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Days left223
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Investors89
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Net worth
of the cooperative156.300 € -
Min/Max investment500 / 1.000.000€
WHAT AM I GOING TO INVEST IN?
The investment in EX GKN FOR FUTURE – GFF represents a concrete opportunity to participate in an industrial project with high social and ecological impact, founded on a cooperative and sustainable development model. GFF is born from the desire to regenerate a disused production site, restoring a stable economic and employment function to it, oriented towards the energy transition and responsible production. The initiative is promoted by a workers' cooperative that has managed to transform an industrial crisis into a laboratory for participatory reindustrialization, focusing on the values of production continuity, the dignity of labor, and sustainable innovation.
The investment allows for contribution to the creation of a cooperative and technologically advanced industrial hub, structured around four operational directions: the production and installation of monocrystalline silicon photovoltaic panels, the recovery and recycling of end-of-life modules, the production of cargo bikes for sustainable mobility, and the development of new industrial applications in the energy sector. Each line has been designed to be autonomous, sustainable, and scalable, in order to guarantee the economic and financial solidity of the industrial complex and its long-term resilience.
The project fully falls within the scope of European decarbonization and just transition goals, contributing to the reduction of emissions, the efficient reuse of resources, and the promotion of a circular energy supply chain. Economic evaluations have been drawn up based on prudent parameters, with conservative assumptions and market scenarios consistent with national and European projections for the energy sector.
Therefore, investing in GFF means supporting a **real impact initiative**, capable of combining industrial competitiveness and social responsibility. Every resource raised is destined for strengthening a verified and sustainable industrial plan, which integrates ESG criteria and participatory governance, promoting qualified employment, technological innovation, and shared value.
Adherence to the project represents, ultimately, an act of confidence towards a cooperative business model that does not pursue the maximization of short-term profit, but the **creation of lasting economic, environmental, and social value**, restoring centrality to labor, the community, and the territory.
The business plan
The industrial plan of the GFF cooperative envisages the possibility of a radical, desirable, and viable alternative to the conversion of industrial plants to military use, which are subject to new relocation procedures in Tuscany and beyond. The plan is based on four guidelines:
- Production and marketing of standard photovoltaic panels that can be customized and integrated into buildings (BIPV)
- Installation of panels
- Recovery of end-of-life panels
- Production and marketing of Cargo Bikes
Presented at the University of Florence on May 8, 2024 (where FIAT once stood in Florence, then taken over by GKN and moved to Campi Bisenzio), the plan successfully passed four technical, financial, commercial, and industrial due diligence processes carried out by independent consultants appointed by one of the potential investors from October 2024 to July 2025.
Production and installation of PV panels
The entire economic plan of panel production was pessimistically set on the lowest price of the price list applied to wholesalers and installers for utility scale > plants; 5 MW, in order to safeguard GFF's market insertion also as a supplier towards wholesalers and installers (B2B), without taking into account - therefore - the higher margins that will be realized towards lower volumes ordered by business and customer customers.
- Diversification of cycle times for each type of panel obtained from data collected on the production capacity of the line in relation to each type of panel.
- Pessimistic definition of raw material costs updated to December 2024, based on the Bill of Materials [BOM]: the parameters assumed in the bp to calculate the total production costs of each type of panel are subject not only to market variations, but in the case of GFF they will undergo a reduction and can be stabilized in the medium and long term as a result of special agreements signed with domestic and international suppliers based on the volumes diversified in the bp for each type of panel.
- Definition of a competitive price list and an annexed market entry strategy by GFF as a direct reseller to customer (B2C) customers starting from a diversification of margins on total production costs and, therefore, prices for each type of panel based on the plants ordered in the market, in line with market benchmarks derived from appropriate Comparison Table with panels of similar size and cells.
