(Alliance News) - On its 10th anniversary since its establishment, Energy Spa announced Thursday that it has formalized the establishment of a joint venture company with Pylon Technologies Europe Holding BV, a Dutch-registered wholly owned subsidiary of Pylon Technologies Co Ltd, listed on the Shanghai Stock Exchange with a capitalization of about CNY41 billion - equivalent to about USD5.7 billion, the world's first manufacturer of lithium batteries for stationary cyclic use, for energy storage from renewable sources.

The purpose of the joint venture is to strengthen the joint business in the European territory through a newly established company, owned by both companies, to produce and market lithium batteries in Europe.

The joint venture named "Pylon LiFeEU Srl" is based at Energy's plant in Sant'Angelo di Piove di Sacco (PD). Here the production of cobalt-free LFP (lithium-iron-phosphate) batteries, which are necessary for the storage of energy produced from renewable sources, particularly photovoltaic panels, will be started by the end of 2023.

"Thus, a Gigafactory will be built within Energy's production facility. The joint venture's business plan calls for the initial construction of an initial site that will be able to reach a production capacity of 600-800 batteries per day, equivalent to 3-4 megawatt hours of storage capacity. Thanks to this joint venture, Energy will be the only Italian company to produce both the energy storage system and the storage batteries in-house," the company explained in a note.

Energy and Pylon Technologies have been collaborating for ten years and both have focused on stationary cycle battery technology for energy storage that mitigates its environmental impact and decarbonizes the entire production process. According to market data , China produces nearly 80 percent of the world's battery storage capacity.

Energy trades in the green by 2.0 percent at EUR3.51 per share.

By Claudia Cavaliere, Alliance News reporter

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