There will be no Italvolt Gigafactory in Italy. The company that was supposed to produce batteries in our country is officially in crisis, with the company of entrepreneur Lars Carlstrom having started the composition procedure. An epilogue that perhaps some expected but which arrives a few months after the flop of Silk-Faw, the American and Chinese joint venture which was supposed to create a large hub for the production of electric supercars in Reggio Emilia and which instead turned out to be a great bluff, also disappointing the institutions ready to invest in the project.
Arrangement procedure for Italvolt
In the case of Italvolt, it was the specialized newspaper Milano Finanza that carefully analyzed what happened, anticipating how the company started the “unitary procedure for settling the crisis, in view of the presentation of a settlement plan, appointing Antonino Ficalora as commissioner”. Italvolt's crisis had already begun for some time, first with the request for the opening of judicial liquidation presented to the court by the board of auditors and the second with the formal notice by Pininfarina, as creditor for the project never made of the Gigafactory in Scarmagno. Officially, the shipwreck of the latter was attributed to problems with the electricity grid.
Carlstrom wants to move on
With this situation Lars Carlstrom has decided to resort to the agreed procedure to try to save what can be saved, reiterating at the same time that he still intends to continue with the Italvolt Gigafactory project. In the documents filed with the Milan court, the company explained how there is “firm will of the majority shareholder to continue the activity, having the concrete possibilities and the expectations of new finance being unchanged, as there are strong signals from investors confirming their total desire to complete the gigafactory project, as required today by the energy market”.
Italvolt between bureaucracy and debts
In the same file, we read how Italvolt pointed the finger at the Italian procedural delays. In fact, according to the company, the crisis of the project would have been caused by “well-known bureaucratic difficulties of the Italian system, due to the environmental and environmental limits, due to the peregrine discussions with local institutions, which have delayed the willingness of investors to respect the promises given and to provide the essential supplies”. Looking at the whole, however, it is worth highlighting an economic-financial situation that is anything but stable for Italvolt, with a debt of 5.5 million in 2022 and a lack of capital increase to cover the losses which in March 2023 had reached 3.8 million.
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