This move is designed to leverage numerous operational and economic benefits, reinforcing Recom’s market position and leadership.
The decision to relocate has been under consideration by Recom management for some time and was motivated by several factors: 1)The Padua facility offers numerous advantages, including full ownership of premises and a footprint triple the size of the French plant. 2) Consolidating both cell and module production in a single location streamlines our operations. 3) Italy offers favorable tax incentives for developers utilizing European-made modules and even higher incentives, up to 60% for modules produced in Italy. 4) Italy also provides generous subsidies for Italian renewable producers. 5) Our decision is also influenced by frustrations with the French authorities' lack of enforcement of tender terms and support for local manufacturers.
For this transition, Recom management chose to pursue legal action as French labor laws impose stringent requirements for direct termination of activities. Since the acquisition of Recom-Sillia in 2017, Recom has altogether invested more than 30 million euros to sustain operations and has financed two technological upgrades. Recom will continue to finance Recom-Sillia during the transition period.
Recom-Italia originally joined Recom as a solar cell manufacturing facility in Padua, Italy in 2015. With the amalgamation of Recom-Sillia's manufacturing traditions and expertise, a subsequent technological upgrade, and the integration of cell manufacturing, Recom-Italia now stands as Recom’s primary European manufacturing center.
Recom Technologies remains robust, financially sound, and profitably growing, with a strong commitment to spearheading the global transition towards renewable energy. The relocation to Italy signifies a new era of enhanced capabilities and innovation.
As we embark on this exciting new chapter, our operations will continue uninterrupted, ensuring continued service and support for our valued clients worldwide.
