(Alliance News) - SolidWorld Group Spa announced Tuesday that it has finalized, through its subsidiary SolidFactory Srl, the transfer of a technology business unit from Formula E Srl, of the Vismunda Srl Group, a world leader in automation for equipment dedicated to the renewable energy sector.

The economic value of the branch contributed to SolidFactory is EUR970,000. Also included in the contribution is Formula E's current customer portfolio, which includes orders worth more than EUR2.6 million, which will run out to about EUR1 million in 2023 and EUR1.6 million in June 2024, while the value of production in 2022 stood at about EUR3 million.

As a result of the deal, SolidFactory will be able to provide its customers with the design and installation of entire manufacturing lines for high-efficiency, state-of-the-art photovoltaic panels, as well as lines for revamping used solar panels.

"With the entry of Formula E into the SolidWorld Group, we are adding photovoltaics, a crucial technology for the generation of green energy, to our sectors of presence," said Roberto Rizzo, president and founder of SolidWorld Group. "SolidFactory will therefore be the Italian and European answer to the growing demand for solar panel production. An operator rooted in the territory with a track record of great relevance, which will significantly shorten supply chains and the risks associated with them."

"With the acquisition, we also come into possession of an order backlog that allows us to accelerate in value generation, developing a new presidium for this new business in addition to the technology hubs for industrial additive printing and biotechnology."

SolidWorld Group's stock is in the red 0.5 percent at EUR3.67 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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