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Italgas opens a brand-new Innovation Antenna in Silicon Valley

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  • The main distributor of natural gas in Italy and the third in Europe, inaugurates a privileged access point to the world of innovation in the United States within the “Mind the Bridge Innovation Center” in San Francisco.
  • This strategic move of collaboration with Mind the Bridge aims at getting in touch with the most interesting US startups, intercepting emerging technological trends in specific areas of interest, and strengthening positioning and scouting skills at an international level.
  • Italgas will be officially debuting at the “Scaleup Summit” in San Francisco, scheduled from 17th to 21st October, with a Bootcamp dedicated to meeting the most interesting startups.

Milan, San Francisco, 13 September 2022 – Italgas, the first distributor of natural gas in Italy and third in Europe, opens an Innovation Antenna in Silicon Valley, as part of the “Mind the Bridge Innovation Center” in San Francisco.

The initiative is part of the “Ideas 4 Italgas” program launched in 2020, which aims to find the best US startups. The ultimate goal is enhancing research activities and strengthening the innovation efforts to contribute towards continuous improvement of the Group’s performance.

The goal of this collaboration with Mind the Bridge, an international platform that advises and supports companies and government organizations in the field of open innovation, is to create the ideal conditions for Italgas to get in touch with the most interesting startups and scaleups in the United States. Furthermore, to spot and intercept upcoming technological trends and finally strengthen the scouting capabilities both in Silicon Valley and internationally.

Initially, the focus will be on identifying conditions and projects that are able to strengthen the digital transformation of Italgas. The Italgas Innovation Antenna will officially debut at the Mind the Bridge Scaleup Summit in San Francisco, 17-21 October. A Bootcamp will be organized to meet the startups that can work with Italgas to contribute to its digitization plans, operational efficiency, and sustainability goals, according to the company’s 2022-2028 Strategic Plan.

“Gas distribution sector is historically very traditional – commented the CEO of Italgas Paolo Gallo – we acted as pioneers in terms of technological innovation by leveraging our digital factory, open innovation, and venture capital. Through continuous scouting, we encountered important trends that allowed us to grow, innovate and enhance our contribution to the ecological transition. Therefore, we are happy to strengthen our presence in the world’s largest innovation cluster. This will give new impetus to our journey of transformation.” 

“Over the past few years Italgas has been investing in shaping a new digital mindset by capillary mapping the digital skills within the company and involving its team in new innovation processes – commented Alberto Onetti, Chairman of Mind the Bridge – The next challenge is to scale up the collaboration with startups in quality and quantity. Opening an Innovation Antenna in San Francisco is a decisive step in this direction. This will give Italgas direct access to the world’s largest source of innovation: Silicon Valley.”

Italgas

Italgas is the first operator in Italy in the distribution of gas and the third in Europe: it manages a distribution network that extends for a total of over 75,000 kilometers through which, over the last year, it has distributed approximately 9 billion cubic meters of gas to 7.8 million users.

The Group holds 1,899 concessions, with a historical presence in the country’s major cities including Turin, Venice, Florence, and Rome.

For more info: www.italgas.it

Mind the Bridge

Mind the Bridge is a global organization that provides innovation advisory services for corporate and government organizations. With HQs in San Francisco (CA) and offices in Barcelona, London, Milan, Los Angeles and Seoul, Mind the Bridge has been working as an international bridge at the intersection between Startups and Corporates since 2007. It scouts, filters, and works with 10,000+ startups a year supporting global corporations in their innovation quest with open innovation initiatives that translate into curated deals with startups (licensing, investments, and/or acquisitions). It also provides advisory services and benchmarking on innovation strategy and structure. In collaboration with the International Chamber of Commerce (ICC), the 100 y.o. Institution representing more than 45M businesses worldwide, it annually elaborates the “Corporate Startup Stars” Awards – the ranking of the most ‘startup-friendly’ global corporates.

Finally, Mind the Bridge developed an AI-powered platform that enables business matching for startups and corporations, and portfolio promotion for Innovation Agencies and Investors (MTB Ecosystem).

