Italvolt Spa has signed an agreement for the purchase of an area of one million square meters to build a battery gigafactory in Italy. The purchased land is located in the municipality of Scarmagno, which is in Italy’s second largest region of Piedmont, where the former Olivetti factory stood.
The agreement is with Prelios Sgr, manager of Fondo Monteverdi.
Italvolt’s gigafactory is set to become one of Europe’s largest production and storage sites of lithium batteries for electric vehicles, with a planned capacity of 45 GWh. The overall investment is around 3.4 billion euros.
The next step for Italvolt is obtaining building permits by the beginning of 2022, so work can begin in the second half of the year.
Pininfarina’s Architecture Division has been chosen to design the new plant with a strong focus on environmental and social impact.
Lars Carlstrom, CEO and Founder of Italvolt says: “The agreement with Prelios Sgr represents a crucial step in the implementation plan of our gigafactory project. We are delighted to have concluded the purchase of the land with input from local authorities. In recent months they have made a significant contribution to the promotion of Italvolt’s project. The decommissioned site offers excellent potential to restore the local industrial heritage, offering jobs and environmental improvements”.
He adds: “We are proud to be the promoters of a project that will become one of the largest gigafactories in Southern Europe. We are certain that this will pave the way for new industrial initiatives dedicated to battery production. To achieve the challenging goal, set by the European Commission, to complete the transition towards a zero-emission automotive industry by 2035, it is necessary to accelerate battery production, and Italvolt is ready to do its part”.
Italvolt‘s key goal is to contribute to the green industrialisation by becoming one of the main suppliers of green batteries in Europe and establishing Italy’s presence as a preeminent battery manufacturer.