We have advised Snam, a European leader in industrial and automotive battery recycling, on its equity fundraising.
Floridienne Group announced a capital increase in its subsidiary Snam with a German investor.
France-headquartered Snam is the European leader in the recycling of industrial and automotive batteries, including NiCd, NiMH, and Li-ion chemistries. Recycling batteries on behalf of most automotive OEMs active in the growing European electro-mobility sector, Snam’s growth prospects are very significant.
This capital increase is carried out by a German investor for an amount of €10m, which can be increased up to €14m based on a pre-money value of €40m.
At the Floridienne level, this agreement generates an immediate increase in consolidated equity of €10m and has a dilutive effect on Floridienne's stake. Following this transaction, Floridienne retains a majority holding of 57.6% in the capital of Snam.