For more info: http://mindthebridge.com  | @mindthebridge

Depa Infrastructure: Shareholders’ Meeting appoints Chairman and new Board of Directors

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Barbara Morgante appointed as CEO of the Company 

Athens, 1 settembre 2022 – The Shareholders’ Meeting of Depa Infrastructure, which met today following the completion of the acquisition by Italgas, approved the Company’s new Bylaws and appointed Nunzio Ferrulli as Chairman.

The Shareholders’ Meeting also appointed the Board of Directors, consisting of 5 members, in the persons of Nunzio Ferrulli, Barbara Morgante, Peter Durante, Theodoros Panagos e Spyridon Flogaitis.

The Board of Directors, during its first meeting held today, appointed Barbara Morgante as Chief Executive Officer of the Company.

Italgas: completed the acquisition of 100% of Depa Infrastructure S.A.

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Athens, 1 September 2022 – The sale of Depa Infrastructure S.A., Greece’s leading gas distribution operator, was completed today in Athens. Depa Infrastructure S.A. was the subject of an international tender aimed at enhancing state assets and creating added value through their development.

With the completion of the transaction, Italgas acquires 100% of the Company from Hellenic Republic Asset Development Fund S.A. (HRADF) and Hellenic Petroleum S.A. (HELPE).

Italgas CEO, Paolo Gallo, commented: “Today we start writing an important page in the history of Italgas, which after nearly twenty years is returning to cross national borders and is enriched with new colleagues, a new language and new communities to serve. It has been a long journey that has brought us this far, but now begins a new phase of intense work and development, which we will tackle with our usual enthusiasm: we will put our experience and our technological know-how at the disposal of the country to build an infrastructure of excellence and with it contribute to achieving the coal and lignite phase-out targets set by the government, in line with those of the EU. In the European scenario, Italy and Greece can aim to become the benchmark for the strategic role of smart, digital and flexible gas networks fostering the energy transition. We are here to make this happen”. 

Dimitris Politis, CEO of HRADF commented: “The completion of the sale of DEPA Infrastructure to Italgas Group is one of the most important asset development projects carried out by HRADF, with significant benefits for the Greek economy and the Greek citizens. It represents a clear vote of confidence in Greece’s growth prospects, as it marks the return of Italgas to the international markets after almost two decades. DEPA Infrastructure is owned by a powerful shareholder, one of the leading energy groups in Europe. It is also an important step towards realizing the ambitious goals of our country’s energy transition by reducing greenhouse gas emissions and ensuring that the company will have plentiful access to financing for the expansion of the natural gas distribution networks”.

The transaction closing took place at the presence of the Greek Minister of Environment and Energy, Kostas Skrekas, the Italian Ambassador to Greece, Patrizia Falcinelli, and it was signed by Italgas CEO, Paolo Gallo, the Sole Director of the vehicle company Italgas Newco, Pier Lorenzo Dell’Orco, HRADF CEO, Dimitris Politis, HELPE General Manager of Strategic Planning and Group Development, George

Alexopoulos, and HELPE Group General Counsel, John Apsouris.

The transaction was finalized following the fulfilment of the conditions precedent set forth in the Sales and Purchase Agreement and was financed by Italgas through committed lines of credit.

DEPA Infrastructure currently holds 51% of Thessaloniki – Thessalia Gas Distribution S.A. (EDA Thess), 100% of Attiki Natural Gas Distribution Single Member Company S.A. (EDA Attikis) and 100% of Public Gas Distribution Networks S.A. (DEDA), the three main gas distribution operators in Greece, which together manage approximately 7,500 kilometers of network and about 600,000 redelivery points.

Italgas is the leading operator in Italy in the distribution of natural gas and the third in Europe. It manages a distribution network that extends a total of approximately 75,000 kilometers through which, during the last year, it distributed approximately 9 billion cubic meters of natural gas to 7.8 million customers. The Group holds 1,899 concessions, with a historical presence in major Italian cities including Turin, Venice, Florence, and Rome.

The Italgas Strategic Plan 2022-2028, presented to the market on 15 June, envisages a total of 1.8 billion euros in investments allocated to the acquisition of Depa Infrastructure, its consolidation, and the execution of development programs with particular attention to the digitalization of networks, renewable gases such as biomethane and hydrogen and, more generally, the consistency with the decarbonization objectives set by the Greek government and EU targets.

