ENERTIME: 2021 Annual Results-April 27, 2022 6:40 pm

  • Despite the Covid-19 pandemic, stabilize results while maintaining growth investments related to the provision of energy services carried out by subsidiary ENERGIE CIRCULAIRE.

  • Financial structure strengthened by the implementation of various financing lines

  • Development of CIRCULAR ENERGY strategy by three French ORC projects selected as ADEME Project recruitment for implementation in 2022

  • Double success at HORIZON EUROPE requires a grant project of over € 8.5 million

  • Resumption of international commercial expansion in China, Thailand and Turkey in 2022

  • CIRCULARENERGY project financing project and its service activities


(FR0011915339-ALENE) is a French “Clean Tech” company that provides industrial energy efficiency and distributed renewable energy production (biomass and geothermal energy) and has announced its financial results for 2021. Accounting is for the 2021 fiscal year. Accounting audit procedures are in place and the 2021 financial report will be issued by April 29 at the latest.

Gilles David, Chairman and CEO of ENERTIME, declares:

The global Covid-19 pandemic continues to affect the company’s performance as new orders are delayed. Nevertheless, ENERTIME continues to move to a variety of services that generate profitable growth over the medium term. Three of the five projects submitted to ADEME are looking for projects under the IndusDecarb and IndusEE programs, have been selected for funding and are under development. In addition, the relevance of our proposal was verified in early 2022 by selecting ENERTIME for two R & D projects subsidized by € 8.5 million for the company under the Horizon Europe Program. .. »»

Decline in activity in an environment characterized by the constraints of a health crisis

Over the 2021 fiscal year, ENERTIME recorded sales of € 2.2 million.


A limited decrease of 14.2% compared to 2020, subject to pandemic-related restrictions. Activities in 2021 are mainly promoted by:

  • Contract with GRTgaz for supply of 2.5 MW gas expansion turbine in France

  • GTT pilot installation,

  • Contract to supply SYCTOM with 1 MW of ORC for the incinerator in Saint-Ouen.

  • FASEP research contract to equip CFE geothermal power plant in Mexico with ORC.

Stabilization of results despite the health crisis and investment associated with the development of energy efficient service offerings in France

During the fiscal year, ENERTIME continued to invest exclusively in deploying the services of its already fruitful subsidiary, Energie Circulaire. The company was selected as ADEME and carried out three projects. Lagnieu’s Verallia glass factory, Grande-Synthe’s Ferroglobe arc furnace, and Fouquières-lez-Lens’ Recytech zinc recycling furnace.

Therefore, ENERTIME recorded an increase in operating expenses, including an increase in labor costs of € 316,000 and an increase in general expenses of € 200,000, but was partially offset by a decrease in merchandise purchases associated with a slowdown in activity. I did. Therefore, our operating loss for the 2021 fiscal year was € 2.3 million, compared with € 2.2 million in the previous year. After taking into account financial costs, exception costs, and research tax credits, the final result as of 31 December 2021 is -2.2 million euros, which is more stable than in 2020.

R & D activities

During the past fiscal year, ENERTIME paid € 571,000 for R & D, of which € 516,000 was capitalized.

R & D mainly focused on the development of high temperature Alcan ORC (Project ALCANORC), the design of gas expansion turbine (Project EXPANGAZ), the development of heat pump with two-stage compressor (Project COMPACHT) and the design of airtight turbine. rice field. (HERMETIC TURBINES project).

As a result of this work, we filed a patent application with INPI published in early August 2021.

Enhanced financial structure

As of the end of December 2021, ENERTIME was € 2.2 million.


Equity and quasi-equity.

During the year, the financial structure was strengthened by: To guarantee ADEME the ability to fund the ORC project of its subsidiary ENERGIE CIRCULAIRE.

  • Obtain a new PGE “Innovation Assistance” loan of € 500,000 from Bpifrance.

  • Establishing a € 10 million ODIRNANE line without BSA related to the investment fund YAIIPN Ltd. After the first drawdown of € 1 million at the end of January 2021, the balance has not yet been used.