Preliminary understandings for the sale of photovoltaic panels
Preliminary commercial agreements with increasing commitments have been signed with energy communities (CERs), cooperatives, and Italian recovered companies to support the economic sustainability of the industrial project:
- 26 MW of pre-orders already signed with Italian and European CERs and installers (equivalent to 62% of the standard panel production planned for the first year of operation);
- expression of interest in collaborating with GFF by a fourth European CRE, which will install up to 47 MW;
Recovery
In addition to the production and installation of photovoltaic panels, the business plan includes the recovery of photovoltaic panels at the end of their life:
- Process them in our plant;
- Recycle the panel materials and sell them;
- Reuse the recycled materials in new products, "closing the loop."
Our supply chain will be certified according to "Environmental Social Governance" (ESG) standards. Finally, the plan is to produce and market cargo bikes and cargo trailers (trailers).
The cargo bike
- una a propulsione muscolare;
- due elettriche a pedalata assistita (una per il trasporto di carichi e una per uso "domestico" e familiare).
El prototipo para el transporte de coches ya está siendo utilizado en las calles de Florencia por la cooperativa de reparto electrónico Robin Food. Questo sta consentiendo di avviare una discussione con l'intera federazione europea del delivery etico.
Stress tests and financial productive contingencies
- Each guideline of the plan was developed independently of the others, as if GFF were four separate, autonomous, and isolated companies on the market, in order to stress the sustainability of their economic plan;
- the production volumes of each guideline were drastically reduced compared to the maximum production volume of the new lines, in anticipation of the cooperative's entry into the relevant markets;
- The economic budget for the production of photovoltaic panels is based on pessimistic assumptions, which predict a higher percentage of sales volumes for standard panels than for custom and BIPV panels, despite the fact that GFF has designed a highly flexible and modular line for the production of these types of modules and aims to become the leader in this sector in Italy;
- The financial budget deliberately does not take into account the revenues from subsidized contributions that will be activated by the Cooperative in collaboration with credit institutions that have already approved their commitment to invest and those that will approve following the coverage of the economic and financial requirements of the plan;
The agreements signed
The following agreements have been signed with installers, companies, and research centers, which certify the synergistic network between GFF and sector players that will ensure the achievement of the objectives defined in the Business Plan:
- independent Italian consulting firm established to capitalize on the experience and knowledge of its Management Team in providing technical/financial/strategic services to the energy sector, operating in Italy and abroad. — Letter of Interest for the development of the industrial condominium of the covered spaces at the Campo Bisenzio hub and Project Management for the energy lines of the reindustrialization project
- cooperative specializing in the development of software and AI technologies — Letter of Interest for the design and development of GFF’s digital platform for online orders of custom panels by wholesalers, installers, and private individuals, and development of the management application
- company specializing in the energy efficiency of businesses — Letter of Interest for possible annual purchases of GFF panels (standard and custom) for an annual capacity between 5 and 10 MW, possible contracts for the construction of photovoltaic systems, and involvement of GFF as a development partner for energy efficiency initiatives.
- Design Institute — Letter of Interest for the development and creation of innovative design ideas for each of GFF's productions thanks to the expertise of its student classes (male and female) to be presented to the companies with which the institute is already in contact, and facilitation of synergies with the companies with which the institute is in contact.
- company specializing in panel installation for over 10 years — Letter of Interest with commitment, by GFF, to ensure the supply of standard and custom panels at the best economic conditions for the company in question, and the commitment, by the latter, to install GFF panels over the next five years, train GFF members (male and female) on panel installation, and a joint commitment to develop a joint venture for the purchase of standard panels to be stored inside the Campi Bisenzio plant and installed in the Tuscany and Umbria regions.
- National research institute — Letter of Interest for mutual non-disclosure agreement for technical-scientific support in the development and refinement of GFF's industrial reconversion project for the production and recycling of photovoltaic panels.
- National Agency for New Technologies, Energy and Sustainable Economic Development (ENEA) — Three-year LoI to develop a collaboration on research regarding technological development and other forms of strategic cooperation.
