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Byhmgard Initiates International Expansion Through Joint Venture In Italy
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| Land | Sverige |
|---|---|
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Byhmgard (publ) (“Byhmgard” or “Company”) has initiated its international expansion by establishing a Joint Venture in Italy. together with Stron Team Services SRL (“Strong Team”) who controls battery sites with an approved capacity of 400 MWh. Full establishment with Byhmgards services, this implies an estimated €26 million in annual revenue.
Italy is a strategically important market for Battery Energy Storage Systems (BESS), driven by the goal that 65% of electricity consumption should come from renewable sources by 2030. In 2024, 7,480 MW of new renewable capacity was installed, creating a strong need for flexible solutions to balance the power grid and integrate intermittent solar and wind power.
Byhmgard has, over the past few years, evaluated various options for establishing operations in Italy, and the agreement for a joint venture with Strong Team named Byhmgard Italy S.R.L. (“Byhmgard Italy”) has now been signed. The objective of the newly established Italian company is to develop, own, and operate large-scale BESS assets, with an initial ambition to achieve a potential BESS capacity of 400 MWh.
“We own 90% of the new company, and we are responsible for financing, as well as the expertise on how to take a project from site investigation to battery procurement and trading on the grid. We are looking at systems with a duration of 4 hours for the Italian market, meaning a substantial battery volume (400 MWh) is required, which in turn represents a significant value proposition for the market. There is great potential in this collaboration; securing control of 400 MWh in a strongly growing and popular market is no small feat. We will see if we develop the projects and own them ourselves, sell them on, or a combination, but we are aiming for significant transaction value as early as next year. Our contact book includes many prominent investors globally who are interested in committing capital to European energy infrastructure projects," says Christian Byhmer, CEO of Byhmgard.
Byhmgard and Strong Team has appointed Fabio Cesare Vincoli as Byhmgard Italy’s Chief Operating Officer (COO). Vincoli, who is one of the founders behind Strong Team Services SRL, brings critical local expertise. His background, including as CEO of DEQUIS SRL, a company specialized in land acquisition for solar and storage systems, is crucial for driving project development for Byhmgard Italy. He also has extensive experience in corporate finance and corporate governance. Strong Team Services SRL also possesses extensive experience from the Italian TSO, Terna.
Strong Team will be responsible for leading the general project management, documentation, and negotiation with local stakeholders, ensuring an efficient and proper development process.
The new company marks the first step in building a European group structure, with Italy as the starting point for addressing Southern Europe's growing need for grid flexibility.
"This is the first formal step in our vision to build a European group that is central to the continent's massive energy transition. By securing the local cutting-edge expertise of Fabio Cesare Vincoli as COO, we are ideally positioned to achieve our ambitious 3 GWh goal and replicate our Nordic success southward," concludes Christian Byhmer.