(Alliance News) - ErreDue Spa announced on Tuesday that it had finalized the purchase of the new headquarters that will see a gigafactory rise at the site located at Via dell'Artigianato 64 in Livorno, Italy, in which part of the company's production line will be relocated.

As the company explains, the purchase transaction is part of the national and international growth strategy, already declared by the company during its IPO, which aims to increase from the current capacity of 8 MW to a capacity of at least 60 MW annually to meet the needs of the power-to-gas, sustainable fuel cell mobility and synthetic fuel markets.

The purchase value of the warehouse, where the new production site will be built, is EUR2.8 million and will be financed with an eight-year loan taken out with Banca BPM Spa, at a floating three-month Euribor rate with a spread of 0.75.

In addition, EUR4.0 million in renovation work will be carried out and EUR3.0 million and EUR2.0 million in plant construction and machinery purchase costs will be incurred, respectively, financed partly through a 15-year low-interest land loan and partly with non-repayable co-financing from the Green New Deal, for which the file has been prepared.

"With the realization of the gigafactory, it is intended to pursue innovation through the development of next-generation alkaline electrolyzers of 1 MW and above - now in the testing phase -, which will be flanked by the production of PEM cells of the same capacity; sustainability, with large-scale production that meets the needs of the European market, in particular, to contribute to the decarbonization of industry, mobility and energy; and partnerships with numerous industry players for the dissemination of knowledge with academic, industrial and research players.

Enrico D'Angelo, president and CEO of ErreDue, said, "This gigafactory will be a decisive step in the development and production of large-scale electrolysers, which are essential for the use of green hydrogen in ambitious projects in the energy transition, decarbonization of industry and heavy mobility. We will soon have an industrial line capable of producing a wide range of electrolyzers on a continental scale, which will be aulther confirmation of ErreDue's key leadership role in the electrolysis sector in Europe."

"This is an exciting project for the entire ErreDue team; our desire is to implement the highest standards of industrial performance at this plant through an ambitious social and environmental development project. In addition, this operation represents a decisive step toward the growth path we chose to take 38 years ago, leading to our listing on the stock exchange on December 6, 2022. Investing in the construction of a new production site is fully part of our efficiency and internationalization strategy."

ErreDue's stock closed Tuesday down 3.1 percent at EUR9.98 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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