Taiwan's TCC receives Italian approval to take energy storage company NHOA private

TCC Group Holdings, a Taiwanese company, announced on Friday that it has received approval from the Italian government to privatize energy storage firm NHOA.

The Italian government has "golden powers" to block or impose conditions on foreign and local takeovers as well as changes in governance affecting companies operating in strategic sectors like energy, telecoms, and banking.

The company stated that the project is in the national strategic interest of NHOA and guarantees the implementation the industrial programs of TCC Group Holdings.

TCC said in a press release that "The Golden Power Committee has noted that this transaction does not represent a change in the control and management of NHOA."

Sources familiar with the issue said that the Italian cabinet had taken the decision on September 4.

TCC announced a simplified tender at 1.1 euro ($1.22) per shares, which was later increased to 1.25 euro, in order to purchase and delist NHOA. The company said that the private ownership of the group would allow it to implement its long-term strategy more efficiently, without being pressured by financial market expectations.

NHOA, formerly known as Engie EPS on its website, says it has positioned themselves at the forefront in the battery storage industry, focusing on technology innovation and leadership within sustainable energy. The company has also partnered with the carmaker Stellantis.

TCC, who owns nearly 90% of NHOA took control in 2021, after obtaining a greenlight from Italian authorities.

In July, sources said that the office of Italian Prime Minister Giorgia Mello wanted to know if TCC planned to overhaul NHOA management or relocate strategic activities overseas.

TCC reacted by saying that it wanted to increase NHOA’s presence in Italy.

The company announced on Friday that it would comply with instructions from the Italian government in regards to reporting and notification requirements and will provide an annual report of its compliance with commitments to the monitoring authority. Reporting by Giuseppe Fonte, Editing by Alexander Smith. $1 = 0.9005 Euros

(source: Reuters)