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ENOGIA
/ Key word(s): IPO
ENOGIA launches its IPO
Marseille, 28 June 2021 - 8.30 a.m.
ENOGIA, an expert in micro-turbomachinery for the energy transition, announces the launch of its initial public offering with a view to the admission of its shares to trading on the Euronext Growth(R) market in Paris (ISIN code: FR0014004974 - ticker: ALENO). On 25 June 2021, the Autorité des Marchés Financiers ("AMF") approved, under number 21-257, the Prospectus consisting of the Registration Document, approved on 11 June 2021 under number I. 21-032, a Securities Note and a summary of the Prospectus (included in the Securities Note). Arthur Leroux, Chairman and CEO, said: "We are thrilled to be launching our IPO today, opening a major new chapter in the ENOGIA story. The energy transition market is booming across the world, and ENOGIA is part of that growth. Already the French leader in the conversion of waste heat into electricity, our goal is to become a major player in the hydrogen market going forward. ENOGIA's strength lies in its unique and patented technology allowing micro-turbomachines that are more compact, more efficient and sturdier than the market standard, and perfectly adaptable to the needs of all customers. Since our creation, more than 120 ENOGIA micro-turbomachines have been installed in more than 25 countries. Driven by growth in demand in the energy transition markets and thanks to the funds raised with the IPO, we will be able to step up our development by devoting more funds to R&D, accelerating our customer acquisitions and further ramping up of our production facilities. We hope to be able to count on the commitment of institutional and individual shareholders to support us for this new stage of building ENOGIA as a key player in Cleantech."
A unique, patented and adaptable technology for the energy transition Since 2009, ENOGIA has been developing, manufacturing and marketing a unique and patented micro-turbine technology for the energy transition. French leader in the conversion of waste heat into electricity using its Organic Rankine Cycle (ORC) modules, ENOGIA is now also applying its technology and know-how to the hydrogen market. With its compressors, which are more compact, lighter and more efficient than the market standards, ENOGIA aims to support growth in the decarbonised hydrogen market through this essential component of hydrogen fuel cells.
From the legacy ORC business to hydrogen Since its beginnings, ENOGIA has developed a range of micro-turbines dedicated to the conversion of heat into electricity, integrated into micro-power plants known as ORC modules. This solution enables the recovery of the waste heat generated by industrial, maritime, agricultural (biogas production units) or geothermal sites, or on power gensets. ENOGIA's technological positioning allows it to address a larger market than its competitors: ENOGIA has both the widest range of ORC modules on the market in terms of power, and a unique technology allowing it to operate at a lower temperature range than its competitors, thereby increasing business opportunities. ENOGIA's ORC modules allow customers to save on their energy costs or to sell the electricity produced, with payback generally within five years. To date, more than 120 ENOGIA micro-turbines have been installed in more than 25 countries. Building on its solid track record in the ORC business, ENOGIA is now extending its technology to compressors for hydrogen fuel cells. Compact - an essential asset in mobility markets - ENOGIA compressors also offer its fuel cell integrator customers a solution that can be perfectly adapted to their applications. This alternative to the standard products currently marketed is behind a significant improvement in the energy performance of fuel cells incorporating ENOGIA compressors. In 2020, when the compressors were first marketed, two contracts were signed with key players in hydrogen fuel cells, confirming ENOGIA's technological positioning in the hydrogen market. Further units have been ordered. Negotiations are underway for contracts covering the project's subsequent phases. ENOGIA is also in discussions with some 30 sector players in three market segments, namely stationary applications, heavy mobility and light mobility.
Strategic positioning in two high-potential global markets ENOGIA operates in the energy sector, where demand is growing strongly, driven by demographic trends and improvements in quality of life. The ORC modules and compressors for fuel cells developed by ENOGIA help to meet the growing need for cleaner energy and decarbonised mobility. Estimated at nearly $500 million in 2018, the ORC market is expected to grow strongly in the coming years, reaching nearly $1 billion by 2025. Within this market, ENOGIA is positioned in the < 300 kW ORC segment, the most buoyant. The hydrogen market benefits from public support worldwide. The fuel cell market is projected to reach more than $20 billion by 2025. According to ENOGIA's estimates, more than 3 million compressors are to be sold per year by 2030. With its differentiating technology, ENOGIA is well positioned to take full advantage of growth potential in its markets.