Moody’s Investors Service (Moody’s) affirms Italgas at ‘Baa2’, Outlook changed to Negative from Stable

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Milan, 9 August 2022 – The rating agency Moody’s has affirmed today Italgas S.p.A Long-Term Issuer rating at ‘Baa2’, revising the Outlook to Negative from Stable.

The rating action follows the outlook change to Negative from Stable on the Italian government’s Baa3 debt rating, carried out by Moody’s last 5 August 2022 and reflect Italgas exposure to the pressures that accompany a decline in sovereign credit quality, considering that its activities are essentially concentrated in Italy. However, as stated by the agency, the rating confirmation attests to Italgas’ strategic position and leadership in the gas distribution sector in Italy and its fully regulated profile.

Italgas Group strengthens its presence in Sardinia: 12 new municipalities acquired

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The agreement signed with the company Fiamma 2000 includes assets for over 430 km of networks serving 12,000 customers; the concessions also include Olbia, which joins the other large towns on the island managed by Medea.

Milan, 3 August 2022 – Yesterday, Italgas signed a binding agreement for the acquisition from Fiamma 2000 Group of the LPG distribution and sales business, with related networks and plants, managed in 12 municipalities in Sardinia.

The distribution network covered by the agreement, currently operated by Sarda Reti Gas (Fiamma Group) extends over a total of more than 430 kilometers and serves 12,000 customers in the municipalities of Olbia (Basin 5), Valledoria (3), Buddusò (10), Budoni (11), Sedilo (13), Genoni (17), Terralba (19) Simala (20), Arbus (24), Mandas and Siurgus Donigala (26), Santadi (35).

The enterprise value of the transaction (on a debt-free/cash-free basis) is 31.7 million euros, with the price to be paid entirely by cash, net of the debt related to the perimeter acquired. The closing is expected to take place in the second half of 2022, subject to the occurrence of certain conditions precedent, including the acquisition of the consent of the granting bodies and the successful completion of the notification procedure pursuant to Law Decree 21/2012 and Prime Ministerial Decree 179/2020 (Golden Power).

The Italgas Group is thus extending its presence in most of the 38 basins into which the island is divided and is preparing to convert the acquired networks to natural gas, as part of the broader project to build cutting-edge gas infrastructure to serve the region.

Italgas CEO, Paolo Gallo, commented: “With this acquisition, we are taking another important step in the direction of the methanization of Sardinia: with Olbia, all the main towns in the region are managed by Medea. It has been a journey that, in few years, has allowed the island to close a historical gap, becoming a model capable of attracting other operators in the sector and reactivating an integrated energy system for the benefit of communities. The region, moreover, is in a leading position both because it is equipped with digital networks capable of receive renewable gases such as biomethane and hydrogen in the near future, and because the supply is ensured only by liquefied natural gas. We continue to work to make our service even more efficient, extensive and widespread’.

The Italgas Group has a total or partial presence in 24 of the 38 basins in which Sardinia is divided. Its assets consist of around 1,400 km of “native digital” networks for natural gas. In addition, there are 600 km of propane-air-fueled networks in the municipalities of Cagliari, Sassari, Nuoro and Oristano and the over 430 km of LPG-fueled networks included in today’s agreement, which will all be converted to natural gas in the coming years. Currently, 76 towns on the island are served by natural gas, for a total of 1.2 million cubic meters distributed in the first six months of 2022.

«Ideas 4 Italgas» Starting the third edition that introduces the permanent scouting formula: an ever-active ‘radar’ on open innovation

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Milan, 28 July 2022 – Reducing the time to introduce new technologies through interaction with an ecosystem that ensures a continuous flow of knowledge to support the achievement of the digitization, operational efficiency and the sustainability targets set in the Italgas 2022-2028 Strategic Plan. With this aim Italgas, the leading operator in Italy and the third in Europe in the natural gas distribution sector, is strengthening its collaboration with SkipsoLabs, a company that provides advisory services and technology platforms for innovation at an international level, through a new initiative dedicated to open innovation.

