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Eni Industrial Evolution, Seri Industrial's FIB Launch Faenix Battery Platform in Italy

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Eni's (E) Eni Industrial Evolution unit and Seri Industrial's FIB have established Faenix, a commercial platform focused on battery energy storage systems based on lithium iron phosphate technology, Seri Industrial said Monday.

Faenix, which is 70% owned by FIB and 30% by Eni Industrial Evolution, will manage the supply chain and engineering, research, and development activities supporting the integrated Teverola-Brindisi industrial plant, with a targeted production capacity of 16 gigawatt-hours per year at full operation.

Shares of Eni were up more than 2% in Monday trading.

Price: $48.91, Change: $+1.19, Percent Change: +2.49%

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