algoWatt S.p.A., GreenTech Solutions Company listed on the Euronext Milan market of Borsa Italiana, following the press release issued on June 23, 2022, announces that the Board of Directors of the company, during its last meeting, has taken note of the signing of the agreement for the lease, to the subsidiary TerniEnergia Progetti Srl, of the business unit related to the operation of ordinary and extraordinary maintenance of photovoltaic systems. With the transaction, which envisages an annual consideration of Euro 440,000, 14 highly professionalised employees, the “TerniEnergia” brand licence – which will be used by the new company – the technical office, equipment and software relating to the activities carried out in the photovoltaic sector in Italy and abroad by the Group, as well as the O&M contracts relating to 67 photovoltaic plants for a total installed capacity of approximately 52 MWp are transferred to the subsidiary. Dr. Fabrizio Venturi (58) a manager with a consistent track record in the EPC and photovoltaic O&M sectors in Italy and abroad, has been appointed Sole Director of TerniEnergia Progetti Srl and returns to join the Group after his experience as Managing Director of the former TerniEnergia from 2007 to 2017. The company, which was established in 2018 for the enhancement of assets considered no longer strategic as part of algoWatt’s Recovery Plan, will be used by the Group as a General Contractor and as a functional vehicle for field and EPC activities, from the initial design, to the construction the management of bureaucratic procedures up to the testing and commissioning of the plants and maintenance, in the fields of renewable energy, energy efficiency, energy upgrading of buildings and industrial plants and smart and digital plant engineering for the monitoring and remote control of energy production, distribution and management plants. Through TerniEnergia Progetti Srl, the algoWatt Group intends to promptly seize the opportunities offered by decarbonisation and energy transition, the new challenges posed by the reduction of energy dependence on foreign countries, the development of the prosumer (on-site consumption) market to reduce the cost of electricity supply and the potential growth of renewable energy communities and collective self-consumption, as well as the integration of renewable plants and digital technologies for energy efficiency, maximisation of power generation and reduction of consumption. Today, the TerniEnergia Progetti website will be published online at the URL: www.ternienergia.com.