The initiative is part of the ‘Ideas 4 Italgas’ program launched by the Company in 2020 and addresses the best Startups and Scaleups from around the world with the aim of enhancing research activities and strengthening the contribution of innovation to the improvement of the Group’s performance.

There are two main features of the project: the Co-Innovation Hub and the SkipsoLabs ecosystem platform. The Co-Innovation Hub (an international network of incubators, accelerators, start-ups and scale-ups) will allow Italgas to monitor the innovation ecosystem and activate an Outpost in Tel Aviv, a hybrid presence within the Innovation Hubs in Israel. This strategic approach will enable the company to validate evolutionary scenarios through the innovation and agility of start-ups, fostering and strengthening their growth in the market. The technology platform, on the other hand, will enable the creation and management of Italgas’ innovation ecosystem by bringing together internal and external innovation in a single digital space capable of fostering the involvement of start-ups, employees and suppliers in innovation and digital transformation programs.

Compared to previous editions, the new research will be an ever-active ‘radar’ on technological and business innovations in the following areas: digitalization (cloud, edge computing and IoT devices), analytics and data management, operation & maintenance, network monitoring, metering, sustainability and circular economy, biomethane, hydrogen and synthetic gases.

In the digital transformation process, open innovation has been one of the main drivers of strategic development since the beginning. An approach focused on identifying solutions that can foster growth and sustainable development in daily operations, for the partners involved and the entire gas distribution sector. In many cases, collaboration with start-ups and SMEs has created the conditions for introducing innovation in other areas as well.

This is what is happening with Composite Research (CoRe), the young Italian start-up active in the sector of innovative materials, which presented ‘MadFlex’ at the 2020 call, a technology to create an ultra-light multilayer material capable of repairing gas grids quickly, durably and resiliently. After passing many stress tests at the Italgas laboratory in Asti, “MadFlex” is now being examined by the CIG (Italian Gas Committee) in order to obtain the necessary certifications for large-scale use by all companies in the sector and in the water distribution sector.

This is not the only case. With I-Tes, the large-scale application of special batteries capable of storing heat produced by other sources and reusing it in processes for feeding gas into the network is underway; software from the American company Satelytics will enable the monitoring of networks to be enhanced through the use of satellite images as well; With the Swiss company Amex Sanivar, a study is underway into the possible application of a special film inside gas grids that can make them immediately hydrogen ready; finally, the application of the Norwegian company Tunable will improve the analysis of the composition of distributed gas blends.

Pier Lorenzo Dell’Orco, CEO of Italgas Reti, commented: “Open innovation is a strategic approach that allows companies to grow faster, increase efficiency and, above all, think differently. In the journey of digital transformation that Italgas Group has undertaken in recent years, we have made extensive use of it. It is thanks to continuous scouting activities that we met companies such as Picarro, of which we also became shareholders, and its CRDS technology, the most advanced in the field of gas network monitoring. And this is how we have progressively created an open ecosystem capable of supporting the implementation of the Group’s Strategic Plan and the growth of our partners, as well as the evolution of the entire gas distribution sector.”  

Carlo Soresina, co-founder and CEO of SkipsoLabs, added: “We are delighted to strengthen our partnership with Italgas through this innovation program dedicated to a key sector such as gas distribution. Today the ecosystem concept plays a central role in the innovation landscape. Our approach, which includes the involvement of the international network of the Co-Innovation Hub, the activation of a specific outpost in Tel Aviv and the technology platform, will facilitate the meeting of innovative start-ups from all over the world, connecting Italgas to a global innovation ecosystem. This is the right way to experience new evolutionary scenarios and to meet new market challenges”.

The project addresses international Startups and Scaleups (with focus on Europe and Israel) that develop products and services based on sustainable and original business models in line with Italgas’ strategy, and that will be able to offer solutions capable to meet the challenges posed by energy sustainability targets.

Interested startups will be able to register within the Italgas innovation ecosystem through the link https://ideas4italgas.italgas.it/en. The start-ups will be assessed by a committee of experts and, following a further selection process, will have the opportunity to work in close collaboration with the company to start the Co-design phase and define an experiment applicable to the sector.

