Enertronica Santerno S.p.A. (“Enertronica Santerno” or “Company”), a listed company on the AIM Italia market, a multilateral trading facility organized and managed by Borsa Italiana S.p.A. (“AIM Italia”), informs that it has been deliberated EUR 2,385,600.00 as a funding for the development of its trading activities in the United States to be accomplished over 18-24 months in the Industrial Automation and Renewables industries. Such funding has been granted by Sace Simest, a company of the Gruppo Cassa Depositi e Prestiti, to Enertronica Inc., Enertronica Santerno’s wholly owned subsidiary.
The Comitato Agevolazioni (Subsidy Committee) of Sace Simest has deliberated that the overall funding of EUR 2,385,600.00 will be paid in two disbursements following the condition precedents related to the progress of Enertronica’s activities, namely EUR 626,644.00 from the Integrated Promotion Fund (Nonrepayable Co-financing), and EUR 1,758,956.00 from Fund 394/81 (Financing) against the equivalent program for the United States, with projections for Canada and Mexico. The existing organization is intended to be strengthened. Focal points include opening a new office, some service centers and a warehouse. Tax breaks under the Italian Legislative Decree N. 34 dated May 19, 2020, will provide a subsidized rate of 0.055% for the above-mentioned Financing over 6 years (2-year pre-amortization and 4-year amortization) through 8 (eight) deferred, biannual, constant capital installments starting from the end of the preamortization period.
Enertronica Santerno has been operating in the United States for more than a decade, first as an on-site company, then backed up by its wholly owned subsidiary Enertronica Inc., that needs enhancing its local organization to be more effective and efficient in the US, as well as the Canadian and Mexican markets.
The US market has a huge potential for the Company’s core business. The latest yearly Outlook published by the US EIA (Energy Information Administration), states that US renewable energies are expected to reach 38% in the national electric mix by 2050, compared to current 19%.
As per the solar energy industry, the installed capacity has reached 80 GW. Forecasts envisage approx. 14 GW from projects to be accomplished year after year by 2025, for an equivalent of approx. USD 11.25 billion (700 million for inverters only). As per the Industrial Automation industry, particularly lowvoltage soft starters and AC drives for electric motors, it is worth approx. USD 2.7 billion in the United States (USD 0.3 billion in Canada and USD 0.2 billion in Mexico).