Potential lines for further development of the project
- The high scalability of the project related to PV panel production, whose success would immediately make it possible to add further lines;
- The positive collaboration of GFF and its corporate model with cooperatives promoting RESCs (Renewable Energy Sharing Communities).
- The chosen semi-automatic line, on which the production of highly customizable PV panels is based, opens up a significant range of possible applications. For this, a proposal for a competence center for prototyping new production applications of innovative technologies is currently under development;
- in an area with such a developed tourist and commercial fabric, the production of light mobility solutions would open up the potential development and enhancement of delivery sharing services.
Who we are
Campi Bisenzio (FI), July 9, 2021: a financial fund dismisses 422 GKN workers via email; GKN is a company specializing in the production of axle shafts for the automotive sector. From that day on, the longest permanent assembly in the history of the workers' movement in Italy began. It is led by the Factory Collective. An entire territory embraces it.
The risk of the definitive cessation of all production activity is accompanied by that of real estate speculation on the plant, confirmed by the betrayal of the promises to reindustrialize the site made by the new ownership, which took over at the end of 2021. While no industrial plan worthy of the name is ever presented at ministerial tables, during 2022 the workers join forces with the climate movement and the sympathetic intellectuals of the university world to draft laws (a national one against delocalization, a regional one for the creation of public industrial consortia) and to develop an industrial plan.
The plan's goal is to carry out the ecological conversion of the former GKN production to restore jobs and salaries to the workers through cooperative recovery and the updating of their skills. In July 2023, the GFF cooperative was founded, which aims to initiate and develop the project, driven by a reward crowdfunding campaign that raised over €150,000 to finance incorporation costs and the development of the industrial plan.
Thanks to widespread solidarity in our country and in Europe, the workers continue to take care of the industrial plant even when they are left without pay for 14 months (from the beginning of 2024 to February 2025) by the ownership, which is meanwhile put into liquidation. They are definitively dismissed in March 2025 but continue to preside over the factory: they are asked to do so by the tens of thousands of people who have seen the documentary on the first months of their struggle in cinemas across Italy, read the books and listened to podcasts about their story, applauded and cried at the end of the theatrical performance that brought their lives to the stage, crossed the factory gates to participate in one of the three annual editions of the Working Class Literature Festival, marched with them in one of the many public demonstrations in defense of work and social and environmental justice and – therefore – the reopening of the factory, and finally, joined the popular shareholding campaign that converged in this expression of interest to invest in the GFF plan with Ener2crowd.
The objective is to reach 4 million euros to overcome the political inertia of those who are doing everything to let the project die and let real estate speculation win.
THE CAPITAL INCREASE – THE EQUITY CROWDFUNDING OPERATION
This equity crowdfunding campaign, promoted by GFF – Società Cooperativa per Azioni (Joint-Stock Cooperative Society) (hereinafter also "the Cooperative" or "GFF"), known as Ex GKN For Future, is aimed at raising capital intended to support the industrial reconversion and productive relaunch of the historic Campi Bisenzio (FI) plant.
The operation is part of the broader industrial and employment regeneration project promoted by the workers and the local community, founded on the principles of participation, mutual benefit, environmental sustainability, and technological innovation.
By assembly minutes dated September 13, 2023, the Extraordinary Shareholders' Meeting resolved upon a paid increase in share capital for a maximum amount of €1,000,000.00 (one million/00), through the issuance of 10,000 (ten thousand) registered, transferable shares with a par value of €100.00 (one hundred/00) each.
The capital increase is intended for new investors, natural or legal persons, who wish to participate in the industrial project by sharing its mutualistic and social objectives.
The minimum subscription is set at five (5) shares, for a total value of €500.00 (five hundred/00).
The fundraising operation aims to strengthen the Cooperative's asset structure, providing the necessary resources for the launch of the production lines and the execution of the activities foreseen in the Industrial Plan 2025–2027, according to criteria of prudence, transparency, and economic sustainability.
