence in the Kingdom of Saudi Arabia since 2006, IDS is a leading modular construction consultant to Public Investment Fund companies and a turn-key delivery partner for permanent volumetric modular office, staff accommodation and hotel projects in the Kingdom.
About Modul Consult
Modul Consult Ltd is a Riga-headquartered specialist consultancy delivering end-to-end Modern Methods of Construction services, with deep expertise in Design for Manufacture and Assembly, modular supervision, procurement and supply chain management, market research, business and financial modelling, and project delivery. Modul Consult is a member of the Modular Building Institute and brings extensive senior-level industry relationships and the operational engineering capability required to scale volumetric production to industrial cadence.
Investor and media contact
EcoModular – Investor and Press Contact
Simona Mileskaitė
Email: simona@ecomodular.com
Web: www.ecomodular.com
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the parties’ intentions to collaborate, the potential scope and phasing of the cooperation, the indicative service catalogue, the contemplated Steering Committee, the possibility of future fee-bearing engagements, the possibility of a future acquisition or corporate combination, and the potential commercial opportunities arising from the framework. Forward-looking statements are based on current expectations and assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially, including but not limited to the parties’ ability to negotiate and execute definitive agreements, conditions in the modular construction and capital markets, regulatory clearances, and the parties’ ability to convert pipeline opportunities into executed contracts. The Memorandum of Understanding described in this release is, save in respect of clauses relating to confidentiality, costs and governing law, a non-binding statement of intent; no party is obliged thereunder to enter into any contract, engagement, investment, acquisition or other transaction, and no definitive agreement has been entered into as at the date of this release. Except as required by law, the parties undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date hereof.
SOURCE: Ascotway Ltd.
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