Greek battery firm goes on a spending spree

Greek battery firm goes on a spending spree

Business news |
By Nick Flaherty

Greek battery maker Sunlight Group is to spend €450m on mergers and acquisitions across Europe and North America to help increase production capacity of lithium-ion batteries and energy storage systems.

This is part of a €560m investment over the next five years to improve European supply chains as well as increase international production and R&D for the manufacturing and recycling of lithium-ion batteries.

 €105m will be spent on the development of one of Europe’s first lithium-ion battery gigafactories that will help better serve the international market 

The company will also work with local Greek universities to develop a lithium-ion battery recycling facility as an extension of Sunlight Group’s lead acid recycling facility  

The group saw an increase in revenue of 54% in 2021 to €272m with production of 3.25m cells for motive power and 150,000 for energy storage from manufacturing plants in Xanthi, Komotini, Verona (Italy) and Greensboro (North Carolina, USA).

The €450m is budgeted for investments, to expand its sales network and production capacity up to 6.3m battery cells by the end of 2023.

The company is also part of the €105m “European Battery Innovation” project. Recognized as an “Important Project of Common European Interest” (IPCEI), EuBatIn is co-funded by the EU and focuses on developing innovative lithium battery technologies for the energy storage sector and off-road industrial mobility. Sunlight is already installing a pilot production line for prototype lithium cells in its industrial complex in Xanthi.  

Recent acquisitions include Technoform, a Kilkis-based company that designs and manufactures state-of the-art molds and components, and PBM, an established global leader in the production of battery chargers and industrial electronic devices.

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