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Eni Expands Energy Storage Ambitions Through Partnership With FIB
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Key Takeaways
Eni and FIB set up a joint venture to grow battery and storage system production.
A large-scale battery storage assembly line is planned for completion in the first half of 2027.
They aim to open a second factory by 2029, producing more than 8 GWh of cells and modules a year.
Eni Industrial Revolution, a venture of Eni S.p.A. (E - Free Report) , signed an agreement with FIB, a subsidiary of Seri Industrial Group, to jointly develop a fully integrated supply chain focused on the battery sector, particularly lithium iron phosphate batteries. The two companies plan to develop an integrated industrial platform that will cover several stages of the battery supply chain. This includes producing battery cells and modules, assembling systems to enable stationary storage applications, as well as solutions for industrial and commercial electric mobility. Additionally, over the longer term, the partners intend to pursue other activities, including recycling and recovery of valuable materials and the development of active cathode materials.
For the development of this project, FIB will carry out the industrial activities at the Teverola hub in Caserta, Italy. In fact, the first lithium iron phosphate cell production plant has already begun operations at the Teverola hub. Further, Eni Industrial Revolution and FIB have established a joint venture, namely Eni Storage System S.p.A., that will work on the expansion of production capabilities. The joint venture company plans to finish the assembly line dedicated to large-scale battery energy storage systems by the first six months of 2027. By 2029, the partnership plans to complete a second gigafactory for cells and modules production with an output capacity of more than 8 gigawatt hours (GWh) per year.
Per the terms of the agreement, Eni will acquire a 30% stake in the newly established entity created by FIB, for fixed consideration of €55 million, subject to price adjustments. FIB will retain a 70% stake in the same. The new company will focus on the commercial development, engineering and procurement work related to the project. This project aims to develop a battery industry and contribute to the expansion of energy storage system production in Europe by leveraging the industrial expertise of Eni Industrial Revolution and FIB. Eni also highlighted that the project aims to take more than 10% of the stationary battery market across Europe.
Eni Industrial Revolution mentioned that the agreement with SERI Industrial marks a significant step toward Eni's industrial transformation plan. The partnership will solidify Eni's efforts to establish an integrated battery value chain from sourcing critical raw materials to energy storage production, by using advanced technologies and industrial collaborations. This project should also help Eni advance its energy transition goals.
E’s Zacks Rank and Key Picks
E currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Valero Energy (VLO - Free Report) , Cenovus Energy (CVE - Free Report) and W&T Offshore (WTI). While Valero and Cenovus each sport a Zacks Rank #1 (Strong Buy), W&T Offshore carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Valero Energy is a leading refining player with a robust network of 14 refineries located across the United States, Canada and Peru. The company has a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstock, convert it into higher-value products and shift product yields according to market conditions.
Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning across the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy's production levels in 2026.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its future production prospects, which is expected to enhance its revenues.
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Eni Expands Energy Storage Ambitions Through Partnership With FIB
Key Takeaways
Eni Industrial Revolution, a venture of Eni S.p.A. (E - Free Report) , signed an agreement with FIB, a subsidiary of Seri Industrial Group, to jointly develop a fully integrated supply chain focused on the battery sector, particularly lithium iron phosphate batteries. The two companies plan to develop an integrated industrial platform that will cover several stages of the battery supply chain. This includes producing battery cells and modules, assembling systems to enable stationary storage applications, as well as solutions for industrial and commercial electric mobility. Additionally, over the longer term, the partners intend to pursue other activities, including recycling and recovery of valuable materials and the development of active cathode materials.
For the development of this project, FIB will carry out the industrial activities at the Teverola hub in Caserta, Italy. In fact, the first lithium iron phosphate cell production plant has already begun operations at the Teverola hub. Further, Eni Industrial Revolution and FIB have established a joint venture, namely Eni Storage System S.p.A., that will work on the expansion of production capabilities. The joint venture company plans to finish the assembly line dedicated to large-scale battery energy storage systems by the first six months of 2027. By 2029, the partnership plans to complete a second gigafactory for cells and modules production with an output capacity of more than 8 gigawatt hours (GWh) per year.
Per the terms of the agreement, Eni will acquire a 30% stake in the newly established entity created by FIB, for fixed consideration of €55 million, subject to price adjustments. FIB will retain a 70% stake in the same. The new company will focus on the commercial development, engineering and procurement work related to the project. This project aims to develop a battery industry and contribute to the expansion of energy storage system production in Europe by leveraging the industrial expertise of Eni Industrial Revolution and FIB. Eni also highlighted that the project aims to take more than 10% of the stationary battery market across Europe.
Eni Industrial Revolution mentioned that the agreement with SERI Industrial marks a significant step toward Eni's industrial transformation plan. The partnership will solidify Eni's efforts to establish an integrated battery value chain from sourcing critical raw materials to energy storage production, by using advanced technologies and industrial collaborations. This project should also help Eni advance its energy transition goals.
E’s Zacks Rank and Key Picks
E currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Valero Energy (VLO - Free Report) , Cenovus Energy (CVE - Free Report) and W&T Offshore (WTI). While Valero and Cenovus each sport a Zacks Rank #1 (Strong Buy), W&T Offshore carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Valero Energy is a leading refining player with a robust network of 14 refineries located across the United States, Canada and Peru. The company has a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstock, convert it into higher-value products and shift product yields according to market conditions.
Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning across the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy's production levels in 2026.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its future production prospects, which is expected to enhance its revenues.