News
Hellenic Cables Americas is awarded IRA 48C tax credit allocation for its intended cables manufacturing facility in Maryland USA
Brussels, 22 April, 2024
REGULATED INFORMATION
The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.
Cenergy Holdings announces that its US subsidiary, Hellenic Cables Americas, intends, subject to a final investment decision, to build a new, state-of-the-art cable manufacturing facility in Baltimore, Maryland, of approx. value USD 300 million.
In the context for this potential investment, Hellenic Cables Americas successfully applied to the Department of Energy and received an allocation letter from the Internal Revenue Service, granting its request for a Qualifying Advanced Energy Project transferable tax credit up to USD 58 million for its intended cables manufacturing facility in Baltimore, Maryland.
As a first step toward the implementation of this project, Hellenic Cables Americas intends to acquire a 38-acre waterfront property at Wagners Point, Baltimore upon successful completion of an extensive due diligence process during the last several months. Subject to customary approvals, this transaction is expected to be completed within the next 8 weeks.
The new factory, which is contingent upon the final investment decision, will be dedicated to manufacturing underwater and underground cables for Offshore Wind and Grid Modernization applications. It will address the 21st century, growing energy transition market with high-tech products made in a modern, clean, low-noise, ultra-low-emissions environment.
Cenergy Holdings will keep the investment community informed of any significant developments.
About Cenergy Holdings
Cenergy Holdings is a Belgian holding company listed on both Euronext Brussels and Athens Stock Exchange, investing in leading industrial companies, focusing on the growing global demand of energy transfer, renewables and data transmission. The Cenergy Holdings portfolio consists of Corinth Pipeworks and Hellenic Cables, companies positioned at the forefront of their respective high growth sectors. Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables. Corinth Pipeworks is a world leader in steel pipe manufacturing for the energy sector and major producer of steel hollow sections for the construction sector. For more information, please visit our website at www.cenergyholdings.com.
Contacts
For further information, please contact:
Sofia Zairi
Chief Investor Relations Officer
Tel: +30 210 6787111, +30 210 6787773
Email: ir@cenergyholdings.com