The ordinary financial member (socio finanziatore ordinario) can be a natural or legal person who:
- enjoys the full exercise of their civil rights;
- is not subject to insolvency or liquidation procedures;
- has not been convicted of non-negligent crimes of particular severity.
The shares issued are registered and transferable, with a unit value of €100.00, representing cash contributions. They are intended for Ordinary Financial Members, a category of investors defined by Art. 1 of the Regulation which can be found attached in the Documents section.
The shares of the ordinary financial members confer:
a) Patrimonial Rights
Participation in the distribution of profits according to criteria proportional to the subscribed and paid-up capital, subordinated to institutional members, according to the remuneration criteria that will be further specified below.
The reduction of social capital due to losses does not entail the reduction of the value of the financial members' participation until after the cancellation of the cooperator members' shares. In the event of dissolution, they have priority over cooperator members in the repayment of social capital.
b) Administrative Rights
Attribution of voting rights in proportion to the shares held and in compliance with the legal limits for joint-stock cooperative societies. Specifically, each financial member is attributed the following votes, in proportion to the shares held:
- up to 50 (fifty) shares: n. 1 (one) vote
- from 51 (fifty-one) to 100 (one hundred) shares: n. 2 (two) votes
- from 101 (one hundred and one) to 150 (one hundred and fifty) shares: n. 3 (three) votes
- from 151 (one hundred and fifty-one) to 200 (two hundred) shares: n. 4 (four) votes
- over 201 (two hundred and one) shares: n. 5 (five) votes.
To the financial members, considering their interest in the social activity, the right to appoint, in the general meeting, by presenting a list prepared by them, at least one director and one statutory auditor (sindaco) (effective and alternate), as well as a liquidator in case of dissolution of the Cooperative, is reserved.
The right to reserved appointment will be exercised by the holders of the shares belonging to the financial members through separate voting in the general meeting of members, provided that the number of directors or statutory auditors appointed by the financial members, even together with the subscribers of participating financial instruments, cannot in any case exceed one third of the total members of the body.
c) Transfer of Participations
Tag Along: If one or more financial members intend to sell a participation collectively exceeding 50% of the capital portion held by the financial members to a third party, the financial members who have subscribed through online portals have the right to sell their participations under the same conditions (effective for 3 years from the conclusion of the online offer).
Drag Along: If one or more financial members holding the Majority Participation receive an offer for the entire portion of share capital held by the financial members, all other financial members are obliged to sell their participation at the same unit price.
CONDITIONS PRECEDENT FOR THE RELEASE OF FUNDS
In order to protect investors regarding the destination of the funds and their direct use for the development of the Industrial Plan, the release of the sums paid by investors for the subscription of the newly issued shares is subject to the joint fulfillment of the following suspensive conditions, by the deadline of September 21, 2026, which are set to guarantee investors and the solidity of the operation:
- Coverage of the economic-financial requirement necessary for the launch of one or more lines of the Industrial Plan approved by the GFF Board of Directors. This coverage may derive both from the completion of the resolved capital increase and from the integration of further financial sources (public or private) aimed at guaranteeing the full sustainability of the operational activities.
- Legal and material availability of the production plant in Campi Bisenzio (FI) – or another compatible plant – including the areas, facilities, and machinery necessary for the reactivation of the production lines envisaged by the Industrial Plan.
Until these conditions are fully met, the subscribed capital will remain deposited and constrained at Ener2Crowd for the protection of the subscribers.
Only following the formal verification of their fulfillment by the Board of Directors and the issuance of the resolution for the admission of financial members, will the funds be definitively released by Ener2Crowd and made available for the execution of the planned investments.
Should the suspensive conditions not be realized within the established deadline, the collected sums will be fully returned to the investors, net of any due commissions.
