XVI Ventures has acquired a 24% stake in Italmare SpA, the renowned oil and gas trader and retailer based in Naples, Italy. This move is in line with the company’s long-term strategy to capitalize on opportunities in the growing energy market.
Los Angeles, CA – ACN Newswire – July 19, 2024 – Edoardo Piscopo’s holding company XVI Ventures announces the acquisition of a 24% stake in Italmare SpA, a leading oil and gas trader and retailer based in Naples, Italy. This strategic investment marks XVI Ventures’ expansion into the Italian energy sector and positions the company to capitalize on new opportunities in the growing natural gas energy market.
XVI Ventures acquires 24% of Italmare SpA, a leading oil and gas company in Italy
Italmare SpA is known for its growth trajectory and has achieved a turnover of over 100 million euros, making it one of the fastest growing private companies in the region. The company also owns a majority stake and 50% of the shares in Italcost srl, one of Italy’s largest onshore LNG storage facilities with a capacity of over 19,500 cubic meters, founded by entrepreneur Giuseppe Ricci, which plays a crucial role in Italy’s energy infrastructure and provides important services to the gas sector.
The acquisition of a 24% stake in Italmare SpA will enable XVI Ventures to strengthen its core business – balance sheet, assets and industry expertise in the Italian market – by integrating Italmare SpA’s significant market presence and comprehensive infrastructure into the Company’s portfolio.
Although the financial terms of the transaction were not disclosed, this investment will significantly enhance the financial stability of XVI Ventures and provide access to Italmare SpA’s valuable assets, including its significant access to LPG storage capacity and a robust trading network.
This investment comes at a crucial time in the energy sector. According to a report by Grand View Research, the global renewable energy market is valued at USD 1.21 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2030.
XVI Ventures founder and CEO Edoardo Piscopo said: “The transition to renewable energy impacts every company in this space. I look forward to being an active participant and bringing a different perspective to this complex but growing market.”
With this acquisition, Edoardo Piscopo will join the Board of Directors of Italmare SpA, consolidating the strategic partnership between the two companies. XVI Ventures is also preparing further business expansions as part of its long-term strategy.
Edoardo Piscopo concludes: “We have begun due diligence on a new local investment that we aim to close by the fourth quarter of this year. There are many things to look forward to for Italmare. We will continue to build on our strong foundation and explore new avenues for growth..”
About XVI Ventures
XVI Ventures is a diversified holding company managing assets in the oil, gas and automotive sectors. It was founded by former professional racing driver and world champion Edoardo Piscopo, who uses his expertise and experience in managing and growing a $1 billion company.
XVI Ventures focuses on the oil and gas and automotive sectors, where it acts as both investor and operator. Today, the company researches the sustainable development of the Italian oil and gas sector and collaborates with other market players to contribute to the growth of the industries it works with.
Media contact
Brand: XVI Ventures
Contact: Monica Young
Email: [email protected]
Website: https://www.xviventures.com/home
The issuer is responsible for the content of this announcement.
