Romanian company Sinteza Oradea (BVB: STZ) announced that it is abandoning the construction of the long-term battery storage factory in Oradea, a EUR 50 million investment project supposed to use Lockheed Martin technology, on the grounds that the technology is not capable of providing the required economic efficiency. 

The company’s shares traded at Bucharest Exchange tumbled after they surged on the announcement of the project. 

“Redox flow technology is promising and strategically valuable in the long term for the energy sector, but the current moment does not yet provide all the necessary conditions for the sustainable launch of this project,” the company explained.

The project was publicly presented last year at the end of November, Economedia.ro reported. Production was to begin in 2026, and the investment also benefited from funding from the National Recovery and Resilience Plan (PNRR).

iulian@romania-insider.com

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