Regulatory News:
FDE (Euronext: FDE - ISIN: FR0013030152), a carbon negative
energy producer, has agreed to acquire a controlling stake in
Greenstat ASA, a leading green energy operator based in Norway,
with a strong focus on hydrogen and solar activities, to
further strengthen the Group's position as a leading European
low-carbon energy production solutions provider.
A strong project development platform in Norway and
beyond
Greenstat, a Bergen-based renewable energy developer, has been
scaled-up under the leadership of Chairman, Bernt Skeie, and CEO,
Vegard Frihammer since 2015. In 2023, the company already achieved
revenues of c. € 6.2 million1.
Thanks to its experienced team of renewable energy
professionals, Greenstat develops, owns and selectively operates
renewable energy infrastructures to drive the green energy
transition. The company’s strategy, focusing on the development of
projects with the best available technology and strong local
anchoring, is an excellent match with FDE’s culture and portfolio
of assets.
Since inception, Greenstat has developed a diversified and
attractive portfolio, mainly within hydrogen and solar, with c. 450
MW in gross capacity. Major projects will be shortly entering
construction phase and will benefit from FDE’s excellent track
record in building and operating green energy production sites.
An attractive and mature hydrogen and solar portfolio under
development
Greenstat is already a leading player in hydrogen, producing
green hydrogen at the Stord Hydrogen pilot plant in Norway. The
company is also the lead partner in 3 of the 5 maritime H2
projects in Norway selected by Enova, the Norwegian Ministry of
Climate and Environment entity focused on promoting a shift towards
more environmental-friendly energy and climate technology. Enova
awarded a total of c. € 40 million2 funding for Greenstat to
develop the 3 projects with an electrolyzer capacity of 20 MW each.
Construction is planned to start in 2024.
In addition, Greenstat is a solar photovoltaic producer with a
49% stake in a first 45 MW plant already in operation and a
pipeline of over 50 MW solar projects to be developed
throughout 2024.
Building an independent leader in hydrogen and low carbon
energy
The addition of Greenstat to FDE’s existing portfolio will
further strengthen the Group’s position as a key low-carbon
multi-energy producer in Europe, providing all key energies for a
sustainable future: green gas, green power, decarbonated H2 and B
io-CO2, in particular in Norway, where FDE accelerated its
development of Liquefied Biogas (LBG) and Bio-CO2 plants through
its subsidiary Biogy Solutions AS.
Greenstat’s sourcing and development capabilities combined with
FDE's project management and operational know-how will allow for a
faster and more efficient deployment of new low-carbon energy
production sites across Europe, with mid-term positive cash flows
visibility.
These various synergies will therefore create a leading
European player in the production of low-carbon energy that will
significantly contribute towards Europe’s goal of carbon neutrality
by 2050.
A value accretive transaction for FDE
The transaction comprises three equity tranches over a period of
18 months.
The first tranche, to be completed by February 9th, 2024,
involves the purchase of an existing investor’s shares for c. €2.3
million3 and the subscription of new shares in Greenstat for c.
€13.2 million4, providing FDE with a controlling stake in Greenstat
of 56.35% of its share capital and voting rights.
A second tranche of up to €13.2 million5 and a third tranche of
up to €13.2 million6 will be invested into Greenstat, subject to
the company reaching certain operational and financial
milestones.
The transaction will be financed by the Group's available
cash, allowing FDE to keep its strong financing capacity in
order to pursue its various projects, including those of its new
subsidiary, Greenstat.
The completion of the transaction is subject to final closing
conditions and the approval of Greenstat shareholders at their
upcoming general meeting.
Vegard Frihammer, CEO of Greenstat ASA, declares: "The
development of a leading green energy production platform requires
solid expertise, strong financial and operational capabilities, but
also an agile approach. The FDE and Greenstat teams have this
know-how and this common ambition to become a leading independent
low carbon energy producer in Europe.”
Antoine Forcinal, CEO of FDE explains: “The acquisition of
Greenstat is a logical step forward in the ongoing development of
FDE in Europe and Norway in particular, as a key hydrogen producer
and green energy player overall. I am delighted to welcome Vegard
Frihammer and his entire team within the FDE group".
Following this acquisition, FDE will communicate its new growth
prospects for FY 2026 during its capital day that will take
place in Q2 2024 (date to be communicated in due course).
FDE confirms its FY 2026 objectives of
annual revenues of more than €100 million, and an EBITDA above €50
million, combined with over 10 million tons of CO2eq emissions
avoided per annum
Next dates: Sales for the 1st half of
fiscal year 2024: January 24th, 2024 Presentation of
development in Lorraine: March 7th, 2024
Reuters code: FDEL.PA Bloomberg code :
FDE.FP
About La Française de l’Énergie (« FDE »)
FDE is a negative carbon footprint energy Group, specialized in
the implementation via short circuits, of energy recovery and
production sites, allowing the reduction of greenhouse gas
emissions. FDE notably supplies regional players with gas,
electricity, heat and CO2, thus replacing imported energy with
local, cleaner energy. FDE has strong development potential and
aims to become a leading independent player in the energy sector in
Europe by Bpifrance.
More information available on www.francaisedelenergie.fr
Disclaimer
This press release contains certain forward - looking statements
and estimates concerning LFDE’s financial condition, operating
results, strategy, projects and future performance and the markets
in which it operates. Such forward-looking statements and estimates
may be identified by words such as “anticipate,” “believe,” “can,”
“could,” “estimate,” “expect,” “intend,” “is designed to,” “may,”
“might,” “plan,” “potential,” “predict,” “objective,” “should,” or
the negative of these and similar expressions. They incorporate all
topics that are not historical facts. Forward looking statements,
forecasts and estimates are based on management’s current
assumptions and assessment of risks, uncertainties and other
factors, known and unknown, which were deemed to be reasonable at
the time they were made but which may turn out to be incorrect.
Events and outcomes are difficult to predict and depend on factors
beyond the company’s control. Consequently, the actual results,
financial condition, performances and/or achievements of LFDE or of
the industry may turn out to differ materially from the future
results, performances or achievements expressed or implied by these
statements, forecasts and estimates. Owing to these uncertainties,
no representation is made as to the correctness or fairness of
these forward-looking statements, forecasts and estimates.
Furthermore, forward-looking statements, forecasts and estimates
speak only as of the date on which they are made, and LFDE
undertakes no obligation to update or revise any of them, whether
as a result of new information, future events or otherwise, except
as required by law.
__________________________ 1 NOK 70 million (unaudited) 2 NOK
450 million 3 NOK 27 million 4 NOK 150 million 5 NOK 150 million 6
NOK 150 million
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