The loans will aid Sunlight Group’s upgrades and expand current production and assembly lines in the company’s facilities in Xanthi (Greece), Verona, (Italy) and North Carolina (USA) to increase the output of both lithium-ion and lead-acid batteries and energy storage systems. Funds will also support further international growth, partly through M&As, as well as R&D into the company’s lithium products, via the “European Battery Innovation” (EuBatIn) project, an “Important Project of Common European Interest” co-funded by the EU that is already under implementation.
The loans will contribute to the funding of the €560m five-year business plan Sunlight Group has announced. The plan involves investments into the development of one of Europe’s first lithium-ion battery Gigafactories and R&D into lithium-ion battery recycling. Funds will also support the company’s development of a European-centric supply chain to help reduce the continent’s dependence on Asia and South American supply. And lastly, they will enhance Sunlight Group’s production of innovative motive power lead-acid battery cells, with the installation of state-of-the-art automated production and assembly lines.
As demand continues to increase for lithium-ion batteries, these latest investments will allow Sunlight Group to reduce European and North American dependence on the Asian supply of lithium battery cells and raw materials, at a time where global trade is growing increasingly volatile.
Commenting on the signing of the loan agreements Lampros Bisalas, CEO of Sunlight Group, said: “We are heavily investing across our facilities in Greece, Europe and the US to increase our overall production capacity, as demand for lithium-ion batteries in particular continues to outstrip supply. These additional funds will give us the necessary support to address global challenges to lithium supply, as well as the continued R&D required to make lithium-ion batteries the most energy-efficient, cost effective, and viable green energy solution on the international market.”
The €275m loan agreements comprise a €125m syndicated loan from Eurobank and Alpha Bank (€62.5m each) and a €150m loan from the National Bank of Greece.
