Former Whirlpool takes public: Invitalia acquires stake in Italian Green Factory

Naples – The State officially enters the factory in East Naples. A new chapter opens today in the reindustrialization of the former Whirlpool site on Via Argine: through the Enterprise Safeguard Fund, promoted by MIMIT, the National Development Agency (Invitalia) acquires a stake in Italian Green Factory (IGF).

The transaction confirms the solidity of the project led by the Tea Tek group, which acquired the abandoned plant from the American multinational to transform it into a technology hub dedicated to the ecological transition and components for renewable energy.

The numbers of the agreement: the State at 49%

Invitalia's entry, approved after a positive assessment of the business plan, translates into a massive injection of liquidity and guarantees. The approval includes a €60 million capital increase: €31 million of this is guaranteed by Tea Tek Group Holding and €29 million directly by Invitalia.

With this move, the public agency acquires a 49% stake in the company. The new governance structure will include the establishment of a five-member Board of Directors, with a person designated by Invitalia as chairman. State support for the project will be expected to last five years, effectively securing the recovery process.

It should be remembered that the project is already based on solid foundations: last September, the Development Contract (also managed by Invitalia) was approved for a total investment of 103,7 million euros, divided between production assets (92,3 million) and Research and Development (11,4 million).

Objective: Italian leader in photovoltaics

Italian Green Factory's industrial mission is clear: to establish itself as a leader in the national renewable energy market. Upon completion of the site conversion, the production lines will produce key components for the photovoltaic industry, including solar trackers, transformers, and power skids. Financial projections estimate a turnover of over €150 million.

Employment retention and new hires

The business plan has a strong social impact in a region suffering from deindustrialization. As of October 31, 2023, 294 former Whirlpool employees have been hired by the new company. Of these, the first 30 are already working at the group's facilities, manufacturing electrical panels. Invitalia's entry serves not only to consolidate the existing workforce, but also to expand the workforce: the approved business plan calls for the hiring of an additional 55 employees over the five-year period.

Granisso: "Great institutional cohesion"

Felice Granisso, CEO of Italian Green Factory, expressed great satisfaction, emphasizing the symbolic and concrete value of the operation for Southern Italy.

"This investment represents a crucial moment for the company and the local area," the manager stated. "There has been great unity among the institutions, from the Government and Mimit to Parliament, the Campania Region, the Prefecture, and the Municipality of Naples. They have always supported us in our desire to relaunch a production site that will become a true driver of development for the area."

Granisso then reviewed the construction site's progress: "Via Argine is now free of the old building and can look to the future. A heartfelt thank you goes to Minister Urso, Invitalia, and our financial partners, Intesa Sanpaolo and Cassa Depositi e Prestiti."