July 1: The Sunlight Group has received €275 million ($286 million) funding from Greek banks to support its expansion of lead and lithium production and R&D, the company announced on June 24.
Sunlight said the financial backing was in the form of seven-year loans and would form part of plans unveiled on May 11.
The loans will support plant upgrades and an expansion of production capacity and assembly lines in the company’s facilities in Xanthi, Greece (pictured), Italy and in the US to boost output of both lithium ion and lead batteries and energy storage systems.
Sunlight said the loans would also enhance production of innovative motive power lead acid battery cells, with the installation of the latest automated production and assembly equipment.
The €275 million loan agreements comprise a €125 million syndicated loan from Eurobank and Alpha Bank (€62.5 million each) and a €150 million loan from the National Bank of Greece.
The latest announcement follows Sunlight’s pledge last September to spend €50 million to expand its lead and lithium manufacturing unit in Xanthi.