What follows is the press release, available in PDF format.
BESS POWER CORPORATION REACHES ITS FIRST MILESTONE: ERCOT CONFIRMS 407.55 MW FOR LUND STORAGE CENTER PROJECT
THE START OF THE FULL INTERCONNECTION STUDY AND CONFIRMATION OF POWER REPRESENT THE ACHIEVEMENT OF AN IMPORTANT FIRST MILESTONE TOWARD THE DEVELOPMENT OF THE FIRST U.S. BATTERY ENERGY STORAGE SYSTEM PIPELINE, FOR A FINAL TARGET OF MORE THAN 2 GW
Milano, July 3 2023
Redelfi S.p.A. (“Redelfi” or the “Company”), a company under the industrial group of the same name with operational headquarters in Genoa, Italy – committed to the development of innovative and sustainable infrastructure to facilitate the energy transition and Altea Green Power S.p.A. (“AGP”) – active in the development and implementation of initiatives in the field of renewable energy and energy efficiency – both listed on the market Euronext Growth Milan, following up on their announcement last Jan. 11, announce that the process of studying the connection of the Lund Storage Center project under BESS Power Corp. (“BESS Power“) has begun, a 65% subsidiary of RAL Green Energy Corp. (a company equally owned by Redelfi and AGP), began the process of studying the connection, called the Full Interconnection Study, with the cooperation of Texas independent system operator ERCOT (Electric Reliability Council of Texas Inc.) and U.S. utility operator LCRA (Lower Colorado River Authority).
Lund Storage, a project acquired by BESS Power in January 2023-ref. c.s. Jan. 11, 2023-has been confirmed for development of a maximum capacity of 407.55 MW, increased slightly from its initial size, thus confirming it as one of the largest Battery Energy Storage Systems (“BESS”) projects currently under development in the Texas territory. The grid operator thus confirmed the viability of the first project in the BESS Power pipeline, whose final target was increased to over 2 GW.
The Full Interconnection Study is expected to be completed by September 2023.
Davide Sommariva, Chairman of the Board of Redelfi S.p.A. commented, “Our U.S. pipeline is advancing consistently with what we have declared to the market. The confirmation of Lund Storage power by ERCOT is an important step in the growth of BESS Power, which makes us increasingly confident about the development of our pipeline. This first achievement is the fruit of the great capabilities of the entire team and is leading Redelfi to consider increasing its presence in the U.S. market.”
Giovanni Di Pascale, CEO of Altea Green Power commented, “This important result confirms the validity of the business model established, which will allow BESS Power to establish itself more and more in the market. We have reached a first fundamental milestone of the ambitious plan, communicated in late 2022, which will be developed over 4 years and will be focused on the implementation of a substantial pipeline of BESS stand-alone plants. This represents a decisive step for us to expand our business internationally, where we are confident there will be significant growth opportunities in the future.”
Philip Herman, COO of BESS Power Corporation commented, “The main goal of BESS Power Corporation is to increase our portfolio with high quality projects of which Lund Storage is an excellent example. The first success of Lund Storage is a step in the right direction and demonstrates the drive and deep expertise of our team and partners in working together toward achieving our goals. Energy storage will play an increasingly important role in the transmission system of ERCOT and other countries.”
This press release is available on website www.redelfi.com, section Investor Relations > Press Release, on the website www.alteagreenpower.it, section Investor Relations > Financial press release and on www.1info.it.
***
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.
In fiscal year 2022, the Group achieved a Value of Production (pro forma consolidated) of € 4.5 million and a Net Income of € 0.27 million. Net Financial Position was € 0.6 million and Net Equity was € 9.2 million. In 2022, the Group made investments of approximately € 6.4 million.
***
Altea Green Power: Altea Green Power is a company active in the development and construction of plants for the production of energy in respect of the environment and ad a “service integrator”, turning its capabilities to private individuals, companies, entities and investors interested in a complete assistance during all the phases of realization and management for a wide range of plant types, in particular in the photovoltaic, wind, cogeneration, biomass, storage and energy efficiency fields, contributing to the reduction of pollution. Founded in 2008 by the will of Giovanni Di Pascale, under the name of Altea Energia, in October 2021 changed its name to Altea Green Power and today can boast the turnkey supply of numerous photovoltaic and wind plants throughout Italy, the development and sale of projects for as many MW for co-investment and current developments in the field of wind and biomass under finalization. It has contracted, in fact, 800 MW in Co-development with some of the major players worldwide. From 1 February 2022 it is listed on the Euronext Growth Milan market of Borsa Italiana.
Contacts:
Companies:
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com| via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
Altea Green Power| Investor Relations Manager | Salvatore Guarino | investorelation@alteagreenpower.com | Corso Re Umberto, 8, 10121 Torino
EURONEXT GROWTH ADVISOR & SPECIALIST
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milano
INVESTOR & FINANCIAL MEDIA RELATIONS FOR REDELFI
IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milano
IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milano
INVESTOR & FINANCIAL MEDIA RELATIONS FOR ALTEA GREEN POWER
CDR Communication |Investor Relations | Silvia Di Rosa|silvia.dirosa@cdr-communication.it
CDR Communication | Investor Relations | Marika Martinciglio|marika.martinciglio@cdr-communication.it
CDR Communication |Media Relations| Stefania Trevisol|stefania.trevisol@cdr-communication.it
CDR Communication | Media Relations |Angelo Brunello |angelo.brunello@cdr-communication.it
