BREAKING NEWS – 24.07.2023

In the press release of July 17th, 2023, SolidWorld Group, leader of the Group in digital technologies, 3D printing as well as additives manufacturing, has announced that it has signed an agreement for the conferment, by Formula E Srl, of a branch of a technological company in favour of the subsidiary SolidFactory Srl, specialized in the development of robotic industrial plants.  The operation allows SolidWorld Group to constitute a single competitive entity in the global solar market, intelligent automation and management processes related to industrial manufacturing production; Formula E Srl, a company of the Vismunda Srl Group, is among the world leaders in automation dedicated to the photovoltaic sector, with a focus on process efficiency and the production and metallization of photovoltaic cells. The integration with SolidFactory, an industrial contractor for the turnkey supply of entire production lines in terms of digital factory and industry 5.0, will allow the Group to provide its customers with the design and installation of the latest generation photovoltaic panel manufacturing lines, as well as lines for the revamping of used solar panels.  This marks the beginning of SolidWorld Group’s activity in the photovoltaic sector, which accounts for nearly two-thirds of the world’s renewable energy capacity, with 192 GW installed globally in 2022 alone, rising to 341 GW in 2023 (a growth rate of 43.0 %) and as much as 800 GW in 2027, according to SolarPower Europe. Italy follows these trends, with 25,048 MW of installed capacity in 2022 and a target of 40,000 MW in 2030, which portends an acceleration of photovoltaic installation activity in the country and makes the Group’s service unique in the market, thanks to Formula E innovations that is the world’s technological reference in the photovoltaic module architecture segment.  The Treviso-based company, in fact, has been introducing technology into the manufacturing of plant components, and photovoltaic cells in particular, since 2013: the extensive use of high-precision linear motors, cell transport on independent trays, and continuous automatic controls make it possible to significantly speed up the production, while also minimizing manufacturing waste. As an effect of the agreement, SolidFactory will have to approve a capital increase from €80,000 to €110,110 reserved just for Formula E. The capital will be further increased to € 200,000 subsequently.  The contract concerns the possibility for SolidFactory to have full access to and ability to use the patents and know-how owned by Vismunda and Formula E, for a consideration of € 0.40 million in addition to a free option to purchase the patents. Upon completion of the transaction, expected by the end of the month, the shareholding of SolidFactory will be composed as follows: SolidWorld Group 51.0%, Formula E 28.0%, Andrea Maccari, Claudio Taffarello, Teknos Alliance each with 7.0%. This structure also takes into account the future sale by Taffarello and Teknos Alliance shareholders of an equal share of 2.28 % to the parent company in exchange for consideration to be offset by a subsequent capital increase by the end of 2023.  With the agreement, SolidWorld Group consolidates its position as a technology holding company by strengthening its presence as an industrial contractor through SolidFactory, with a focus on the photovoltaic sector, which has been growing steadily for several years now and has excellent prospects for the immediate future. Moreover, there are activities in the biomedical sector, with the flagship product – the Electrospider printer, three-dimensional software, and 3D printing management systems. While waiting to evaluate the finalization of the operation, we confirm our recommendation: target price € 9.15, BUY rating and MEDIUM Risk.

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