- The transactions were carried out through the sale of the business unit related to the management of the end-of-life tyre recovery plants of Nera Montoro (TR) and Borgo Val di Taro (PR) and the biodigestion and composting plant of Nera Montoro (TR)
- With this transaction, divestments for a total value of Euro 3 million were completed
- As a result of the disposals, algoWatt deconsolidated plant-related financial liabilities amounting to Euro 12.2 million
algoWatt, a GreenTech Company listed on the Euronext Milan market of Borsa Italiana, announced today that it has signed the closing for the sale of assets operating in the cleantech and circular economy sectors (two end-of-life tyre recovery plants and a biodigester) – for a total of Euro 3 million – to Buttol Srl, a company operating in the sector of high quality environmental services through a sustainable development path, as envisaged by the company’s Restructuring Plan approved on 21 June 2021. Overall, as a result of the completion of the two transactions and Buttol’s taking over the leasing contracts for the plants, algoWatt deconsolidated payables of Euro 12.2 million. Treatment and recovery plants for end-of-life tyres in Nera Montoro (TR) and Borgo Val di Taro (PR) With regard to the ELT plants, algoWatt sold to Buttol Srl the End-of-Life Tyre Business Unit relating to the management of the Nera Montoro (TR) and Borgo Val di Taro (PR) plants and consisting of assets, legal relationships and real rights. In particular, algoWatt transferred the lease of the Umbria plant, the surface rights to a building located in Narni (TR), at the Nera Montoro plant, all necessary authorisations and all contracts instrumental to the operation of the business unit, the employees pertaining to the unit and the related payables. The price for the sale of the business unit is EUR 1.1 million.
Biodigestion plant with energy recovery in Nera Montoro (TR) Further to the announcement made on 8 October 2021, algoWatt transferred to Buttol the leasing contracts relating to the GreenASM plant for the anaerobic biodigestion and composting of the organic fraction of municipal solid waste, with energy recovery from biogas valorisation, with takeover of the current contract and the right to exercise redemption of the asset on expiry. algoWatt also transferred the surface rights relating to a building serving the biodigester and the composting activity, two strategic machines for the better functioning of the plant and, finally, the services contract regulating the relationship between algoWatt and GreenASM Srl. The total price of the transaction, fully paid in cash by Buttol, is Euro 1.9 million. The deeds referred to in this press release were executed in Milan before Notary Public Francesco Giovanni Sapia. algoWatt was assisted as legal advisor by attorneys Riccardo Bianchini Riccardi and Tommaso Aggio of Eversheds Sutherland, while Buttol Srl was assisted by Limatola Avvocati, with a team consisting of attorneys Alessandro Limatola and Simonetta Andrioli.
