In fiscal year 2021, Enertime recorded revenues of € 2.2 million. This is subject to pandemic-related restrictions, a limited reduction of -14.2% compared to 2020. That year, Enertime continued to invest heavily in deploying the services of its already fruitful subsidiary, Energie Circulaire. In fact, the company was selected by ADEME to carry out three projects: Lagnieu’s Verallia glass plant, Grande-Synthe’s Ferroglobe arc furnace, and Fouquières-lez-Lens’ Recytech zinc recycling furnace.
In fiscal year 2021, Enertime posted an operating loss of -2.3 ME (-2.2 ME a year ago). After taking into account financial costs, exception costs, and research tax credits, net income as of December 31, 2021 was -2.2 million euros, almost stable compared to 2020.
During the past fiscal year, Enertime paid 571 K of R & D expenses, of which 516 K was capitalized.
Enhanced financial structure
As of the end of December 2021, Enertime’s shares and quasi-shares were € 2.2 million. During the year, the financial structure was strengthened by: To guarantee ADEME the ability to fund the ORC project of its subsidiary Energie Circulaire.
-Get a new 0.5ME PGE “Innovation Support” loan from Bpifrance.
-Establishment of 10ME ODIRNANE line without BSA related to investment fund YAIIPN Ltd. After the first draw of 1 ME at the end of January 2021, the balance has not been used yet.
In addition, after closing, Enertime has set up a line of 2ME convertible bonds that can be redeemed in 24 months. Of these, 1ME will be called and 1ME will be called within the next 12 months. Concomitantly, an amendment to ODIRNANE’s loan agreement was signed, reducing the total maximum loan amount for that agreement from 10 ME to 6 ME (ie, the available loan balance 5 ME) and from 5 ME to 5 ME. .. 2 Potential nominal unpaid maximum amount of MEMEO DIRNANE.
Therefore, Enertime has the financial resources needed to ensure business continuity over the next 12 months.
The company is also considering implementing a financing solution that is open to all shareholders to limit the use of sparse funding.
Coupled with the low availability of French nuclear power plants and the consequences of the conflict between Russia and Ukraine, the value of a carbon tax of about 90 euros / ton in Europe has a very strong impact on the European energy market. 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, initially at the French level and then globally.
Enertime has begun the 2022 fiscal year and three ORC projects are under development in France, all three are formally funded by Ademe and in the Czech Republic the ORC project is being funded as part of the Decagone project. At the same time, a new project was submitted in the third session of Ademe’s project recruitment.
The company is also consulted as a supplier of the French ORC project selected for Ademe’s project recruitment, but is funded by a third party. The company is located in the energy efficiency markets of Turkey, Germany, Italy and Spain. In Asia, Enertime relies on deployment in Thailand and partnerships with Shanghai-based partners in China.
Given the projects under development, Enertime is confident in its ability to record sales growth over the next few years and should be able to achieve break-even operational performance in 2023.
After extensive consultation with investment funds, infrastructure and banks with the support of Echosys Advisory, Enertime, Energie Circulaire and Adme. This operation allows Enertime to fund the capital needs of the project while being a major shareholder of Energie Circulaire and the project company. The purpose is to set up these financings in the summer of 2022.