Electro Power Systems is now an Integrated Energy Storage Group
Electro Power Systems S.A. (EPS), technology pioneer of clean energy storage systems listed on the regulated market Euronext Paris, has announced the fulfilment of all conditions precedent and subsequent finalization of the closing and the acquisition of the energy and systems integration division of Elvi Elettrotecnica Vitali S.p.A..
Elvi Energy is a spin-off of the Politecnico di Milano University and specializes in the development of software and manufacturing of inverters, power converters, and controllers to integrate different power generation and battery technologies into grid and microgrid systems.
EPS acquires 100% of Elvi Energy and 30% of MCM Energy lab (MCM) – a leading R&D laboratory in which the Politecnico di Milano University is a shareholder – for 2.4 million euros, of which around 48% of the proceeds will be reinvested in EPS via a capital increase reserved to Elvi for 33% and to the Elvi Energy management team for 78%, and representing approximately 2.1% of the current share capital of EPS.
EPS could also increase the participation in MCM up to 100% in early 2016 through a transaction which contemplates the reinvestment of the MCM’s shareholders up to 76% of the proceeds.
