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Redelfi’s Board of Directors approves results to 31 December 2023: strong growth in all key indicators

By 25 March 2024May 29th, 2024No Comments

Read the press release in PDF format (in Italian)



Value of Production at Euro 11 million, up 142% from Euro 4.5 million
in Dec. 31, 2022 and higher than the guidance of the Business Plan 2023-2026
– EBITDA at Euro 5.1 million up 200% from Euro 1.7 million in Dec. 31, 2022,
With EBITDA margin at 46.3 percent (37.3 percent in 2022)
– EBIT of €4.6 million, up 301% from €1.1 million in Dec. 31, 2022
– Net income at 3.0 million euros, up significantly from 0.3 million euros in the
– Net financial position of €4.8 million, up from €0.6 million
as of 12/31/2022 but lower than the guidance in the 2023-2026 Business Plan
– BESS development activities in Italy and the U.S. and the implementation of the Business Plan continue

Milan, March 25, 2024
The Board of Directors of Redelfi S.p.A. (“Redelfi” or the “Company“), a company heading the eponymous
Industrial group with operational headquarters in Genoa engaged in the development of innovative infrastructure and
sustainable to foster the energy transition and listed on the Euronext Growth Milan segment of the Milan Stock Exchange.
Italiana, today approved the consolidated financial statements and the draft financial statements for the year ended as of 31
December 2023 to be submitted to the Shareholders’ Meeting convened on April 24, 2024.Davide Sommariva, Chairman of the Board of Directors of Redelfi S.p.A. commented, “We are
Very pleased with the results presented and the growth in this past year, which exceeded estimates
published in December 2023. These numbers demonstrate not only the Group’s strong motivation in the
achieve the set goals of the 2023-2026 Business Plan, but also the strong ambition in the
Consolidate Redelfi’s position as a primary player in the international Battery market
Energy Storage System stand-alone, making the Green Business Unit increasingly central.”

Consolidated financial results as of December 31, 2023
The consolidated financial statements have been prepared on the basis of the financial statements for the year ending December 31, 2023 of the Company
as well as companies within the Group’s scope of consolidation, such as: Enginius S.r.l., RH Hydro
S.r.l., Benvenuto S.r.l., Green Earth SA, Jarions S.r.l., Adest S.r.l., CerLab S.r.l. and Dreaming Lab S.a.g.l., RCF
Storage S.r.l., Redelfi Corp., Bestorage S.r.l., Bright Storage S.r.l., Gpa solution S.r.l., Rec Storage S.r.l.
Value of Production amounted to Euro 11 million, up sharply (+142%) from Euro 4.5 million
realized as of December 31, 2022. This value is also higher in comparison with the figure in the Business Plan
2023-2026 – see press release of Dec. 11, 2023 – (hereinafter referred to as “Updated Plan 2023-2026”), which
projected a Value of Production as of December 31, 2023 between €10.3 million and €10.5
million. In terms of business units, the significant increase in the Green BU is noted, with revenues rising to
2.0 million as of Dec. 31, 2022 to 8.5 million as of Dec. 31, 2023, and the increase of the MarTech BU with revenue
which increased from 1.7 million euros as of 12.312022 to 2.2 million euros as of 12.31.2023. Other income amounted to
0.2 million euros as of 12/31/2023. Consolidated Value of Production includes a value of €7.3 million
relating to the item Change in contract work in progress, mainly referring to BU Green and
attributable to activities related to the agreement signed with a British fund for the sale of 930 MW of
BESS facilities. Revenues from sales and services, within the statutory financial statements, amounted to 2.9 euros.
million are mainly attributable to the consulting activities provided by the Martech BU’s subsidiaries.

EBITDA (Gross Operating Margin) is €5.1 million, up +200% from €1.7 million
at the close of the previous fiscal year, with an EBITDA Margin of 46.3 percent (37.3 percent as of 12/31/2022), higher
to the figure in the 2023-2026 Updated Plan, particularly due to the performance of the Green BU, which determines
Higher profitability, which projected an EBITDA value as of December 31, 2023 to be between 4.7 euros
million and Euro 4.9 million.
In light of the above, Redelfi’s Board of Directors considers the guidance in the Updated Plan 2023-2026, approved on Dec. 11, still consistent with
business development forecasts over the next three years and therefore did not anticipate further
update of the same, which are thus confirmed.

EBIT was €4.6 million, up 301% from the previous year (€1.1 million) with
Ebit margin of 41.9% (25.2% as of 12/31/2022).

