Industrie De Nora S p A : De Nora breaks ground on the Italian Gigafactory

Cernusco sul Naviglio (Milan), 11th June 2024 - De Nora Italy Hydrogen Technologies S.r.l. ("DNIHT") subsidiary company of Industrie De Nora S.p.A. ("De Nora"), an Italian multinational listed on Euronext Milan, specializing in electrochemistry, a leader in sustainable technologies and the emerging green hydrogen industry, today started the construction works of the Gigafactory, which will become Italy's largest electrolyzer production hub, with a projected capacity of 2GW equivalent by 2030.

The groundbreaking ceremony, including laying the foundation stone, took place in the presence of De Nora and Snam's top management and national, regional, and local authorities.

The project is part of a larger multi-year expansion plan for the De Nora Group's production capacity and involves constructing a production center in Cernusco sul Naviglio, spanning approximately 25,000 square meters. The facility will serve as Italy's primary hub for electrolyzers used in green hydrogen generation, systems, and components for water electrolysis and fuel cells, and will also be a modern facility serving De Nora's other divisions. In addition to its value from an industrial point of view, the project stands out by its strong focus on sustainability and innovation, adopting a modern concept of industrial architecture based on low environmental impact criteria.

The Gigafactory represents a primary industrial asset for De Nora and stands out internationally in terms of production capacity, qualifying as strategic to facilitate the achievement of the sustainability goals part of the European Green Deal. DNHIT, in collaboration with the Ministry of Enterprise and Made in Italy, secured approximately EUR 32 million through a concession decree in July 2023. This funding supports companies participating in Important Projects of Common European Interest (IPCEI Fund) and is financed by PNRR - National Recovery and Resilience Plan resources. Additional funding, up to approximately EUR 63 million, may be available to support the IPCEI Hydrogen1.

The initiative will support the reduction of electrolyzer production costs, making a significant contribution to meeting Europe's projected final installed capacity and technology-neutrality target necessary linked to the energy transition process.

The location of the Gigafactory in a primarily industrial and manufacturing area not far from Milan will contribute to local economic and employment growth, with the expectation of creating around 200 direct jobs and about 2,000 induced employment opportunities.

Construction is expected to be completed between late 2025 and early 2026.

Paolo Dellachà, CEO of Industrie De Nora, commented: "We proudly announce the start of the construction works of the Gigafactory, an ambitious and unique project in terms of production capacity and size, which confirms De Nora's centrality on the European scene as a facilitator of the energy transition process. On the outskirts of Milan will rise the production hub of the future, an example of virtuous unity between sustainability and innovation, where much of the Group's Italian production activity will be concentrated. It will be an architecturally sustainable project, perfectly integrated into the territory where it rises. It will benefit the community, but above all, it will be the fulcrum of a production of technologies for green hydrogen that will have a positive impact on the international decarbonization process."

1 The maximum amount of aid that can be granted to DNHIT has been defined on the basis of the nominal financing gap in Article 5(2) of the Ministerial Decree of April 21, 2021.

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Industrie De Nora is an Italian multinational company listed on the Euronext Milan stock exchange, specializing in electrochemistry, a leader in sustainable technologies, and has a pivotal role in the industrial green hydrogen production chain. The Company has a portfolio of products and systems to optimize the energy efficiency of critical industrial electrochemical processes and a range of products and solutions for water treatment. Globally, Industrie De Nora is the world's largest supplier of activated electrodes (serving a broad portfolio of customers operating in the fields of chlorine and caustic soda production, components for electronics, and non-ferrous metal refining). Industrie De Nora is also among the world's leading suppliers of water filtration and disinfection technologies (for the industrial and municipal sectors) and the world's leading swimming pool disinfection components supplier. Leveraging its well-established electrochemical knowledge, proven manufacturing capability, and a supply chain established over the years, the Company has developed and qualified a portfolio of electrodes and components to produce hydrogen through the electrolysis of water, which is critical for the energy transition. In this sector, the company also holds 25.85% of thyssenkrupp nucera AG &Co. KGaA, a joint venture established with the thyssenkrupp group.

Founded in 1923, Industrie De Nora generated total revenues of around EUR 856 million and an Adjusted EBITDA of approx. EUR 171 million in 2023. The Company's growth process has developed organically through continued penetration of new markets and applications and through acquisitions in the U.S., Asia, and Europe. De Nora's continuous innovation drives its growth, represented by its evolving intellectual property portfolio, which currently includes more than 280 patent families with more than 2,800 territorial extensions. The De Nora family controls the Group, which owns 53.3% of the Company's share capital. Snam S.p.A. is a minority shareholder with about 21.6% of the capital.

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