Eni and Seri Announce FAENIX to Boost European Battery Storage Market
FAENIX: A Strategic Move in European Battery Storage
Launch and Company Structure
July 13 (Reuters) - Italian energy group Eni and battery storage firm Seri Industrial announced on Monday the launch of FAENIX, a new company which will specialise in the commercial and technological development of Europe's lithium iron phosphate (LFP) stationary battery supply chain.
- The project was announced in May.
- The new company is made up of FIB, part of Seri Industrial group, and Eni Industrial Evolution, with stakes of 70% and 30% respectively.
Production Facilities and Market Impact
Manufacturing Locations
FAENIX will market products manufactured at the plants of Teverola and Brindisi, in southern Italy, where Eni Storage Systems recently started construction of a Battery Energy Storage System (BESS) assembly line and a gigafactory.
Production Capacity and Market Share
The new hub aims to have a combined production capacity of 16 GWh/year when fully operational, equal to over 10% of the European BESS stationary storage market, a Seri Industrial statement said.
Timeline for Expansion
- The BESS line is expected to be completed by the first half of 2027 and a second gigafactory of over 8 GWh/year by 2029.
(Reporting by Mirko Miorelli, editing by Giulia Segreti)