Italgas

Italgas is the leading operator in Italy in gas distribution sector and the third in Europe. It manages a distribution network that extends a total of around 75,000 kilometers through which, during the last year, it distributed approximately 9 billion cubic meters of gas to 7.8 million users. The Group holds 1,899 concessions, with a historical presence in the country’s major cities including Turin, Venice, Florence, and Rome.

SkipsoLabs

Founded in 2008, SkipsoLabs is a company that provides software solutions and advisory services for innovation. Starting with the ambitious goal of creating a platform to support and accelerate sustainable innovation worldwide, over the years SkipsoLabs has become one of the leading international players in innovation management, offering cutting-edge programs to companies, universities, government agencies, accelerators and non-profit organizations worldwide. SkipsoLabs’ advisory services help clients identify the best innovation sourcing channels globally, define the right approach to validate and scale products and solutions both within their organization and in the marketplace. SkipsoLabs has an established framework to help identify strategic acquisition or partnership opportunities, to rank innovation and to engage internal management.

Medea (Italgas Group) becomes a 49% shareholder of Energie Rete Gas

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Milan, 26 July 2022 – Medea S.p.A., an Italgas Group company 48.15% owned by the Marguerite II fund and active in the gas distribution in Sardinia, today signed an investment agreement with Energetica S.p.A. for the entry into the capital of Energie Rete Gas S.r.l., the gas transportation company of the Energetica Group with around 142 kilometers of regional methane pipelines.

Entering Energie Rete Gas’s share capital is the result of a mixed operation of transfer and sale of a business unit which includes the assets and activities managed by Medea in the gas transportation sector in Sardinia. These assets mainly consist of 63 cryogenic liquefied natural gas (LNG) tanks for a total capacity of 2,350 cubic meters and the related equipment serving the distribution networks managed in the Basins under concession.

The enterprise value attributed to the business unit transferred by Medea is equal to 53 million euros, against a 49% stake in the capital of Energie Rete Gas and a monetary consideration of 30 million euros.

The closing of the transaction will take place upon the occurrence of certain conditions precedent, including the successful completion of the notification procedure pursuant to Legislative Decree 21/2012 and Prime Ministerial Decree 179/2020 (Golden Power) and the finalization of the financing agreements with a pool of banks by Energie Rete Gas.

The transaction will further accelerate Sardinia’s methanization process and, at the same time, will also allow Medea to rationalize the plant equipment managed in Sardinia by separating, also at a corporate level, the natural gas transportation and distribution activities.

Italgas: consolidated results as at 30 june 2022 approved

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Milan, 25 July 2022 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the consolidated results for the first half of 2022.

Key figures

Consolidated economic and financial highlights:

  • Total revenues: € 707.4 million (+6.3%)
  • Gross operating margin (EBITDA): € 513.3 million (+4.9%)
  • Operating profit (EBIT): € 296.0 million (+5.9%)
  • Adjusted net profit attributable to the Group: € 188.3 million (+6.9%)
  • Technical investments: € 374.4 million
  • Cash flow from operating activities: € 459.5 million
  • Net financial debt (excluding the effects pursuant to IFRS 16): € 5,033.4 million
  • Net financial debt: € 5,094.4 million

ESG – key indicators, Scope 1 and Scope 2 and energy consumption:

  • Net energy consumption: 301.5 TJ (-14.0%)
  • 54.7 103 tCO2eq Scope 1 and 2 (-21.3%)
  • 47,667 km of network inspected (+35.4%)
  • Fugitive emissions/km investigated: 49.02 Sm3/km (-43.7%)

Operating highlights (including affiliates):

  • Municipalities in gas distribution concessions: 1,899
  • Number of active meters: 7.75 million
  • Gas distribution network: around 74,788 Km

The results of the Italgas Group for the first half of 2022 confirm the resilience of the business model, with a steady growth of all the main economic and financial indicators and the Group’s ability to match development with sustainability targets which were further revised upwards in the 2022-2028 Strategic Plan presented to the financial community on 15 June 2022.

