What follows is the press release, available in PDF format..
REDELFI ENTERS ENERGY STORAGE MARKET IN US
Milan, 17th november 2022
Redelfi S.p.A. (the “Company” or “Redelfi”), management company engaged in the digital and green transaction, listed on Euronext Growth Milan, announces the launch – through her US subsidiary Redelfi Corporation (“Redelfi Corp.”) – of a partnership with Elio Energy Group LLC (“Elio Group”) focused on the development of a pipeline of Battery Energy Storage System parks (“BESS parks”) on US market.
For this purposes has been established a dedicated US company, named BESS Power Corporation (“BESS Power Corp.”), in which Redelfi Corp. owns a participation equal to 65% of the share capital and Elio Group owns a participation equal to 30% of the share capital. Mr. Paolo Siniscalco has also joined the team, acquiring a minor participation, equal to 5% of share capital; as a consequence of this he no longer meets the requirements to act as Independent Director pursuant to art. 148 comma 3 TUF, so he resigned.
BESS Power Corp., thanks to the financial injection of Redelfi and the technical expertise accrued by the Elio Group management on the US market, will develop a BESS parks pipeline for an expected capacity of around 1,4 GigaWatt in the next 4 years.
The Chairman of Redelfi, Mr. Davide Sommariva, said: “The launch of this partnership with Elio Group grounds a significant milestone for the realization of the Business Plan 22-26, pursuant to which the Green business unit will assume a central role for the growth for the whole Group. The synergy between Redelfi and Elio Group will be the fuel for the actual realization of the ambitious plans scheduled.”
The CEO of Elio Group, Mr. Daven Mehta, commented: “We are excited to support Redelfi in accomplishing our mutual goals and bringing the needed expertise to elevate energy storage in the US.”
About Elio Group: Elio Energy Group LLC is a greenfield utility-scale renewable project developer with focus on solar and battery energy storage across the southern US with more than 2.5 GW under active development along with a 6 GW pre-development pipeline. Elio supports traditional greenfield development to mitigate the risk projects with deep expertise across all facets of development, construction and operation. Elio’s “hybrid” development model provides the requisite expertise at the lowest cost possible by combining dedicated resources where needed for focus and accountability with a shared services approach to the technical, business, and financial aspects of development.
Redelfi is a company, head on homonymous Group, engaged in the field of digital and green transition through business three Business Unit, active in Green, MarTech and GreenTech. Each Business Unit adopts a strongly innovative approach in the definition of products, services and processes with an highly attention on the respect on ESG criteria and governance.
During the 2021, the Group has realized a Value of Production (consolidated) equal to € 1,2 million and a profit of € 3,5 million, this last result following the extraordinary operation. The NFP is cash positive for an amount of € 0,1 million and the Net Assets is equal to € 5,6 million. In 2021 the Group invested an amount about €4,5 million.
Redelfi | Investor Relations Manager | Erika Padoan | firstname.lastname@example.org | T: +39 320 7954739 | via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
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P.IVA 01815350994 – F.C. 01815350994 – R.E.A. Nr. 2588372
Company listed in the Business Register of Milano
Share capital 422.004,28 € subscribed and paid
Registered office: Viale Monza 127, 20125 Milano (Italy)
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