Greek battery firm Sunlight investing in capacity, lithium R&D

Greek battery maker Sunlight Group, part of Olympia Group, last week reported a 54% rise in 2021 turnover and said it is pushing with its EUR-560-million (USD 581.5m) five-year investment plan.

Sales rose to EUR 272 million as the market for motive batteries and energy storage systems gradually recovered from the pandemic. The company, which has plants in Greece, Italy and the US, produced more than 3.25 million motive power cells and 150,000 energy storage cells for renewable energy last year.

Of its EUR-560-million business plan, the company will invest EUR 450 million to boost its sales network and production capacity up to 6.3 million battery cells by the end of 2023. This effort includes investment in equipment and mergers and acquisitions.

In addition, EUR 105 million will be invested in a project, co-funded by the EU, focused on the development of lithium battery technologies for the energy storage sector and off-road industrial mobility. A pilot line for prototype lithium cells is already being installed at Sunlight’s factory in Xanthi.

The company’s 2021 results also showed a 52% increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to EUR 32 million, despite rising costs for raw materials and electricity. Profit for the period was down to EUR 8.1 million from EUR 13.8 million in 2020.

(EUR 1 = USD 1.039)

Choose your newsletter by Renewables Now. Join for free!