An effort that confirms the Company’s commitment to providing an active contribution both to the energy transition process, whose urgency was increased by the targets set by the European Commission in REPowerEU, and to implementing the National Recovery and Resilience Plan.

In the period, € 374.4 million in investments were made, devoted primarily to the digital transformation of assets and processes, the natural gas distribution in Sardinia and the repurposing of the networks to enable them to distribute renewable gases (biomethane immediately and, in the medium term, hydrogen and synthetic methane).

In the first half of 2022, 230 km of new pipes were laid. In Sardinia, the creation of new fully digital networks continued, reaching a total length of 909 km out of a total to be developed of around 1,100 km. In addition, in the first half of 2022, 11 new GNL storage and regasification plants were commissioned, for a total of 64 plants serving the basins under concession.

The financing requirements related to net investments for the first half of 2022 were amply covered by the cash flow from operating activities, equal to € 459.5 million.

The net financial position as at 30 June 2022 was € 5,094.4 million (€ 4,980.0 million as at 31 December 2021). The net financial position amounted to € 5,033.4 million (€ 4,910.0 million as at 31 December 2021), net of financial liabilities pursuant to IFRS 16 of € 61.0 million (€ 70.0 million as at 31 December 2021).

The EBITDA for the first half of 2022 amounted to € 513.3 million (+4.9% compared to 30 June 2021) and adjusted net profit attributable to the Group was € 188.3 million (+6.9% compared to 30 June 2021).

In the context of the public tender called by the Greek government for privatisation of the gas distribution operator DEPA Infrastructure S.A, Italgas is waiting to finalize the acquisition of 100% of the Company.

Paolo Gallo, CEO of Italgas, commented: 

The results of the first half of 2022 provide additional confirmation of the soundness of a Group capable of continuing to grow without interruption, despite a scenario featuring increasingly complex economic-social and geopolitical conditions.

We have reached the first turning point of the year recording growth in all economic indicators: the EBITDA grows by 4.9%, surpassing € 513 million and the adjusted Net Profit at +6.9% came to approximately € 188 million. Investments, exceeding € 370 million, have been used to digitally transform the network, which is increasingly smart, widespread and flexible, serving the energy transition and the decarbonisation of consumption.

In Sardinia, we are continuing with our commitment to complete distribution of natural gas in the areas under concession. The smart network, which covers approximately 1,500 kilometres, is now the most cutting edge network in the country, both because it is already capable of accommodating renewable gases such as biomethane and hydrogen, and because procurement is guaranteed solely through liquefied natural gas.

Technological innovation is confirmed as the main driver that allowed us to anticipate this change, transform our operations and improve service in terms of quality and efficiency while, at the same time, achieving ever-increasing sustainability targets, significantly contributing to the achievement of the REPowerEU targets.

Italgas improves the rating assigned by Moody’s ESG Solution

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Milan, 4 July 2022 – Italgas informs that the annual revision of the ESG rating Moody’s ESG Solutions (formerly known as Vigeo Eris rating), recognized the commitment of the Company with an “Advanced” rating, resulting from an overall improvement of 10 points compared to the result assigned last September. Progress mainly determined by the actions carried out and the further commitments undertaken by the Group in the environmental, social and governance fields.

The rating improvement is a further recognition of the Company’s strong focus on sustainability targets that the 2022-2028 Strategic Plan, recently presented to the market, has revised upwards (-34% in Scope 1 and 2 gas emissions, -30% in Scope 3 emissions, -27% in energy consumption by 2028, baseline 2020).

This recognition follows the confirmation of Italgas as a “constituent” of the MIB ESG Index, the blue-chip index for Environmental, Social and Governance (ESG) best practices of Borsa Italiana, part of the Euronext group.

Changes to Italgas’ calendar of corporate events

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Press Release of the results at June 30, 2022

Milan, 15 June 2022 – Italgas announces that during yesterday’s meeting, the Board of Directors, chaired by Benedetta Navarra, resolved that issue of the press release concerning the approval of the result at June 30, 2022 has been rescheduled from 26 to 25 July 2022, following its approval by the Board of Director.

As a result, the conference call to present the results to institutional investors and financial analysts will be held on the afternoon of July 25.