TCC reassures Italy over its delisting of energy storage firm NHOA

ROME (Reuters) – Taiwan Cement Corp (TCC) intends to strengthen the presence of Italian energy storage company NHOA in Italy after taking it private, the group said on Friday, responding to concerns raised by the Rome government.

TCC fell under Italian government scrutiny after it announced a buyout offer for Paris-listed NHOA, in which it currently owns almost 90%, Reuters reported on Wednesday.

Two sources close to the matter told Reuters Prime Minister Giorgia Meloni’s office wanted to check whether TCC plans an overhaul of NHOA’s management lines or move its strategic activities abroad.

TCC, “confirms its firm will to strengthen NHOA’s presence and growth capacity in Italy,” the Taiwan-based company said in a statement.

De-listing from the Paris market is part of a plan “to fully realize NHOA’s potential and human capital in Italy without the pressures of short-term movements in the capital markets,” it added.

So-called golden power legislation gives Rome the right to block or set conditions on companies operating in sectors deemed as strategic.

Once known as Engie EPS, NHOA is a leader in the battery storage sector and also has a partnership with car maker Stellantis through their joint venture Free2move eSolutions.

TCC took control of the company in 2021 after securing a green light from the Italian authorities but the government of the time, led by former Prime Minister Mario Draghi, ruled that the Taiwan-based group should notify the cabinet of any changes. (This story has been corrected to fix a typo in the last paragraph)

(Reporting by Giuseppe Fonte, writing by Giulia Segreti, editing by Gavin Jones and Anil D’Silva)

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