REMUNERATION
Pursuant to Article 9 of the Regulations for Ordinary Financing Members, the shares of ordinary financing members accrue:
- a fixed annual remuneration of 0.25% on the subscribed and paid-up capital, recognized regardless of the operating profit;
- an additional variable remuneration, payable only if there is distributable profit, equal to the average rate of three-year interest-bearing postal bonds recorded in the relevant year plus a spread of 0.25% (zero point twenty-five percent).
BUSINESS PLAN AND INDUSTRIAL STRATEGY
The Cooperative's 2025–2027 Industrial Plan constitutes an integral and substantial part of the offering documentation and has been drawn up according to criteria of prudence, sustainability, and economic-financial consistency. It outlines, with a progressive and realistic approach, the path for the reconversion of the former GKN plant in Campi Bisenzio into a new high-tech industrial cooperative hub, oriented toward sustainable production and innovation for the ecological transition.
The project is based on an integrated industrial vision, where production activities, research and development, logistics, and energy supply chains converge toward a modern, participatory, and environmentally responsible cooperative business model. The strategy foresees the joint or separate implementation of 4 production lines for:
1. Production and installation of high-efficiency monocrystalline silicon photovoltaic panels for the national and European markets, integrating new-generation technologies.
2. Recovery and recycling of decommissioned photovoltaic modules, with a dedicated plant for the treatment and reintroduction of materials into the production cycle.
3. Assembly of electric cargo bikes and vehicles for sustainable urban mobility, in collaboration with industrial and institutional partners.
4. Research and development of new products and solutions for energy efficiency, green logistics, and the circular economy.
From an economic-financial perspective, the Plan, if developed in its entirety, foresees total revenues of approximately €11.5 million over the three years, a positive gross operating profit starting from 2026, and initial investments of approximately €2.2 million, destined mainly for the reactivation of the plant and the purchase of industrial machinery. The employment plan estimates, at full capacity, the creation of over 99 direct jobs, with particular attention to valuing the technical skills of workers coming from the previous industrial settlement.
The entire project is permeated by the values of industrial democracy, sustainable innovation, and positive social impact, and aims to combine profitability, social cohesion, and environmental protection, in full consistency with the goals of the European Green Deal and the principles of the just transition promoted by community policies.
USE OF COLLECTED FUNDS
If developed in its entirety, the industrial project foresees:
| INVESTMENTS | activity | value |
|---|---|---|
| production plants and machinery | panels | 5.985.000 |
| additional costs | self-production panels | 693.877 |
| production plants and machinery | cargo | 42.450 |
| production plants and machinery | recycling | 2.032.548 |
| initial installation costs | plant | 200.000 |
| 8.953.875 | ||
| APPLICATION OF FUNDS | AMOUNT |
|---|---|
| Investments | € 8.953.875 |
| first-year operating costs | € 1.650.000 |
| year zero operating costs | € 1.230.000 |
| year zero operating costs | € 625.000 |
| year zero operating costs | € 73.000 |
| € 12.531.875 |
The resources deriving from the capital increase will be primarily allocated to the functional and productive reactivation of the Campi Bisenzio plant or an equivalent structure, through acquisition, compliance, and infrastructural adaptation interventions necessary to guarantee the full operation of the new industrial lines.
A significant portion of the funds will be used for the purchase, installation, and commissioning of the dedicated production lines, respectively, for the manufacturing of photovoltaic modules and the assembly of electric cargo bikes, as well as for the creation of the photovoltaic module treatment and recycling plant, a cornerstone of the Cooperative's circular economy strategy.
Resources are also planned for the establishment of the research and innovation laboratory, intended for the development of new technologies and the improvement of production processes, in addition to strengthening the organizational and technical structure, personnel training, and the creation of a commercial office capable of overseeing national and European markets.
Further funds will be allocated to cover operational start-up costs and working capital, including raw material procurement, industrial services, and start-up administrative expenses. Finally, an investment is planned for the digitalization of management processes and the cooperative traceability of production, using IT platforms developed with a focus on transparency and participatory control.
