The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Sunlight Group bags US$290 million in loans


Greece-based battery manufacturer Sunlight Group has received €275 million (US$290 million) in loan financing to expand production and research.

The firm has received the funding in the form of seven-year loans issued by a collection of Greek banks, and goes towards funding Sunlight’s five-year business plan which requires €560 million in total. €125 million is being provided by Eurobank and Alpha Bank and €150m from the National Bank of Greece.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Sunlight will upgrade its current production and assembly lines in its facilities in Xanthi (Greece), Verona (Italy), and North Carolina (US) to produce lithium-ion and lead-acid batteries and energy storage systems.

The company also has plans to develop a lithium-ion battery gigafactory in Europe and conduct R&D into battery recycling, to contribute to the development of Europe’s battery supply chain.

Funds will also support further international growth, partly through M&A, as well as R&D into its lithium-based products via the “European Battery Innovation” (EuBatIn) project. EuBatIn is an Important Project of Common European Interest (IPCEI), a transnational state-funded project launched to increase the competitiveness of European industry. Sunlight’s project gained the special status back in 2020.

According to its website, Sunlight Group’s main products are batteries for motive power (machinery), reserve power and advanced technology applications including submarines and torpedos. By the end of 2021, its annualised production capacity reached 3.6 million motive power cells and 150,000 energy storage cells. Total sales increased 54% in 2021 to €271.9 million, while EBITDA reached €24.1 million, up 25%.

The company recently moved to acquire a German battery distributor, Nonnweiler-Primstal-based A. Müller GmbH, according to a filing dated 31 May on the website of competition watchdog the Bundeskartellamt. A. Müller sells small batteries for applications including a variety of internal combustion engine (ICE) vehicles, camping, backup power and other small stationary storage solutions.

Lampros Bisalas, CEO of Sunlight Group, said: “We are heavily investing across our facilities in Greece, Europe and the US to increase our overall production capacity, as demand for lithium-ion batteries in particular continues to outstrip supply.”

“These additional funds will give us the necessary support to address global challenges to lithium supply, as well as the continued R&D required to make lithium-ion batteries the most energy-efficient, cost-effective, and viable green energy solution on the international market.”

Read Next

June 11, 2024
A double-header of big news from Germany, with construction starting on a ‘Grid Booster’ BESS from TransnetBW and Fluence and the EU putting €58 million towards a project that will combine green hydrogen and iron flow battery storage at scale.
June 10, 2024
The EV charging and energy solutions arm of Volkswagen Group is entering the large-scale BESS market, with individual projects up to 350MW/700MW in size and the first, in Germany, planned for next year.
June 6, 2024
Developer and EPC Eco Stor will start building another 103.5MW/238MWh BESS project in Germany in November this year.
June 4, 2024
Equinor-owned East Point Energy has submitted a Public Facility Review application with the Prince William Planning Commission in Virginia, US, for the construction of a standalone battery energy storage system (BESS).
May 31, 2024
Editor Andy Colthorpe speaks with Long Duration Energy Storage Council director of markets and technology Gabriel Murtagh.

Most Popular

Email Newsletter