Fincantieri, Faist JV to produce lithium-ion batteries

Fincantieri SI, a company of Italian shipbuilding major Fincantieri, and Faist Electronics, a Faist Group brand specializing in energy storage systems, have founded Power4Future, a joint venture dedicated to the production of lithium-ion batteries.

As informed, the industrial partnership envisages the construction of a facility to produce batteries, followed by the design, assembly, marketing and after-sales services for modules and battery packs.

Further on, it includes control devices such as battery management systems and ancillary systems such as fire protection and air conditioning for complete battery stationary systems.

The batteries produced by Power4Future are expected to contribute to achieving the decarbonization goals in Italy’s Recovery and Resilience Plan, which sets specific goals and priorities for ports and for transportation in general.

The expected cumulative production would exceed 2 GWh in five years.

“Future environmental protection regulations will drive ship owners to adopt new alternative solutions to those currently based on internal combustion engines, in order to produce and use energy,” Giuseppe Bono, CEO of Fincantieri, commented.

“Faced with the need for greater storage capacity, lithium-ion batteries today are the only solution that is both technically and economically sustainable for full-electric vessels, which currently makes them one of the most important assets not only for the naval industry but also for all the other sectors where we will be able to operate with this new company.”

Gianfranco Natali, president and founder of Faist Group, added: “In a ‘green’ energy setting, lithium-ion batteries and energy storage systems will be the new ‘fuel tank’ for the maritime and land mobility of the future. Together with Fincantieri, this is the vision that guided us towards creating Power4Future, a name that reveals our commitment to future generations to do our best for a completely ‘green’ future.“

In March, Italian shipbuilding major Fincantieri reported a net loss of EUR 245 million ( $ 296 million) for the full year of 2020 amid the impact of the coronavirus.

The shipbuilder said that 2020 was an out-of-the-ordinary year due to the impact of the pandemic on the global economy. As a result, Fincantieri ended the year with a 20% lower production of what had been planned.

The company resumed full production recovery in the fourth quarter of the year, pointing at a likely recovery of profitability in 2021.