EXIT STRATEGY AND INVESTMENT VALUATION
No short-term exits are foreseen. However, financial members may benefit, in the medium-long term, from periodic remuneration and capital appreciation deriving from the economic consolidation of the cooperative.
Duration and Withdrawal
Participation as an ordinary financial member has a duration of four (4) years, tacitly renewable year by year, unless withdrawal is communicated by one of the parties within the statutory terms.
For members holding fewer than 50 shares, the Cooperative may allow early withdrawal, proceeding with the reimbursement of shares as provided for in Art. 11 of the Regulation.
The socio-ecological impact
The GFF project is founded on an integrated concept of sustainability that combines environmental responsibility, social justice, and participatory productive reconversion in a single operational model. The definition of ecological and social sustainability parameters not only meets regulatory compliance or reputational positioning needs but represents the very substance of the industrial and cooperative vision upon which GFF is built. From this perspective, every line of the plan has been designed to generate a positive, measurable, and replicable impact on the territory, respecting the principles of the circular economy and decent work.
From a social perspective, the project stands out for its commitment to re-establishing a balance between production and the dignity of labor, ensuring the full protection of employment rights and the maintenance of contractual levels preceding the collective dismissal of July 9, 2021. Wage parameters have been determined prudently but inclusively, setting a personnel cost of €40,500 gross company cost for male and female factory workers and €39,886.89 for male and female office workers (corresponding to a Gross Annual Salary of €26,666.21). This choice is not a mere accounting element, but a political and social act consistent with the cooperative's founding values: guaranteeing stable, fair, and sustainable working conditions over time, against the systemic precarization of industrial work.
The organization of work is conceived according to a participatory and mutualistic model, in which the cooperative's democratic governance allows for co-responsibility in strategic decisions and the equitable redistribution of economic benefits. Social sustainability is thus realized in the reconstruction of a productive community capable of valuing skills, belonging, and solidarity, transforming an industrial crisis into a laboratory for a new cooperative and territorial economy. The project restores work and meaning to labor, while regenerating the social fabric wounded by the closure of the plant.
From an ecological point of view, GFF adopts a systemic approach to the energy transition, combining technological innovation and environmental responsibility. The continuation of the industrial focus on light and sustainable mobility, through the production of electric-assist cargo bikes and low-impact urban mobility systems, allows for a concrete contribution to the reduction of CO₂ emissions and the improvement of urban life quality. These productions, integrated into a short and circular supply chain, strengthen the cooperative's ability to enter the circuits of the green economy and become a reference player in Italian sustainable mobility.
In parallel, the production of monocrystalline silicon photovoltaic panels represents the backbone of the industrial reconversion, combining high-efficiency technologies with a long-term strategy centered on material regeneration. The cooperative has integrated a system for the recovery and recycling of end-of-life photovoltaic panels into its industrial plan, in synergy with installation and maintenance activities (revamping), thus extending the duration of the productive cycle and drastically reducing the volume of electronic waste. This approach, fully consistent with the European Green Deal and the Integrated National Energy and Climate Plan (PNIEC) objectives, positions GFF as an entity capable of combining productive sustainability and circular industrial innovation.
The ecological impact of the project is not limited to the reduction of the carbon footprint but extends to territorial regeneration, through the reuse of an existing industrial space and its relaunch in an energy and community key. The transformation of the former plant into a sustainable production hub, open to the territory and integrated with Renewable Energy Communities (RECs), represents an exemplary model of social reappropriation of the means of production and valorization of disused industrial heritage.
In this vision, social and ecological sustainability are not separate dimensions but two inseparable aspects of the same process of just transition. The industrial reconversion is not limited to reducing the environmental impact of production but regenerates human, intellectual, and relational capital, reaffirming the collective right to an equitable and sustainable productive future.
