Read the press release in PDF format here (in Italian)
REDELFI AND ALTEA GREEN POWER TOGETHER IN THE U.S. MARKET FOR THE DEVELOPMENT OF STAND-ALONE BATTERY ENERGY STORAGE SYSTEMS, THROUGH THE ESTABLISHMENT OF THE U.S.-REGISTERED COMPANY “RAL GREEN ENERGY CORPORATION,” JOINTLY OWNED BY ALTEA GREEN POWER AND REDELFI
THE PLAN ENVISAGES THE DEVELOPMENT, OVER A PERIOD OF 4 YEARS, OF A PIPELINE FOR LARGE-CAPACITY STORAGE SYSTEMS, WITH A TOTAL CAPACITY OF 1.4 GW, WITH AN INVESTMENT OF ABOUT USD 5 MILLION AND AN ESTIMATED IRR OF MORE THAN 30%
Milan, December 15, 2022
Redelfi S.p.A. (“Redelfi”) and Altea Green Power S.p.A. (“AGP”), companies both listed on the Euronext Growth Milan market, the former a management company committed to the digital and green transition, the latter active in the development and implementation of initiatives in the renewable energy and energy efficiency sector, announce that they have entered into a Joint Venture (“JV”) for the development of stand-alone battery energy storage systems (“BESS”) in the U.S., with the establishment of the U.S.-registered company RAL Green Energy Corporation (“RAL Corp.”).
RAL Corp., owned equally (50%) by the two companies, will take over Redelfi Corporation’s partnership with U.S. partner Elio Energy Group LLC (“Elio Group”) by the end of the year, acquiring the controlling 65% stake in the share capital of BESS Power Corp, to which it will contribute the financial resources necessary for development.
The plan calls for the implementation – over a period of 4 years – of a pipeline of stand-alone BESS plants, already introduced to the market in Redelfi‘s press release from November 17, 2022. The total planned investment by RAL Corp. will be about USD 5 million, financed from available resources, with the creation of a pipeline of projects with a capacity of about 1.4 GW and an expected annual return on investment of more than 30%.
The JV is aimed at creating a solid structure into which different and important skills provided by experienced operators, active for years in the energy sector, can flow.
Redelfi‘s international network and project management skills, combined with AGP‘s engineering and storage development experience in Italy, create added value for this transaction, while Elio Group – as the local U.S. partner – will mainly contribute the expertise gained in the U.S., taking care of the operational management of the BESS plant development.
Davide Sommariva, Chairman of the Board of Directors, commented, “Altea Green Power’s expertise is a key factor in the implementation of such a challenging project as the development of the BESS Power Corp pipeline. At a time in history when internalization and excess energy management are now key, this partnership will see two industry players working side by side, expanding their business.”
Giovanni Di Pascale, CEO of Altea Green Power, commented, “I am very pleased to have signed this agreement with a company like Redelfi, which will facilitate our entry into the U.S. market. As Altea Green Power we will bring our engineering know-how and experience in storage development. This represents a decisive step for us to expand our business internationally, where we are sure there are significant growth opportunities in the near future.”
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 2021 fiscal year, the Group achieved a Production Value of EUR 1.2 million and a Net Income of EUR 3.5 million, the latter as a result of extraordinary transactions. Its Net Financial Position was cash positive by EUR 0.1 million and Shareholders’ Equity is EUR 5.36million. In 2021, the Group made investments of approximately EUR 4.5 million.
Altea Green Power: Altea Green Power is a company active in the development and construction 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, cogeneration, biomass, storage and energy efficiency sectors, thus contributing to the reduction of pollution. Founded in 2008 by Giovanni Di Pascale, under the name Altea Energia, in October 2021 it changed its name to Altea Green Power and today can boast the turnkey supply of numerous photovoltaic and wind power plants throughout Italy, the development and sale of projects for as many MW for co-investment, and current developments in wind and biomass being finalized. In fact, it has contracted 800 MW in Co-development with some of the world’s largest players. As of February 1, 2022, it is listed on the Euronext Growth Milan market of Borsa Italiana.
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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 floor, 16149 Genoa, Italy Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com| via A. Scarsellini, 119 Torre B “I Gemelli” 11 floor, 16149 Genoa
Altea Green Power| Investor Relations Manager | Salvatore Guarino | investorelation@alteagreenpower.com | Corso Re Umberto, 8, 10121 Turin
EURONEXT GROWTH ADVISOR & SPECIALIST
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milan
INVESTOR & FINANCIAL MEDIA RELATIONS FOR REDELFI
IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan
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
