Solitek Plans Nearly 50 Million Euro Investment in New Factory in Italy
Aiming to take advantage of Italy's favorable climate and growing demand for renewable energy, Solitek is expanding its operations and creating 300 new jobs in the solar panel manufacturing industry.
Solitek, a major solar panel manufacturer in Northern Europe, is expanding its operations into Italy and investing nearly 50 million euros in establishing a new solar module manufacturing plant in the country. The Lithuanian company's move is part of its long-term strategic plan to expand and establish a strong presence in the European market, paving the way for future growth and expansion into other regions. The project is expected to take three years and is financed through a combination of subsidies from the European Commission and Solitek's capital.
Julius Sakalauskas, the CEO of Solitek, postulates that the new plant in Benevento, Italy represents an exciting development that will enable the company to take advantage of the growing demand for sustainable energy and help support the agricultural sector in Italy. Therefore, the enterprise’s plans to provide solar panels for agro-installations (AgroPV) that produce electricity, provide shade for plants and protect them against adverse weather conditions.
Stepping Stone into Solitek’s Expansion In Southern Europe
Overall, the novel manufacturing plant will also serve as a stepping stone for Solitek's expansion into Southern Europe. Italy's favorable climate for agriculture provides a suitable environment for agro-installations, a significant advantage compared to Northern Europe, where the window for agro-installation usage is relatively short. Operating a manufacturing plant in Southern Europe will also help Solitek avoid fluctuations in production capacity during winter when solar panels in Northern Europe cannot be used.
Stability in Production and its Impact on Green Energy Production
Following a complex decision-making process of selecting prospective locations, the decision to invest in Italy was driven by two crucial factors: the favorable climate and the increasing demand for sustainable energy, specifically in the agricultural industry.
In all instances, Solitek is committed to providing solar panels for agro-installations (AgroPV)) to produce electricity, provide shade for plants, and protect them against adverse weather conditions. This initiative will help preserve agricultural land while providing clean energy for farming operations.
Furthermore, the new manufacturing plant is expected to impact the EU's efforts to incentivize the region's green energy production and economic recovery.
Uncovering the Gradual Project Development
The project is expected to take three years, with Solitek planning to spend close to 50 million euros in developing and constructing the new facility. The corporation is currently organizing technical specifics, with plans to transition to the first development stage to build a 600 MW solar panel production line in Q2, 2024 in Benevento, Italy.
In the second phase, Solitek will install a 1 GW battery line for energy storage. The growing demand for sustainable energy production and changing consumer needs inspired Solitek to take their product line further, developing this innovative approach to storing energy. The new energy storage battery called Nova is designed to keep excess electricity during off-peak hours and discharge it when needed. Nova batteries use artificial intelligence (AI) to track weather and consumer behavior changes to optimize energy production and storage. The new line could revolutionize the sector, maximizing energy usage, lessening environmental effects, and reducing electricity prices by up to 50% for the end consumer. Storing electricity could also stabilize the electric grid and provide a reliable backup. Two years after the initiative's launch, the business intends to begin recycling lithium batteries to become more self-sufficient and comply with the EU rule prohibiting the transfer of raw materials to unauthorized persons.
Exploring the Impact on Employment and Investment
Throughout the gradual development of the new manufacturing facility and after its creation, Solitek plans to generate up to 300 jobs, revitalize a low-employment area, and attract further international and local investments.
In the exhibition K.EY - The Energy Transition Expo in Rimini (was held on march 22-24, 2023) SoliTek team gained insights about Italian market trends and got possibility better understand clients' needs. During the event, Solitek team met with Rai - Radiotelevisione Italiana, who were interested in discussing the latest trends in the solar energy market. SoliTek CEO Julius Sakalauskas shared his professional insights about the industry and SoliTek role in it.
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