Social and environmental commitments are a key part of ENOGIA's DNA ENOGIA has taken a virtuous approach to its business development and growth. Ahead of its prospective IPO, ENOGIA asked specialist agency EthiFinance to issue a non-financial rating. The rating positions ENOGIA at an "Advanced" performance level on the EthiFinance rating scale (Gaia Rating framework). The report highlights a considerably higher level of ESG maturity than is generally found in comparable companies.
€95 million in revenue targeted by the end of 2025: ambitions backed up by strong market potential and differentiating technology Since 2014, ENOGIA's annual growth has averaged approximately 27%. In 2020, ENOGIA reported revenue of €2 million. The Company is targeting revenue of more than €95 million in 2025. By that time, compressor business revenue, which accounted for 7% of 2020 revenue, is expected to exceed that of ORC modules and to represent between 50% and 60% of total revenue. ENOGIA anticipates positive EBITDA by 2023, the year in which the Company is expected to deliver its first series produced hydrogen compressors. In the long term, the normative EBITDA margin is expected to be around 30%. ENOGIA believes it will be within reach of this level of normative margin by 2025. At the end of April 2021, ENOGIA's backlog totalled more than €5 million, mainly ORC projects. The Company has a very diversified business pipeline comprising more than 300 projects with over 200 prospects, mainly in the ORC segment. The business pipeline amounted to more than €100 million at the end of April 2021.
The stock market to facilitate growth ENOGIA now aims to step up the growth of its ORC business and the rollout of its technology in the decarbonised hydrogen market. The IPO is intended to provide ENOGIA with the funds necessary to pursue its growth. ENOGIA intends to devote the funds raised through its IPO (€9.82 million in net proceeds) to major operational projects designed to support its development in three areas:
Subscription commitments of €3.8 million1, i.e. 34% of the IPO ENOGIA has received subscription commitments in a total amount of €3.8 million, representing 34% of the IPO. On 7 May 2021, ENOGIA issued bonds redeemable in shares (ORA) in a nominal amount of €1.6 million (€1.8 million including the conversion premium of 15%). These ORAs, which were fully subscribed by a number of long-standing shareholders (including Faurecia Ventures in the amount of €1.3 million), will automatically be redeemed in new ordinary shares in the event of the completion of the IPO, illustrating the confidence of existing shareholders in the Company's technology and potential.
ENOGIA has also received the following subscription commitments:
Eligibility of the offering for the exceptional 25% income tax reduction, PEA and PEA-PME accounts and the Bpifrance Entreprise innovante label ENOGIA announces that it meets the eligibility criteria for the PEA and PEA-PME equity account, as set in Articles L. 221-32-2 and D. 221-113-5 et seq. of the French Monetary and Financial Code. As a result, ENOGIA shares may be housed in equity savings plans (PEA) and in PEA-PME plans, which offer the same tax benefits as the classic PEA. In addition, payments for direct subscriptions to ENOGIA's capital may be eligible for an income tax reduction. The tax reduction , usually 18% of the amount of payments made during the tax year, has been increased to 25% for payments made between 9 May 2021 and 31 December 2021 pursuant to the favourable opinion issued by the European Commission on 31 March 2021 and the ministerial order published in the Official Journal on 8 May 2021. Investors who may be eligible for this provision should contact their tax advisor to assess their personal situation with regard to the applicable regulations. ENOGIA has also been awarded the Entreprise Innovante label by Bpifrance.
Availability of the Prospectus Copies of the Prospectus approved by the Autorité des Marchés Financiers are available free of charge and on request at the Company's registered office, 19 avenue Paul Héroult - 13015 Marseille, and on the following websites and . Approval of the Prospectus should not be construed as a positive opinion on the securities offered. Investors should carefully consider the risk factors described in Chapter 3 "Risk Factors" of the Registration Document, in particular the risks related to the business and the risks related to the competitive environment, as well as in Chapter 3 "Risk Factors related to the Offering" of the Securities Note.