Net income amounted to 3.0 million euros (including 2.2 million euros attributable to the Group) after taxes amounting to
to approximately €1.3 million, with significant growth compared to the net income of €0.3 million as of

Net Financial Position stood at €4.8 million, up from €0.6 million as of
31.12.2022 as a result of the bond loan subscribed by Anthilia on April 14, 2023 and the
investments made during the year. However, this value appears to be improving in comparison with the
figure from the Updated Plan 2023-2026, which projected a Net Financial Position value as of 31
December 2023 between €5.6 million and €5.8 million.

Economic and financial results of Redelfi S.p.A. as of December 31, 2023
The Value of Production, amounting to Euro 4.1 million (Euro 2.8 million as of 12/31/2022)
EBITDA amounted to 1.2 million euros (1.6 million euros as of 12/31/2022).
Net income is 0.6 ,million euros (0.5 million euros as of 12/31/2022)
Net Financial Position is 4.3 million (22 thousand euros cash positive as of 12/31/2022)
Proposed allocation of profit for the year of Redelfi S.p.A.
The Board of Directors resolved to propose to the Shareholders’ Meeting to allocate the profit
year, amounting to 568,335 euros, legal reserve 28,417 euros to retained earnings 539,918 euros
Significant events that occurred during the year

The main events are summarized below:
– On January 11, 2023, BESS Power Corporation (“BESS Power”), a 65 percent subsidiary of RAL Green
Energy Corp. – a company equally owned by Redelfi and Altea Green Power S.p.A. -, has
Finalized the purchase of a stand-alone Battery Energy Storage System (“BESS”) project
Through the acquisition of 100 percent of the share capital of the relevant special purpose vehicle under the law
American Lund Storage Center 1 LLC (hereinafter referred to as “Lund Storage” or “Lund Storage Project”). BESS
Power purchased the Lund Storage Project from the U.S.-based developer Aelius Solar Corp. at the price
of $500,000, plus an earn out of $20,000/MW authorized, which will be paid upon the
sale of the same project to third-party investors. The Lund Storage Project, under development more
advanced, goes to augment BESS Power’s current pipeline, which includes an additional 200 MW in
Preliminary development stage. Under this contract, BESS Power will hold preliminary projects
for about 600 MW out of a total planned pipeline of 1.4 GW.

– On April 5, 2023, Redelfi sold, through its Swiss-registered subsidiary Green Earth
S.A., a 49.37 percent stake in Piano Green S.r.l. to Santagata 1907 S.p.A., former founder of the
itself, thus allocating all resources on the Green Business Unit, i.e. on the development of BESS and the
Establishment of Renewable Energy Communities.

– On April 14, 2023, Redelfi signed a loan agreement for 5 million euros with
Anthilia Capital Partners for the development of the Green Business Unit.

– On June 27, 2023, the process of studying the connection of the Lund Storage Project began,
under Bess Power, called the Full Interconnection Study, with the collaboration of the operator
of independent Texas system ERCOT (Electric Reliability Council of Texas Inc.) and the operator of
American public service LCRA (Lower Colorado River Authority). Lund Storage has obtained the
confirmation of the maximum capacity of 407.55 MW, thus being one of the BESS projects in the process of
largest development currently on Texas soil. The network operator thus confirmed the validity
Of BESS Power’s first pipeline project.

– On July 6, 2023, the subsidiary CerLab Srl signed a framework agreement with the company
under Swiss law Raviero S.A. The agreement is for the purchase of projects provided with every
Permit required for the construction and operation of photovoltaic systems on solar slabs of
Residential and industrial buildings, to be used to serve Renewable Energy Communities in the
Italian territory. The target set is about 60 MW of projects, to be built and put into
provision to Energy Communities.

– On July 17, 2023, the first exercise period of the “Redelfi Warrants 2022 – 2025” closed with
The exercise of no. 42,000 Warrants and the subsequent subscription, at a price of 1.375 euros per share,
In the ratio of no.1 (one) Conversion Share for every no. 2 (two) Warrants held, of no. 21.000
Redelfi newly issued shares with a total value of 28,875.00 euros. As of the date
current result in circulation no. 2,718,000 Warrants.

– On August 21, 2023, BESS Power signed a financing agreement with Leyline
Renewable Capital L.L.C. in the amount of up to $15 million, to be allocated to
To the implementation of the BESS stand-alone pipeline in the U.S. territory.

– On October 4, 2023, Redelfi signed a term sheet with Flash S.r.l. (“Flash”), part of the
WRM Group, concerning the establishment of a joint venture for the joint development of
stand-alone BESS projects in Italy with a target of 2.8 GW over a five-year period and in
October 31, Bright Storage S.p.A. (“Bright Storage”) was established in implementation of the
term sheet.

