Italvolt signs purchasing agreement to develop giant gigafactory in Italy

Italvolt has signed a purchasing agreement for one million square metres of land in Scarmagno to advance the development of its gigafactory.

Italvolt was founded in order to develop a gigantic Gigafactory in Europe.  It has now signed a purchasing agreement with Fondo Monteverdi. These one million square metre areas of land are situated in Scarmango, Piedmond, which is where the Olivetti factory was formally located.

45 GWh gigafactory project

When it is fully functional, Italvolt’s gigafactory – with a planned capacity of 45 GWh – is projected to become one of the biggest production and storage sites of lithium batteries for electric vehicles in Europe. It also stands as one of the most significant contemporary investment projects in Italy, entailing an overall investment of €3.4bn.

The promising Scarmagno site has been chosen both for its current infrastructure and its strategic geographical location, which includes optimal road and rail connections. The site will be able to leverage Piedmont’s productive capability, the leading region in Italy for automotive, industrial production. The land will be retrieved and repurposed by Italvolt, bestowing an area of 300 thousand square meters to constructing the new plant. Out of this, 20 thousand square metres will be devoted to creating a Research & Development centre.

Considering the environmental and social impact

Going forward, Italvolt must acquire building permits by the beginning of 2022 so that development can commence in the latter half of the year. Pininfarina’s Architecture Division will design the novel plant with a strong focus on environmental and social impact. Pininfarina expects to build a new generation industrial plant integrated into the economic and social fabric of the region.

In the first six months of 2021, the electric vehicle and mobility industry experienced a substantial global increase in growth. For example, during this period, registrations of electric and plug-in hybrid cars in Italy quadrupled, compared to the same period last year. Therefore, the requirement for lithium-ion batteries in Europe is anticipated to increase at a rate of 24% per year, powered by electric mobility exceeding 1,200 GWh in 2035.

Lars Carlstrom, CEO and Founder of Italvolt, said: “The agreement with Prelios Sgr represents a crucial step in the implementation plan of our gigafactory project. We are delighted to have concluded the purchase of the land with input from local authorities. In recent months they have made a significant contribution to the promotion of Italvolt’s project. The decommissioned site offers excellent potential to restore the local industrial heritage, offering jobs and environmental improvements.”

Advancing Southern European industry

Lars Carlstrom explained: “We are proud to be the promoters of a project that will become one of the largest gigafactories in Southern Europe. We are certain that this will pave the way for new industrial initiatives dedicated to battery production. To achieve the challenging goal, set by the European Commission, to complete the transition towards a zero-emission automotive industry by 2035, it is necessary to accelerate battery production, and Italvolt is ready to do its part.”

Patrick Del Bigio, CEO of Prelios Sgr, added: “We are very pleased with the result achieved. The area that hosted the historic Olivetti will come back to life in the following months with a new industrial project focused on the business of electric mobility, which today presents itself as a highly strategic and innovative sector, just as Olivetti was in the 1960s in the IT sector. Therefore, the industrial heritage of the site remains intact with important socio-economic developments that will derive from the focus on green industrialisation. With this focus, Prelios SGR has also been particularly committed and has contributed to the operation’s success, working in close coordination with representatives of the public administration and all the other actors involved, as well as defining the best value of the real estate asset.”

Andrea Tronzano, Councillor for the Budget of the Piedmont Region, concluded: “This is a moment of great excitement for Piedmont. This step is extraordinarily important for the Canavese area and beyond and demonstrates Italvolt’s willingness to build the battery factory on schedule. Piedmont wants a gigafactory, and this news can only give us great pleasure. Now we will support the business plans through helping government access the resources of Pnrr.”

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