BREAKING NEWS – 16.12.2022

In the press release of 15 December 2022, Redelfi, a management company engaged in the digital and green transition, announced that it has launched a Joint Venture for the development of battery energy solar systems (BESS) in the United States in collaboration with Altea Green Power, a company active in the development and construction of plants for the production of energy as well as in full assistance in all phases of the construction and management of green plants.

The Companies, both listed on the Euronext Growth Milan market of Borsa Italiana, have established the American company RAL Green Energy Corporation (or RAL Corp.), 50.0% jointly held. RAL Corp. will take over by the end of the year from Redelfi Corporation in partnership with the US shareholder Elio Energy Group LLC, a local American partner with strong expertise in the area, acquiring a 65.0% stake in BESS Power Corp, to which it will provide the necessary financial resources for development.

Redelfi and Altea Green Power, through the JV, have developed a four-year plan that provides for the implementation of a pipeline of stand-alone BESS plants (not connected to the national electricity grid), for a total investment for RAL Corp. of approximately € 5.00 million, financed with available resources, and a power of 1.4 GW.

Redelfi network and the engineering and experience of Altea Green Power create added value to the operation and future development plans, already introduced to the market in the press release of 17/11/22. While waiting to evaluate future synergies and economic results at the end of the 2022 year, we confirm our recommendation: BUY rating, Target Price € 4.00, and MEDIUM risk.

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