– On October 30, 2023, Redelfi announced the acquisition of 100 percent of the company GPA Solution
S.r.l. by the Italian-registered company TZU S.r.l. with the ultimate goal of implementing the development activity
of stand-alone BESS in Italy, to ensure the achievement of the ambitious planned development target
from the agreement concluded with the WRM Group, mentioned in the previous point.

– On December 11, 2023, the update of the Business Plan 2023-2026 was presented.
Significant events after the end of the fiscal year

On February 12, 2024, the joint venture with Flash, part of the WRM Group, was launched,
Through the completion of the sale at nominal value of a 49% equity interest
company of Bright Storage and the signing of the relevant shareholders’ agreements. Following the divestment, Bright
Storage is currently 51% owned by Redelfi and the remaining 49% by Flash.
As part of the closing, the Development Service Agreement was also signed between Redelfi and Bright
Storage – see press release dated Oct. 4, 2023 -, under which Redelfi will provide service to the
partnerships its technical expertise. The goal of the joint venture is to develop a pipeline of
stand-alone BESS projects in Italy over five years, with a total minimum capacity of 2.8 GW. Such
agreement allows the Group to obtain constant and incremental revenue during the development phase that
Will ensure that the related costs are covered.

Foreseeable development of management
The Group’s activities for 2024 will continue the expansion of the Green Business Unit through projects
of BESS, both in the United States and Italy, in implementation of the 2023-2026 Business Plan (cf. release
press on December 11, 2023 and presentation available at Investor relations section> Presentations, which specifically provides:

– The achievement of BESS Power’s target of 2.4 GW;
– The increase of Redelfi’s presence in the US market by an additional 2 GW;
– The completion of Italy’s first pipeline with a total capacity of about 1 GW;
– The development of the second Italian pipeline with total capacity of 2.8 GW.

As a result, the Redelfi Group is making an increasing commitment focused on Business
Unit Green, consistent with the Group’s own historical roots and current results, which report a
Imbalance of revenue and marginality toward the same business unit.
Definition of quantitative and qualitative criteria of significance of relationships potentially relevant to the
purposes of assessing independence under Art. 6- bis of the Euronext Growth Issuers’ Regulations.

In order to comply with the recent changes to the Euronext Growth Milan Issuer Regulations.
(“EGM Issuers’ Regulations”) set forth in the Notice of Borsa Italiana S.p.A. no. 43747 of November 17, 2023,
entered into force on December 4, 2023 with particular reference to the provisions contained in Art. 6-bis,
related to the appointment of the independent director, given the elimination of the burden placed on the
to Euronext Growth Advisor of assessment of the independence requirements of candidates for the office of
independent director of all companies already admitted to the EGM market, the Board of
Administration has, among other things, noted the need to repeal the “Procedure for Submitting
to Euronext Growth Advisor the independent director’s assessment” previously adopted by the
Society. Therefore, in compliance with the provisions of Article 6-bis of the EGM Issuers’ Regulations.
now in effect, aligned with the regulations currently in place for companies listed on the regulated market,
remains on Redelfi’s Board of Directors to assess whether the requirements of
independence after appointment and once a year thereafter, based on information provided
by the person concerned or at the disposal of the Company itself. To this end, the Board of Directors approved
in today’s date the quantitative and qualitative criteria to be taken into account in order to carry out this assessment
annual (the “Policy”), which will be valid until the expiration of the current term, and verified the
existence of these criteria in the current Independent Director of Redelfi.

The Policy is available on the Company’s website at under the Investor Relations Section >
Corporate documents.

Calling of Ordinary Meeting and Documentation
The Board of Directors resolved to convene the Ordinary General Meeting of Shareholders on the 24th
April 2024, in a single convocation, at the places and in the manner to be announced in the relevant
notice of convocation, which will be published within the time limits prescribed by the applicable rules and regulations.
Documents related to the items on the agenda will be made available to the public at the headquarters
company and on the website (Investor Relations section > Shareholders’ Meeting), as well as on the website
internet (Actions section > Documents) within the time limits prescribed by current regulations.

This press release is available on the website, Investor Relations section > Press Releases and on


Redelfi is the lead company of the Group active in the digital and green transition by taking a strongly
Innovative in defining products, services and processes with a high focus on adherence to ESG principles in management
Following the 2023 half-year financial report, the Group realized a Value of Production of €4.2 million and a
Net income of 1.4 million euros. Net Financial Position is € 3 million, and Net Equity is € 11 million.

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