FAAM – 150 million financing to the Seri Group for the expansion of the first Italian Gigafactory for the production of lithium cells and batteries with SACE guarantee
April 8, 2025 – The pool financing of 150 million to the Seri Group for the expansion of the first Italian Gigafactory for the production of lithium cells and batteries has been finalized. The participants in the pool financing, assisted by the Archimede guarantee of SACE, are UniCredit (Global Coordinator, MLA and agent bank) and, in the role of MLA, Intesa Sanpaolo, BNL BNP Paribas and CDP. The banks were assisted by Legance.
In Teverola, in the province of Caserta, the subsidiary FIB SpA of the Seri Group has already started the first plant in Italy for the production of lithium Modules, Cells and Accumulators and the first in Europe by European companies. The financing is intended to support part of the costs related to a broader investment program (Teverola 2 project) involving a significant expansion of the current plant recently started.
The Teverola 2 project is part of the European IPCEI Batteries 1 project, which aims to support the creation of a European lithium-ion battery supply chain for a decarbonized economy that favors the energy transition, incentivizing electric mobility, the development of renewable energy and the reduction of emissions. Batteries have been identified as a necessary enabling technology and the aim is to provide Europe with its own industry, so as not to depend exclusively on supplies and supply chains from third countries. The project envisages investments of approximately 505 million euros to be made through the incentives granted by the European Commission, in the form of a contribution to expenditure. The Gigafactory is being built in the same industrial area as the Teverola 1 plant, covering a total of 265 thousand square meters, where the Group has already started a highly innovative line for the development and production of LFP cells and modules for lithium batteries, with an initial installed capacity of approximately 300 MWh/year for ESS, Motive Power, Naval and electric mobility applications. The Gigafactory will have an estimated annual production capacity of around 8 GWh, capable of meeting growing market demand. In order to promote the efficient management of natural resources and the development of circular economy processes, the Teverola 2 project also includes the development of a pilot line for the recycling of exhausted lithium batteries and the recovery of active material. In particular, the treatment of 50 t/day of end-of-life batteries is expected. The aim is to replicate the business model of the lead battery segment, based on circularity, also for lithium batteries, thanks to the long experience of the Seri Group in the sector.
Vittorio Civitillo , CEO of Seri Industrial SpA:
We thank the Global Coordinator UniCredit, Intesa Sanpaolo, BNL BNP Paribas and CDP for the financing granted, SACE for the guarantee issued and the advisors Legance, OC&C and WSP.
“It was a complex operation, in a difficult market and geopolitical context. The support received from the main Italian and European banks and from CDP and SACE, strengthens our belief that the banking system and the institutions must support Italian and European companies to promote their competitiveness and to reduce an evident technological gap, the result of too wait-and-see industrial policies; we are witnessing an epochal phase of energy and industrial transition, which risks overwhelming a production system that has not been able to adapt, in good time, to a change that is now irreversible, which it is useless to try to stop or postpone. Finally, I would like to thank the people who made the operation possible, because financial institutions and advisors are able to support companies and entrepreneurs when they are led by men and women who they have great professional and human skills”.
Ferdinando Natali , Regional Manager South of UniCredit:
We are pleased to have contributed decisively to the success of this operation, which will allow our country to have a high-tech production plant of a size that will help significantly reduce dependence on fossil fuels.
“For UniCredit, sustainable finance is essential to support the energy transition, providing concrete solutions to accelerate the path of our customers and the communities in which we operate towards a more equitable and sustainable future”.
Giuseppe Nargi , Regional Director of Campania, Calabria and Sicily of Intesa Sanpaolo:
Supporting the growth plans of an important company like the Seri Group means for us, as part of the Banca dei Territori, to promote interventions aimed at sustainability, innovation and green transition throughout the South.
“Projects that we continue to support to strengthen the entrepreneurial fabric of Campania through financial resources and tools to accompany, as in this operation, local companies in their long-term investment choices. A commitment certified by the data: last year we provided almost one billion euros in financing to Campania companies”. “The synergy between our specializations and direct presence in the territory – stated Fulvio Egidi, Head of Large Corporate and Structured Finance of BNL BNP Paribas – allows us to be particularly close to our clients and, more generally, to support the real economy, supporting operations of strategic and national value such as this one of the Seri Group, accompanying investments in innovation capable of responding to the transitions and evolutions of the business. This is also thanks to a transversal approach within the BNP Paribas Group”.
Matteo Rusciadelli , Head of Business Relations for Central and Southern Italy at CDP:
This operation contributes to the creation of the first Italian Gigafactory by supporting the establishment of a European supply chain for lithium batteries.
“We are very pleased to have contributed, together with the banking system and SACE, to an initiative that represents a clear signal of how the realities of Southern Italy are an important resource for generating a positive impact both nationally and throughout Europe”.
Gianluca Amero , Regional Director South of SACE:
We are proud to support such an innovative and crucial project for the energy transition of our country.
“Our Archimede guarantee helps make the construction of the first Italian Gigafactory possible, a fundamental step towards autonomy in the production of lithium batteries. Collaborating with the Seri Group and the main Italian and European banks demonstrates our commitment to a sustainable and circular economy. This project embodies the vision of a greener and more independent future”.
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FAAM – 150 million financing to the Seri Group for the expansion of the first Italian Gigafactory for the production of lithium cells and batteries with SACE guarantee, source