Find all the information on ENOGIA's prospective IPO on
Financial intermediaries and advisors
About ENOGIA ENOGIA responds to the major challenges of the ecological and energy transition with its unique and patented technology of compact, light and durable micro-turbomachinery. As the French leader in heat-to-electricity conversion with its wide range of ORC modules, ENOGIA enables its customers to produce decarbonised electricity and to recover waste or renewable heat. Since 2020, ENOGIA has also been marketing air compressors for fuel cells, thereby contributing to the development of hydrogen mobility, a booming market. With sales in more than 25 countries, ENOGIA continues to prospect for new customers in France and internationally. Founded in 2009 and based in Marseille, ENOGIA has nearly 50 employees involved in the design, production and marketing of environmentally friendly technological solutions. ENOGIA's CSR commitment represents an "Advanced" level of performance according to EthiFinance.
Contacts Investor relations and financial media
This press release does not constitute or form part of an offer or invitation to purchase or subscribe for securities in France, the United Kingdom, the United States of America, Canada, Australia, Japan or any other country. No communication or information concerning this press release or concerning ENOGIA may be published in a country or region requiring registration or approval. No action has been taken (or will be taken) in any country (other than France) in which such action would be required. An offer of securities in France would only be made after approval by the Autorité des Marchés Financiers of the relevant prospectus. This press release is promotional communication and does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). The distribution of this press release has not been made and has not been approved by an authorised person within the meaning of section 21(1) of the Financial Services and Markets Act 2000. Accordingly, this press release is directed at and intended solely for (i) persons located outside the United Kingdom, (ii) investment professionals within the meaning of section 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (iii) persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated association, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or (iv) any other person to whom this press release may otherwise be communicated in accordance with the Act (the persons mentioned in paragraphs (i), (ii), (iii) and (iv) together being referred to as the "Relevant Authorised Persons"). This press release does not constitute a prospectus approved by the Financial Conduct Authority or any other regulatory authority of the United Kingdom within the meaning of Section 85 of the Financial Services and Markets Act 2000. Securities may not be offered, purchased or sold in the United States of America in the absence of registration or an exemption from registration under the U.S. Securities Act of 1933 as amended (the "U.S. Securities Act"). This press release may not be published, circulated or distributed, directly or indirectly, in the United States of America. The distribution of this press release in certain countries may violate applicable laws and regulations. The information contained in this press release does not constitute an offer of securities in Canada, Australia or Japan. This press release may not be published, circulated or distributed, directly or indirectly, in Canada, Australia or Japan.
Forward-looking statements Certain information contained in this press release constitutes forward-looking statements, as opposed to historical data. These forward-looking statements are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about ENOGIA's current and future strategy, and the environment in which ENOGIA operates. They involve known or unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results or other events, to differ materially from those described or suggested by these forward-looking statements. Such risks and uncertainties include those set out and described in detail in Chapter 3 "Risk factors" of the Registration Document. These forward-looking statements are provided only as of the date of this press release, and ENOGIA expressly disclaims any obligation or undertaking to publish any updates or corrections to the forward-looking statements included in this press release to reflect any change affecting forecasts or events, conditions or circumstances upon which these forward-looking statements are based. Forward-looking information and statements are not guarantees of future performance and are subject to various risks and uncertainties, many of which are hard to predict and generally beyond ENOGIA's control. Actual results could differ materially from those described in, or suggested or projected by forward-looking information and statements.
Based on the median of the indicative price range of €11.60 per share. See note 4.11 of the securities note. Waste heat is heat dissipated by a production process or site and generally not recovered. Source: 2018 data: Grand View Research; 2025 projection: Grand View Research/Acumen Research Consulting. Source: US Energy Information Administration & Hydrogen Council. the summary extract of ENOGIA's ESG maturity report - EthiFinance - April 2021. Average annual growth rate of 40% between 2014 and 2019, excluding 2020, a year affected by the health crisis. Cumulative signed orders from which the amount of progress of work is deducted. Progress is calculated as the ratio of expenses incurred to the project expenditure budget. Projects for which a detailed or preliminary estimate has been issued. Based on the median of the indicative price range of €11.60 per share. Temporary increase in the rate of the tax reduction provided for by Article 110 of Law 2020-1721 of 29 December 2020 (France's 2021 budget). Order 2021-559 of 6 May 2021, issued following the favourable opinion of the European Commission on 31 March 2021. Attachment File:
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1212413 28-Jun-2021 CET/CEST
