11 Tugnolo A&C srl originated as part of a group of companies established by the Tugnolo family in Northern Italy. In 2021, Tugnolo restructured its operations to function as a financial general contractor, coordinating redevelopment projects that qualified for tax incentives on energy efficiency and seismic upgrades. The company secured ceilings for the assignment of receivables, structured procurement contracts, and engaged external advisors – including members of the Big 4 and PWC – for verification and certification of tax credits. To support its expanded scope, Tugnolo recruited high-profile managers and technical specialists across construction, plant engineering, and compliance. It also opened offices in Veneto, Bologna, and Lecce to facilitate regional partnerships and respond to market demand in photovoltaic development, real estate redevelopment, and tourism infrastructure. Rather than relying on a commercial network, Tugnolo built direct relationships with professionals, condominium administrators, and client companies. This approach enabled greater control over quality, documentation, and timelines. During this period, the company also acquired and relaunched dormant entities, transforming them into specialised subsidiaries focused on engineering, documentation, and operational execution. The Superbonus era served as a catalyst for Tugnolo’s evolution into a fully operational holding company. By integrating financial, technical, and compliance functions, the company developed a scalable model that continues to support its post-incentive strategy, focused on energy transition, urban regeneration, and structured growth. As Tugnolo transitioned, it began acquiring and developing a network of specialised subsidiaries to support its vertically integrated model. Each entity plays a distinct role in the group’s supply chain, enabling Tugnolo to deliver end-to-end services across construction, energy, and compliance. Tugnolo Solutions srl was the first acquisition, relaunched from a dormant service company. It became the group’s hub for documentation, reporting, and regulatory support, particularly during the Superbonus phase. A team of trained young professionals transformed it into a verification centre for tax credit documentation, and today it continues to support clients with regulatory analysis, abstract preparation, and compliance workflows for post-incentive schemes. NordEst Project srl followed as a strategic engineering acquisition. The company brought in architects, engineers, and safety professionals, and now serves as the technical core of the group. Equipped with laser scanners, drones, and BIM capabilities, NordEst Project enables precise surveying and high-level design integration across all Tugnolo projects. Wattover, an innovative startup launched in 2024, focuses on AI-driven design and predictive analysis for renewable energy systems. With 80% ownership retained by Tugnolo, Wattover is developing a platform that automates sizing, financial modelling, and sustainability assessments for PV installations. Its roadmap aligns with the UN’s 2030 Agender and broader ESG frameworks. Urbanix, established with a 51% stake held by Tugnolo, functions as the group’s operational subcontractor. It was created to consolidate control over on-site execution, reduce dependency on external contractors, and ensure quality across construction and plant engineering. Urbanix partners include a seasoned building contractor and a plant engineering firm with prior collaboration history. In 2025, Tugnolo joined the Co.Smart Consortium, a national network of multidisciplinary companies offering integrated services across Italy. As the only ESCO-certified member, Tugnolo contributes energy expertise and benefits from shared resources, coordinated maintenance, and advanced technology partnerships. This group structure allows Tugnolo to maintain SME-level agility while operating with the depth and resilience of a large enterprise. This hybrid identity has become a strategic asset in a sector increasingly shaped by regulatory complexity, technological advancements, and shifting financial models. Tugnolo’s ability to combine operational flexibility with institutional-grade governance has positioned the group to respond quickly to evolving market demands. To capitalise on this positioning, Tugnolo has invested heavily in proprietary technology and digital infrastructure, developing a suite of tools designed to enhance efficiency, compliance, and client experience across its operations. Central to this is FIDIA – the Framework for Innovation and Design in AI – an expert system that automates the design and sizing of photovoltaic systems. Using deductive algorithms and a knowledge base trained on hundreds of realworld projects, FIDIA generates complete executive proposals, including technical documentation, performance forecasts, and regulatory compliance data. Complementing FIDIA are several standalone applications initially developed for internal use and now being prepared for market licensing. These include a forecasting tool for simulating energy class upgrades based on retrofit scenarios, a safety documentation manager with real-time QR code access to worker certifications, and a construction site signage generator that streamlines compliance with regulatory display requirements. A virtual showroom app is also in development, enabling interactive product presentations via QR codes and web-based interfaces in Tugnolo’s exhibition spaces. Together, these tools reflect the group’s commitment to scalable innovation and digital autonomy. By embedding technology into every stage of the value chain – from design and documentation to execution and client engagement – Tugnolo is not only improving internal performance but also creating new revenue streams through software licensing. This tech-forward approach reinforces the group’s ability to operate with the precision of a large enterprise while maintaining the responsiveness and adaptability of an SME. Tugnolo’s integrated structure and investment in technology have translated into measurable results across both construction and energy sectors. Between 2022 and 2025, the group completed over 430 client projects, including 32,000 square metres of thermal insulation and 12 seismic redevelopment interventions – ranging from full demolitions and reconstructions to complex structural consolidations. In the plant engineering domain, the company installed approximately 8 MW of heat pumps, 2 MW of thermal power systems, and 2 MW of photovoltaic panels, supported by 4.5 MW of storage capacity. These outcomes are underpinned by a comprehensive certification portfolio. Tugnolo holds SOA qualifications across six categories, ISO 9001, ISO 14001 and ISO 45001 for quality and safety, and ESCO certification under UNI CEO 11352:2014. The company also maintains a Legality Rating and has started an ESG Certification starting from a BAB evaluation. With its post-Superbonus structure firmly in place, Tugnolo is now focused on consolidating its market position and expanding its strategic reach. The group has entered advanced negotiations to become the exclusive national distributor for a Tier 1 solar panel manufacturer of German origin, whose production spans multiple Giga Factories across China, Turkey, and Morocco. In addition to strengthening Tugnolo’s supply chain, this partnership will also open the door to industrial synergies, including potential assembly operations within Italy. Beyond distribution, Tugnolo is actively developing its advisory network to support both domestic and international growth. Two high-profile collaborations – one focused on the Italian market, the other on global energy and real estate sectors – ensure the group remains attuned to regulatory shifts, financing trends, and emerging opportunities. These partnerships provide access to legal, tax, and strategic expertise, enabling Tugnolo to identify new business models and expand its footprint across sectors and geographies. The company’s future strategy centres on continuing to provide clients with the dual benefits of its hybrid identity. This includes offering 360° services: from needs analysis and technical planning to financing, certification, and energy supply. With a vertically integrated structure, a growing portfolio of tailored technologies, and a proven ability to adapt to policy and market changes, Tugnolo is well positioned to lead the next phase of Italy’s energy transition and urban regeneration efforts. As the regulatory and financial environment continues to evolve, the company is prepared to adapt its tools, partnerships, and service models to meet new demands. Its structure allows for growth without compromising control, and its strategy is built to support long-term value creation across sectors. With these foundations in place, Tugnolo is ready to scale its impact and support the next generation of redevelopment and energy infrastructure projects. Contact: Riccardo Palmerini Company: Tugnolo A&C srl Web Address: www.tugnolosrl.it
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