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Redelfi and Flash (WRM Group) become partners in Bright Storage

By 12 February 2024No Comments

What follows is the press release, available (in Italian) in PDF format.


REDELFI AND FLASH (WRM GROUP) BECOME PARTNERS IN BRIGHT STORAGE

REDELFI CONSOLIDATES ITS POSITION IN THE ITALIAN BATTERY STORAGE MARKET THROUGH THE PARTNERSHIP WITH FLASH WHICH INCLUDES A PIPELINE OF 2.8 GW

Milan, 12 February 2024

Redelfi S.p.A. (“Redelfi” or the “Company“), a company at the head of the industrial group of the same name with operational headquarters in Genoa – active in the development of innovative and sustainable infrastructure projects to facilitate the energy transition, and listed on the Euronext Growth Milan segment of Borsa Italiana – announces to have started the joint venture with the company Flash S.p.A. (“Flash”), part of the WRM Group (“WRM Group”), through the sale at nominal value of a stake equal to 49% of the share capital of the specifically established newco Bright Storage S.p.A. (“Bright Storage”), and to have signed the relevant shareholders’ agreements. Following today’s sale, Bright Storage is owned 51% by Redelfi and the remaining 49% by Flash. As part of the closing, the Development Service Agreement (“DSA”) was also signed between Redelfi and Bright Storage – ref. p.r. of 4 October 2023 – by virtue of which Redelfi will put its technical skills at the service of the partnership.

The goal of the joint venture is to develop a pipeline of stand-alone Battery Energy Storage System projects (“BESS Projects”) in Italy over a five-year period, for a total capacity of at least 2.8 GW.

Redelfi, by virtue of the acquired know-how, participates in the joint venture with a highly active role, both as a Bright Storage partner and as a supplier of all technical-operational development services pursuant to the DSA, for a recurrent fee for the activities performed, which will be paid based on the progress of the work at the completion of each development gate.

The work carried out by Redelfi within the DSA will be supervised by a technical committee specifically established by Bright Storage, which will have the task of evaluating the progress of the BESS Projects.

The agreement between Redelfi and Flash also provides for the granting by Bright Storage of a right of first offer in favor of Flash, for the acquisition of BESS Projects up to a maximum of 1GW for the entire duration of the joint venture.

This partnership represents the achievement of the first goal declared in the updated 2023-2026 Business Plan – ref p.r. 11 December 2023 – and consolidates the Company position on the Italian BESS market.

Davide Sommariva, President of the Board of Directors of Redelfi S.p.A. commented: “We are very proud to be Flash’s partners in this joint venture, which represents the starting point of an ambitious development plan. The union of Redelfi’s technical skills, and the experience as an investor of the WRM Group, will lead Bright Storage to become one of the most relevant developers in Italy. Furthermore, the finalization of this agreement is a fundamental step in achieving the objectives of our Business Plan.

The legal aspects of the operation were handled by MGLAW Studio Legale for Redelfi and by the international law firm Ashurst for the WRM Group.

This press release is available on website www.redelfi.com, section Investor Relations > Press Release, and on www.1info.it.

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Redelfi is the company at the helm of the homonymous Group, engaged in the energy and digital transition, with a strong innovative approach in the definition of products, services and processes, and high focus on compliance with ESG principles.
Following the 2023 half-yearly financial report, the Group achieved a Value of Production of € 4.2 million and a Net Result of € 1.4 million. Net Financial Position is € 3 million, and Net Equity is € 11 million.

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