Eni and Seri Industrial Partner on Stationary Battery Supply Chain Growth
Strategic Agreement and Project Details
May 29 (Reuters) - Italian energy group Eni and battery storage firm Seri Industrial have signed an agreement for the joint development of an industrial supply chain in the lithium iron phosphate battery sector, the companies said on Friday.
Scope of the Partnership
The deal, operated through the respective units Eni Industrial Evolution and FIB, involves producing lithium iron phosphate battery cells and modules, as well as assembling systems designed for stationary energy storage and for electric mobility in industrial and commercial sectors, they said in a joint statement.
Key Project Milestones
- Their existing joint venture Eni Storage Systems will complete an assembly line for utility-scale storage systems (BESS) in Teverola-Brindisi by early 2027, and a second gigafactory producing more than 8 GWh per year by 2029
- The project expands FIB’s operations at the Teverola hub in southern Italy, where a battery cell plant already operates
Financial and Market Impact
- As part of the transaction, Eni Industrial Evolution is acquiring a 30% stake in a new company established by FIB
- It will pay a fixed component of €55 million ($64 million) for the stake, plus any price adjustment mechanisms
- The agreement will be closed within the next five days
- The project aims to capture more than 10% of the European stationary battery market
Additional Information
($1 = 0.8586 euros)
(Reporting by Mirko Miorelli in Gdansk, editing by Milla Nissi-Prussak)
