Seri Industrial

What Seri Industrial does

Seri Industrial S.p.A. is an Italian publicly listed industrial holding company (Borsa Italiana EXM market) headquartered in San Potito Sannitico, Caserta, founded in 1999 by the Civitillo family and led by CEO Vittorio Civitillo. It operates three divisions — Batteries (FAAM, Carbat, Repiombo, Plant Division), Plastic Materials (Seri Plast, P2P, ICS, Coes), and Sustainable Mobility (Menarini, the former Industria Italiana Autobus acquired from Leonardo in 2024) — across approximately 26 sites in Italy, France, Poland, and China, employing around 800 people and collaborators. The group controls a vertically integrated battery value chain spanning cathode active material, cells, modules, packs, stationary BESS assembly, and recycling.

The core technology is in-house manufactured Lithium Iron Phosphate (LFP) cells using a water-based solvent process — described as the only fully made-in-Italy lithium battery — produced at Teverola 1 (~300 MWh/year since 2021) and being scaled to 8 GWh/year at Teverola 2, the first Southern European gigafactory. The same platform supports motive-power, naval, residential (LiHome), and submarine (U212 NFS) applications, with a 50 tonnes/day lithium battery recycling line under development. Strategic assets include the Eni Storage Systems joint venture (50%+1 Eni, 50%-1 FIB) targeting >10% of the European stationary battery market by 2029 and a €100.9M framework agreement with Fincantieri's Power4Future for submarine battery modules.

The business model is B2B enterprise sales to large industrial, energy, defense, and public-transport customers through direct negotiation, public tenders, and JV channel partnerships. Revenue streams are dominated by hardware sales — battery cells, modules and BESS, electric and diesel buses (Menarini), and polypropylene compounds (Seri Plast) — complemented by battery recycling services. Commercial anchoring rests on long-cycle, high-visibility contracts and IPCEI-backed industrial policy rather than recurring SMB or SaaS-style revenue, with €505.8M of public grants, a €150M SACE-guaranteed loan, and a €55M Eni equity injection financing the capacity build-out.

Name

Seri Industrial

Legal name

Seri Industrial S.p.A.

Website

https://seri-industrial.it

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Seri Industrial is an Italian publicly listed industrial group with three divisions: batteries (FAAM), plastics, and electric buses (Menarini). It operates a vertically integrated battery supply chain from in-house LFP cell manufacturing to recycling, anchored by Italy's first gigafactory in Teverola.

Ownership category

akta.pro rank

Headquarters

HQ city

San Potito Sannitico

HQ country

Italy

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Battery Manufacturing and Sales: Production and sale of lithium-ion and LFP batteries for applications including stationary energy storage (ESS), motive power, naval, electric mobility, and defense (submarines). Includes modules, cells, and complete battery systems
2. Electric Bus Manufacturing (Menarini): Production and sale of electric buses for public transport through Menarini subsidiary, including nearly 400 buses completed and delivery of 200 Citymood units to Athens
3. Plastic Materials Production and Recycling: Seri Plast produces and recycles plastic materials for battery market, automotive, packaging, and hydro-thermal-sanitary sectors. P2P subsidiary converts packaging to polymers with €82M investment program
4. Battery Recycling Services: Recycling of spent batteries for material recovery, extending circular economy model. Includes treatment of 50 tonnes/day of end-of-life batteries at Teverola 2 facility

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Seri Industrial is a vertically integrated Italian industrial holding that manufactures lithium-iron-phosphate (LFP) battery cells, modules and complete battery energy storage systems (BESS), electric and hybrid public-transport buses through its Menarini subsidiary, and recycled polypropylene compounds through Seri Plast. The group controls the full battery value chain from in-house LFP cell and cathode active material production at the Teverola gigafactory to end-of-life battery recycling, and supplies defense, energy, mobility and industrial customers across Europe.

Product overview

Seri Industrial S.p.A. is a vertically integrated industrial holding listed on Euronext Milan, operating through three divisions: Batteries (FAAM, Carbat, Repiombo, Plant Division), Plastic Materials (Seri Plast, P2P, ICS, Coes), and Sustainable Mobility (Menarini). The group offers a complete battery value chain from raw materials to recycling, with LFP lithium-ion cell production at Teverola 1 and gigafactory expansion at Teverola 2 (8 GWh capacity). Key products include industrial/traction/storage/military batteries, BESS systems, residential storage (LiHome), electric and diesel buses (Menarini), and polypropylene compounds for automotive and packaging. Strategic partnerships include Eni Storage Systems (stationary batteries JV) and Fincantieri (submarine battery modules).

Differentiator

Problem solved

Functional benefit

Brands

• FAAM: Battery brand of FIB S.p.A. producing lead-acid and lithium-ion batteries for industrial, storage, military, and marine applications. Operates the Teverola gigafactory.

