Eni and Seri Industrial signed an agreement to develop a lithium iron phosphate battery supply chain.
The partnership targets production of battery cells, modules, and systems for stationary energy storage and industrial electric mobility.
Eni Industrial Evolution will acquire a 30% stake in a new company created by Seri's subsidiary FIB.
The acquisition features a fixed component of €55 million.
The collaboration targets over 10% of the European stationary battery market.
The joint venture will complete an assembly line for utility-scale storage systems by mid-2027.
The partners plan to build a second gigafactory by 2029.
This facility features an annual production capacity of over 8 GWh.
The project expands on existing operations at the Teverola hub in southern Italy.