B.Grimm Power Plc (BGRIM), through its subsidiary RES Company Sicilia S.r.l., has acquired 100% of the shares in Apulia Green Energy 01 S.r.l., an Italian-registered firm, from LT Service S.r.l. for a total value of €10,000.
The acquisition marks a strategic move into Italy's battery energy storage market.
Harald Link, group president of BGRIM, said Apulia Green Energy 01 is developing a battery energy storage system (BESS) project with a total planned capacity of 218 megawatts, located in southern Italy.
In addition, RES Company Sicilia has partnered with LT Service to establish a new subsidiary, Cerignola BESS S.r.l., with registered capital of €10,000 and an equity structure of 51% and 49%, respectively.
The new company will develop another BESS project with a capacity of 378MW, also situated in southern Italy.
These initiatives mark BGRIM's first foray into battery energy storage, forming part of its broader strategy to expand its renewable energy portfolio and enhance energy resilience.
With the Apulia Green Energy 01 acquisition and the new subsidiary in Italy, BGRIM now has an additional 600MW of energy storage capacity under development.
This partnership reflects a significant step forward in advancing renewable energy development, enhancing energy efficiency, and supporting stable and clean energy in line with BGRIM's long-term "GreenLeap -- Global and Green" strategy and its "Empowering the World Compassionately" corporate vision.
BGRIM remains committed to expanding its customer base and renewable energy partnerships to meet global energy transition demands.
The company targets more than 50% renewable energy in its portfolio by 2030, with a long-term ambition to achieve net-zero carbon emissions by 2050.