Read the press release in PDF format here (in Italian)
BESS POWER CORPORATION REACHES ITS FIRST TARGET: ERCOT CONFIRMS 407.55 MW FOR LUND STORAGE CENTER PROJECT
THE START OF THE FULL INTERCONNECTION STUDY AND CONFIRMATION OF POWER REPRESENTS THE ACHIEVEMENT OF AN IMPORTANT FIRST MILESTONE TOWARD THE DEVELOPMENT OF THE FIRST U.S. BATTERY ENERGY STORAGE SYSTEM PIPELINE, FOR AN ULTIMATE TARGET OF MORE THAN 2 GW
Milan, June 27, 2023
Redelfi S.p.A. (“Redelfi” or the “Company”), the company heading the namesake industrial group with its operational headquarters in Genoa – engaged in the development of innovative and sustainable infrastructures to promote the energy transition – and Altea Green Power S.p.A. (“AGP”) – active in the development and construction of environmentally friendly power plants and as a “service integrator” for comprehensive assistance during all phases of the construction and operation of green plants – both listed on the Euronext Growth Milan segment of the Italian Stock Exchange, following up on their announcement of last January 11, announce that the process of studying the connection of the Lund Storage Center project under BESS Power Corp. (“BESS Power”), a 65 percent subsidiary of RAL Green Energy Corp. (a company equally owned by Redelfi and AGP), has begun the connection study process, 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 Directors of Redelfi S.p.A. commented, “Our U.S. line is advancing consistently with what has been declared to the market. The confirmation of Lund Storage power by ERCOT is an important step for 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 stand-alone BESS 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, CEO of BESS Power Corporation commented, “BESS Power Corporation’s main goal 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 at www.redelfi.com, Investor Relations > Press Releases section, at www.alteagreenpower.it, Investor Relations > Financial Press Releases section, and at www.1info.it.
Redelfi is the parent company of the Redelfi Group active in the digital and green transition through three Business Units operating in the Green, MarTech and GreenTech sectors. Each Business Unit adopts a highly innovative approach in defining products, services, and processes with a strong focus on compliance with ESG principles in business management. In the 2022 fiscal year, the Group achieved a Production Value of EUR 4.5 million and a Net Income of EUR 0.27 million. Its Net Financial Position was EUR 0.6 million and its Net Equity was EUR 9.3 million. In 2022, the Group made investments of approximately EUR 6.4 million.
About Altea Green Power: Altea Green Power is a company active in the development and creation of plants for the production of energy while respecting the environment and as a “service integrator,” addressing its capabilities to individuals, companies, entities and investors who want complete assistance during all phases of implementation and management for a wide range of plant types, particularly in the photovoltaic, wind and BESS Storage sectors, thus contributing to the reduction of pollution. Founded in 2008 by Giovanni Di Pascale, under the name of Altea Energia, in October 2021 it changed its name to Altea Green Power and today boasts the turnkey supply of numerous photovoltaic and wind power plants throughout Italy. Its current core business is co-development in wind PV and Storage. To date it has contracted, over 1.5 GW of photovoltaic and wind projects and about 0.5 GW of BESS Storage projects. Its customers are some of the world’s largest players. As of February 1, 2022, it is listed on the Euronext Growth Milan market of Borsa Italiana.
Contacts:
ISSUER
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
INVESTOR & FINANCIAL MEDIA RELATIONS
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
EURONEXT GROWTH ADVISOR & SPECIALIST
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milano
