Completion of the acquisition of Elvi energy leading systems integrator Electro Power Systems becomes an integrated energy storage group
Paris-Milan, 29 December 2015 – Electro Power Systems S.A. (“EPS“, and together with its subsidiaries, the “Group”), technology pioneer of clean energy storage systems listed on the regulated market Euronext Paris, has announced the fulfilment of all conditions precedent and subsequent finalisation of the closing and the acquisition of the energy and systems integration division (“Elvi Energy”) of Elvi Elettrotecnica Vitali S.p.A. (“Elvi“) announced on 14 December 2015.
EPS acquires 100% of Elvi Energy and 30% of MCM Energy lab (“MCM”) – a leading R&D laboratory in which the Politecnico di Milano University is a shareholder – for 2.4 million euros, of which around 48% of the proceeds will be reinvested in EPS via a capital increase reserved to Elvi for 33% and to the Elvi Energy management team for 78%, and representing approximately 2.1% of the current share capital of EPS.
EPS could also increase the participation in MCM up to 100% in early 2016 through a transaction which contemplates the reinvestment of the MCM’s shareholders up to 76% of the proceeds.
Management team di EPS ed Elvi al closing presso lo studio notarile Milano Notai. Da sinistra Paolo Morandi, Presidente di Elvi Energy, Paolo Calato, CEO di Elvi Automazione, Nicola Vaninetti, Executive Vice President, Lorenzo Bagassi, presidente di Elvi Automazione, Carlalberto Guglielminotti, CEO di EPS, Giovannella Condo, notaio, Marta Foroni, General Counsel di EPS, Prof. Andrea Angelillis, advisor del gruppo, Bird&Bird, Paolo Bonetti, AFC di EPS, e Gabriele Marchegiani, co-CEO di Elvi Energy.
Download the document: ENG