Falck to get 60% of Italian power storage firm

• Padua-based SAET likewise creates and also constructs high voltage electrical systems

Falck Renewables is to acquire 60% of Padua-based SAET, which designs as well as constructs high voltage electrical systems and also constructs power storage space systems.

The acquisition will be finalised by the 2nd fifty percent of 2021.

SAET will certainly continue to serve its customers under the guidance of the present management with the verification of Giorgio Rossi as chief executive

The concurred cost of around EUR5.5 m will certainly be funded totally from Falck Renewables' own resources and will go through the usual change mechanisms.

The structure of the transaction additionally involves the signing of an investors' agreement at the close as well as the opportunity of acquiring the remaining 40% of SAET within 4 years.

In its 65 years of procedure, SAET has actually built greater than 70 high voltage substations in Italy and abroad.

The firm is also a leader in the building of storage space systems and also have actually installed around 100MWh.

Under the new deal SAET will certainly continue to run individually whilst growing much more rapidly and the Falck Renewables group's clients, both manufacturers and also industrial as well as solution sector customers will take advantage of SAET's skills as well as expertise.

The purchase also reinforces the market placement of the Falck Renewables Group as a positive company all set for a low carbon future built around renewable energy.

Falck Renewables chief executive Toni Volpe stated: "SAET represents a platform of skills, clients and also solutions in a quickly growing field, which line up well with our current organization and will certainly permit us to provide much more value to our consumers, incorporating market, plant, electronic and also administration expertise."

Rossi included: "Thanks to its considerable global presence, financial strength as well as the Group's consumer portfolio and also vision in the power market, signing up with Falck Renewables will lead SAET's means for brand-new advancement opportunities.

" We are proud to be able to intend a brand-new phase in the development of our organization with a prominent and ingenious business such as Falck Renewables."