Batteries, what Energy will do (with a Chinese partner) thanks to Invitalia (Mef) funds for the Pnrr
Energy (which has a 19% Chinese shareholder) will receive co-financing of 7 million for a gigafactory project in Veneto: the investment falls within the section of the Pnrr dedicated to batteries. All the details
Energy, an Italian renewable energy storage technology company, has received an official communication from Invitalia (the agency of the Ministry of Economy for business development) for the granting of concessions for the development contract of the area “Renewables and batteries” of the Pnrr.
ENERGY CO-FINANCING
Energy will receive, starting from 2024 and until 2026, a non-repayable co-financing of 7.1 million euros on a total investment of 43 million for a battery factory ( gigafactory , in jargon) in Veneto. CEO Davide Tinazzi defined it as "a great signal that we are proud to be able to give to the market": Energy shares grew by 12 percent, to 1.3 euros, reports Milano Finanza .
Energy was founded in 2013 and has been listed on the Euronext Growth Milan market of the Italian Stock Exchange since August 2022; the operational headquarters is located in the province of Pavia, in Sant'Angelo di Piove di Sacco.
WHO ARE THE SHAREHOLDERS
The main shareholders – as can be seen from the company's website – are Elmagi (20 percent), Freman Holding (20 percent), Sun Hongwu (19.7 percent) and Euroguarco (19.7 percent).
Elmagi is a company attributable to Davide Tinazzi, while Freman Holding is attributable to Andrea Taffurelli, director with delegation of the board of directors of Energy. Sun Hongwu is an entrepreneur of Chinese nationality.
THE IMPORTANCE OF BATTERIES FOR THE ENERGY TRANSITION
“The battery supply chain for energy storage systems is considered strategic for Italy,” added Tinazzi. Batteries are necessary for the energy transition because they allow us to store the surplus of energy generated by wind and photovoltaic systems, which are intermittent in generation as they depend on the weather; the energy stored in the batteries can be supplied to the electricity grid later, when energy demand grows but renewable parks cannot meet it immediately.
Global battery production is dominated by China , which also controls the refining of base metals and the manufacturing of intermediate components (cathodes, anodes, electrolytes, separators).
WHAT THE PNRR PROVIDES
The Pnrr provides, as part of the so-called "Mission 2 – Component 2", dedicated to renewable energies, hydrogen, network infrastructures and sustainable mobility, a specific investment (5.1) in " Renewables and batteries " of 1 billion euros in total. The battery segment – even more specifically – envisages a 500 million investment to support private efforts to build an industrial supply chain.
The goal is to reach December 2024 with a battery production capacity of 11 gigawatt hours.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/energy-cofinanziamento-invitalia-batterie-pnrr/ on Wed, 15 Nov 2023 14:33:12 +0000.