Products and services

• Lithium Iron Phosphate (LFP) Battery Cells In-house manufactured LFP battery cells produced at the Teverola plant using water-based solvents, supplied to industrial, energy storage, motive power, naval, defense and e-mobility OEMs.
• Battery Energy Storage Systems (BESS) Stationary energy storage systems for utility-scale applications, assembled at the Teverola-Brindisi hub for grid storage, renewable integration and industrial backup power.
• LiHome Residential Storage Residential energy storage system for household solar energy storage applications.
• Submarine Battery Modules Advanced lithium-ion battery modules for next-generation submarines and naval vessels, supplied to defense shipbuilders such as Fincantieri under the Power4Future agreement.
• Menarini Electric and Hybrid Public Transport Buses Electric, hybrid and diesel buses for urban public transport, manufactured at the Flumeri (Avellino) plant; the only Italian OEM active in public-transport bus production, sold to municipal transport authorities via tenders.
• Seri Plast Polypropylene Compounds Production and sale of compounded polypropylene plastics for the battery market, automotive, packaging, and hydro-thermal-sanitary sectors, produced at the Pozzilli facility.
• P2P Packaging-to-Polymer Recycling Plastic recycling service that converts post-consumer packaging into reusable polymers, supported by an EUR 82 million investment program, including a EUR 74 million reconversion agreement with Unilever.
• Repiombo Lead Battery Recycling Lead battery recycling operations recovering active material from end-of-life lead-acid batteries, part of the group's circular-economy battery offering.
• Lithium Battery Recycling Service Pilot line for recycling spent lithium batteries with recovery of active material, designed to treat 50 tonnes/day of end-of-life batteries at Teverola 2, extending the circular-economy model from lead-acid to lithium.
• Coes Building Materials Building materials produced and sold by the Coes subsidiary within the Seri Industrial group.

Quantifiable outcome

• 8 GWh/year production capacity targeting >10% of European stationary battery market
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship, core and minor.

• Eni (Eni Industrial Evolution / Eni Storage Systems)flagshipStrategic or Co-development Partner · 2 June 2026Strategic partnership through joint venture Eni Storage Systems (50%+1 Eni, 50%-1 FIB) for integrated LFP battery supply chain. Eni acquired 30% stake in new company established by FIB for €55 million. Partnership aims to complete assembly lines for utility-scale storage systems by H1 2027 and gigafactory with >8 GWh/year capacity by 2029, targeting >10% of European stationary battery market. Teverola-Brindisi hub with vertical integration from LFP cells to BESS assembly.
• Power4Future S.p.A. (Fincantieri Group)coreTechnology or Integration · 15 November 2024€100.9M framework agreement for supply of lithium-ion battery modules for next-generation submarines. Batteries to be installed on advanced submarines produced in Italy at Teverola facility, featuring highest standards of technology, reliability, and safety.
• LeonardominorOthers · 1 July 2024Leonardo sold its stake in Industria Italiana Autobus (now Menarini) to Seri Industrial S.p.A. Transaction part of Leonardo's portfolio adjustments and structural reorganizations across defense and aerospace portfolio.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Verkor: French low-carbon battery manufacturer building a gigafactory in Dunkirk. Comparable as a European LFP/NMC peer targeting automotive and stationary customers with a similar emerging-stage operational profile.
• Italvolt: Italian battery startup with a planned gigafactory in Scarmagno. Italian national peer directly competing with Seri for domestic industrial policy support and European LFP supply opportunities.
• FREYR Battery: Norwegian-American battery company developing GWh-scale LFP manufacturing in the US and Europe. Comparable as a Western LFP-focused startup targeting ESS and mobility customers with a similar emerging-stage risk profile.

Direct peers

• Solaris Bus & Coach: Poland-based electric and hydrogen bus OEM supplying municipal transit operators across Europe. Direct peer to Menarini in the European electric public transport bus segment, competing for the same municipal tenders.
• ACC (Automotive Cells Company): European battery joint venture between Stellantis, Mercedes-Benz, and TotalEnergies. Direct peer through European gigafactory ambitions and a similarly structured OEM plus energy-major partnership, analogous to Seri's Eni alliance.
• Northvolt: Swedish battery manufacturer building European gigafactory capacity for LFP and NMC cells. Closest direct European peer to Seri's Teverola project, competing for similar European industrial, ESS, and mobility customers with overlapping chemistry strategy.

Broad incumbents

• BYD: Vertically integrated LFP cell producer and EV manufacturer. Comparable through LFP cathode-to-pack vertical integration, presence in stationary storage, and electric mobility segments overlapping Seri's battery and Menarini bus businesses.
• CATL: Global LFP battery leader producing hundreds of GWh annually. Comparable as the dominant LFP cell producer in the same chemistry and stationary storage applications where Seri operates, though at orders-of-magnitude greater scale.
• PowerCo (Volkswagen): Volkswagen's battery manufacturing subsidiary with planned gigafactories across Europe. Major European LFP/NMC competitor with substantial OEM-backed demand, contesting the same European automotive and industrial battery market.
• AESC (Envision AESC): Global battery manufacturer now part of Envision Group with operations across Europe, the US, and Asia. Direct LFP/NMC peer with established European footprint competing for ESS and mobility customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seri Industrial