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REDELFI STRENGTHENS ITS PRESENCE IN THE USA BY STARTING A SECOND PARTNERSHIP WITH ELIO ENERGY GROUP
REDELFI AND ELIO ENERGY GROUP SIGN AGREEMENTS TO DEVELOP A NEW 2.4 GW BESS PIPELINE IN USA AND ESTABLISH REDELIO RENEWABLES LLC
Milan, 22 April 2024
Redelfi S.p.A. (“Redelfi” or the “Company”), a company heading the industrial group of the same name with operational headquarters in Genoa, Italy – engaged in the development of innovative and sustainable infrastructures to facilitate the energy transition and listed on the Euronext Growth Milan segment of Borsa Italiana – announces that it has signed, through its U.S.-registered, wholly-owned subsidiary Redelfi Corporation (“Redelfi Corp. “), with Elio Energy Group LLC (“Elio Group”), a U.S. developer already a partner in BESS Power Corporation, operating agreements for the development of an additional 2.4 GW of Battery Energy Storage System (“BESS”) projects in the U.S. territory.
The new pipeline will be developed by the U.S.-registered newco Redelio Renewables LLC (“Redelio”), in which Redelfi Corp. and Elio Group hold a 50 percent stake, respectively.
The strengthening of the partnership with Elio Group stems from the synergy created during the past year of working together to implement BESS Power Corp, a company in which the Group holds an interest through RAL Green Energy Corp. In fact, the trust relationship created between Redelfi and Elio Group led the Company to choose the same partner for the expansion of its presence in the US.
Consistent with the scheme already proposed in BESS Power Corporation, Redelfi will also be responsible in Redelio for financing, project management activities, financial management and monitoring of development activities, while Elio Group will be in charge of all technical-operational activities.
The establishment of this joint venture represents, for the Company, a further step towards the realization of the 2023-2026 Business Plan, particularly with regard to increasing Redelfi’s presence in the US market, – ref p.r. 11 December 2023 – and confirms the centrality of this market in the Group’s growth strategy.
Davide Sommariva, President of the Board of Directors of Redelfi S.p.A. commented: “The successful collaboration and human relationship built with Elio Group over the past year led us to this strategic choice to expand Redelfi’s presence in America. The bond created between the skills of the two teams has given rise to a solid and profitable working relationship. We trust that this cooperation can continue, leading us to hit an important goal of the Industrial Plan shared with the market.”
This press release is available on website www.redelfi.com, section , 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 Tower B “I Gemelli” 11th floor, 16149 Genova
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Tower B “I Gemelli” 11th floor, 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
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milano
