Sunlight Group bags US$ 290 million in finances

• Greece-based battery maker Sunlight Group has received EUR275 million (US$ 290 million) in car loan funding to expand production and study.

The company has actually obtained the financing in the form of seven-year finances released by a collection of Greek banks, and also goes towards funding Sunlight's five-year company strategy which needs EUR560 million in total. EUR125 million is being provided by Eurobank and also Alpha Bank as well as EUR150m from the National Bank of Greece.

Sunlight will upgrade its current manufacturing as well as assembly lines in its facilities in Xanthi (Greece), Verona (Italy), and North Carolina (United States) to produce lithium-ion and lead-acid batteries and energy storage systems.

The company additionally has plans to establish a lithium-ion battery gigafactory in Europe and also perform R&D into battery recycling, to contribute to the development of Europe's battery supply chain.

Funds will certainly also support more worldwide growth, partially via M&A, in addition to R&D into its lithium-based items using the "European Battery Innovation" (EuBatIn) project. EuBatIn is an Important Project of Common European Interest (IPCEI), a multinational state-funded project introduced to raise the competition of European industry. Sunlight's project acquired the special status back in 2020.

According to its website, Sunlight Group's primary products are batteries for motive power (machinery), reserve power as well as progressed technology applications consisting of submarines and also torpedos. By the end of 2021, its annualised production capacity got to 3.6 million motive power cells and also 150,000 energy storage cells. Total sales raised 54% in 2021 to EUR271.9 million, while EBITDA got to EUR24.1 million, up 25%.

The business recently relocated to obtain a German battery supplier, Nonnweiler-Primstal-based A. Müller GmbH, according to a declaring dated 31 May on the website of competitors guard dog the Bundeskartellamt. A. Müller markets tiny batteries for applications including a range of interior burning engine (ICE) vehicles, camping, back-up power as well as various other tiny stationary storage space services.

Lampros Bisalas, CEO of Sunlight Group, claimed: "We are heavily spending across our facilities in Greece, Europe and the United States to enhance our general production capacity, as demand for lithium-ion batteries particularly continues to outstrip supply."

" These extra funds will provide us the needed support to address international obstacles to lithium supply, in addition to the continued R&D needed to make lithium-ion batteries one of the most energy-efficient, affordable, and also viable green energy service on the global market."