Read the press release in PDF format (in Italian)
BRIGHT STORAGE EXPANDS DEVELOPMENT TARGET FROM 2.8 GW TO 3.3 GW
Milan, May 21, 2024
Redelfi S.p.A. (“Redelfi” or the “Society’), the parent company of the industrial group of the same name with operational headquarters in Genoa – engaged in the development of innovative and sustainable infrastructures to promote energy transition, and listed on the Euronext Growth Milan segment of the Italian Stock Exchange – announces that its subsidiary Bright Storage S.p.A. (‘Bright Storage“), 51 % owned by Redelfi and 49 % by Flash S.p.A., a company part of the WRM Group, expanded its target for the development Of stand-alone Battery Energy Storage System projects (“BESS“) to a capacity of 3.3 GW.
Due to Redelfi’s acceleration in the process of identifying BESS projects and the subsequent achievement of the negotiated development target of 2.8 GW ahead of the budgeted timeline (ref p.r. April 3, 2024), Bright Storage has resolved to expand the development target over the next five years, thereby extending the pipeline to 3.3 GW.
The expansion of Bright Storage’s pipeline entails exceeding – in terms of developed power – the target set for one of the four drivers underlying the 2023-2026 Business Plan presented to the market last December 2023, further consolidating Redelfi’s efficiency in the role of developer. This expansion will lead to improved results during the current fiscal year, but the most significant impact in economic terms will be reflected in subsequent years, so the guidance in the Updated Plan 2023-2026, approved on December 11, 2023, is still consistent with the business development forecasts and, therefore, as of today is confirmed.
Davide Sommariva, Chairman of the Board of Directors of Redelfi S.p.A. commented: “We are very satisfied that our daily commitment has led not only to the achievement of the initially negotiated development target, but even to an extension of Bright Storage’s pipeline to 3.3 GW. This extension further demonstrates the effectiveness of our team’s work and Redelfi’s business model, which is increasingly consolidating its position as a BESS developer. We are really happy to pursue this new development goal for Bright Storage and work to realize the ambitious project alongside Flash.”
This press release is available on the website www.redelfi.com, Investor Relations section > Press Releases and at www.1info.it.
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Redelfi is the parent company of the Group active in the digital and green transition by adopting a highly innovative approach in the definition of products, services and processes with a high focus on compliance with ESG principles In the financial year 2023, the Group realized a Value of Production of Euro 11 million and a Net Profit of Euro 3 million. The Net Financial Position is cash negative in the amount of Euro 4.8 million and the Net Equity is Euro 25 million.
Contacts:
ISSUER
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Tower B “I Gemelli” 11 floor, 16149 Genoa
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Tower B “I Gemelli” 11 floor, 16149 Genoa
INVESTOR & FINANCIAL MEDIA RELATIONS
IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan, Italy
IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan, Italy
EURONEXT GROWTH ADVISOR
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milan
