Eni signs agreement for Energy Infrastructure Partners to further invest in Plenitude

San Donato Milanese (Milan), 11 November 2024 – Eni, Plenitude, and Energy Infrastructure Partners (EIP) have signed an agreement to increase EIP’s ownership in Plenitude through a capital infusion of approximately €209 million. Following the transaction, EIP will hold a 10% stake in Plenitude, representing a total investment of around €800 million, including the €588 million invested in March. This transaction reflects a post-money equity valuation of approximately €8 billion for Plenitude, with an enterprise value exceeding €10 billion.

This agreement affirms the strength of Plenitude’s integrated model and bolsters its financial structure, supporting its growth strategy while allowing Eni to maintain control and consolidation of the company. Additionally, the deal marks a milestone in Eni’s satellite model, designed to enable high-potential businesses to grow independently, attract aligned capital, and gain transparency into fair market valuation.

Francesco Gattei, Chief Transition & Financial Officer of Eni commented: “This agreement highlights the innovative nature of Plenitude’s business model and its significant growth opportunities. The company is a pillar of our energy transition strategy aimed at reducing emissions related to the use of our products. We have embarked on a virtuous path of creating low and zero-carbon businesses that attract leading investors, grow organically, and become self-sustaining. We believe this is the approach to address the energy transition."