Read the press release in PDF format here (in Italian)
REDELFI INITIATES PARTNERSHIP WITH ELIO ENERGY GROUP LLC FOR THE DEVELOPMENT OF STORAGE SYSTEMS IN THE U.S. MARKET
Milan, November 17, 2022
Redelfi S.p.A. (the “Company” or “Redelfi”), a management company committed to the digital and green transition and listed on the Euronext Growth Milan market, announces that it has entered into – through its U.S.-registered subsidiary Redelfi Corporation (“Redelfi Corp.”) – a partnership with Elio Energy Group LLC (“Elio Group”) for the development of a pipeline of Battery Energy Storage System parks (“BESS parks”) in the U.S. market.
This partnership resulted in the establishment of the U.S.-registered company BESS Power Corporation (“BESS Power Corp.”), which is 65% owned by Redelfi Corp. and 30% owned by the Elio Group. Also taking part in the transaction, with a 5% stake, is Dr. Paolo Siniscalco, formerly an Independent Director of the Company, who therefore – as he no longer meets the independence requirements pursuant to Article 148, paragraph 3, TUF – has resigned. In this regard, the Company will replace Mr. Siniscalco as soon as possible with the appointment of a director who meets the independence requirements pursuant to Article 148, paragraph 3, TUF.
BESS Power Corp., thanks to Redelfi’s financial contribution and the technical expertise gained by Elio Group’s management in the U.S. market, will develop a pipeline of BESS parks for about 1.4 GigaWatts of power in 4 years.
Chairman of the Board of Directors Davide Sommariva commented, “The launch of the partnership with Elio Group is a key step in the concretization of the 2022-2026 Business Plan, which sees the Green business unit taking a central role in the growth of the Group. The synergy between Redelfi and Elio Group will be the driving force behind the realization of the ambitious set of goals.”
Elio Group CEO, Mr. Daven Mehta, commented, “We are excited to support Redelfi in achieving our common goals and bring the expertise needed to expand the storage market in the United States.”
Elio Energy Group LLC is a renewable energy developer focused on solar and BESS development in the South American market with more than 2.5 GigaWatts of active projects and projects in pre-development for 6 GigaWatts. Elio supports traditional development, mitigating project risk through its vast experience in all phases of development, construction and operation. Elio Group’s “hybrid” development model provides the necessary expertise at the lowest possible cost, combining dedicated resources where needed with a shared services approach for technical, business and development aspects.
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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 5.6 million. In 2021, the Group made investments of approximately EUR 4.5 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