In addition, after closing, ENERTIME has set up a line of convertible bonds of € 2 million that can be redeemed in 24 months. Of that, 1 million euros will be called and the remaining 1 million euros will be called in the next 12 months. Concomitantly, the amendments to ODIRNANE’s funding agreement will (i) reduce the total maximum amount of funding for that agreement from € 10 million to € 6 million (ie, the available funding balance of € 5 million). Was signed. ) Reduce the nominal maximum outstanding amount of ODIRNANE from € 5 million to € 2 million.

Therefore, ENERTIME has the financial resources needed to ensure business continuity over the next 12 months.

We are also considering implementing a financing solution that is open to all shareholders to limit the use of sparse financing.

Outlook: A large portfolio of French projects that should be made to order in 2022

The value of a carbon tax of about 90 euros / ton in Europe, coupled with the low availability of nuclear power plants in France and the consequences of the conflict between Russia and Ukraine, especially with the European energy market:

  • The spot price of electricity on the European network is virtually permanently above the threshold of € 150 / MWh.

  • Following Europe’s desire to free itself from gas from Russia, the price of natural gas, which should remain high in Europe.

With all these factors associated with the green recovery plan, ENERTIME is confident in the development of the ORC, heat pump and gas expansion turbine markets, first on a French scale and then globally.

Therefore, ENERTIME has begun the 2022 fiscal year, three ORC projects are under development in France, all three are formally funded by ADEME, and in the Czech Republic the ORC project is funded as part of the DECAGONE project. .. At the same time, a new project was submitted to the third session of the ADEME project recruitment.

We are also consulted as a supplier of the French ORC project selected in the ADEME project recruitment, but are funded by a third party.

Finally, we are located in the energy efficient markets of Turkey, Germany, Italy and Spain.

In Asia, ENERTIME relies on deployment in Thailand and partnerships with Shanghai-based partners in China.

Especially for projects under development through its subsidiary Energie Circulaire, ENERTIME is confident in its ability to record sales growth over the next few years and should be able to achieve break-even performance. 2023.

ENERGIE CIRCULAIRE financing and its service activities

After extensive consultation on investment funds, infrastructure and banks with the support of Echosys Advisory, ENERTIME has been created for ENERGIE CIRCULAIRE and projects already selected for project recruitment ( SPV) received several offers of capital and debt financing intent by ADEME. This operation allows ENERTIME to fund the capital needs of the project while being a majority shareholder of ENERGIE CIRCULAIRE and the project company. The purpose is to set up these financings in the summer of 2022.


Founded in 2008, ENERTIME designs, develops and implements organic Rankine Cycle (ORC) machines and high temperature heat pumps for industrial energy efficiency and distributed production of renewable energy. The ORC machine converts heat into electricity. Heat pumps use cold heat to generate hot heat.

ENERTIME is the only player in the world to offer an ORC machine and technology portfolio in the field of thermodynamics for energy conversion. When it comes to ORC technology, it is one of the four major companies in the world and the only French company to fully master the technology of this high power machine (1 MW and above). We are recognized by Bpifrance as an “innovative company” and as a “creative industry” in France. ENERTIME is listed on the Euronext Growth Market (ISIN: FR0011915339-Ticker: ALENE).

More information on www.enertime.com

contact address


Gilles DAVID – Chairman and CEO

like that. 01 75 43 15 40

gilles.david (at) enertime.com


Financial Statement Summary 2021

Income Statement (Audited)

€ -French standard



turn over



Other exploited products


660 810

Exploitation fee



Business results






Exceptional results



Tax revenue



Net income



Balance sheet (audited)

€ -French standard



Fixed asset



Inventory and customers



Other assets



Cash and securities



Total assets



€ -French standard



Equity and other equity





970 543

Other liabilities



Borrowing and financial debt



Total responsibility




Includes € 341,000 recharged to a non-consolidated ENERGIE CIRCULAIRE subsidiary


Includes € 693,000 in repayable down payment

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