Vénissieux, 1
er
September 2022
BOOSTHEAT (FR0011814938 / ALBOO), a French industrial player in energy efficiency, provides an update on its strategy and outlook.
During the annual results press release on April 14, BOOSTHEAT announced its ambition to return to the market at the end of 2023 with a dual-service gas-fired heat pump (domestic hot water and building heating), primarily in Germany.
Since then, the Russo-Ukrainian conflict has brought out the urgency of energy independence for countries, but has also very significantly increased the volatility and cost of energy in all European countries, in addition to a general fear of shortage.
This context, amplified by the pressing urgency to accelerate the energy transition, has recently led European and national authorities to take strong structural measures, including in Germany, to promote electricity as the main energy vector in the building heating at the expense of gas.
Correlatively, this situation has led to the suspension of aid for the installation of gas boilers, an increase in the price of energy, and even future environmental performance requirements that cannot be met by gas heat pumps. Consequently, these new European orientations are absolutely not conducive to the emergence of a gas thermal heat pump offer.
[1]
.
BOOSTHEAT therefore announces that it is now prioritizing its activities on its thermal compressor around 3 axes:
Its use in
applications other than residential heating
;The use of thermal sources
not exclusively related to gas
;Exploration of the appetite and adequacy of its Heat Pump offer
outside the borders of Europe
;
All while continuing
the amelioration keeps going
the intrinsic performance of the thermal compressor, the heart of BOOSTHEAT’s know-how.
I SUSPENSION OF NON-ESSENTIAL ACTIVITIES
As of August 31, 2022, the company had cash of €2.1 million compared to €1.6 million as of June 30, 2022. This increase is mainly due to a positive impact of €2 million linked to the collection of the loan 2021 research tax (CIR) and reimbursement of VAT credits.
To allow the company to continue its search for industrial and financial partners, the company has decided to suspend all of its non-essential activities, in order to preserve its resources.
I INITIALIZATION OF A “SALE PREPACK” APPROACH
In order to have the most appropriate legal framework to preserve the company’s fundamentals and strengthen its chances of finding a new partner as soon as possible, BOOSTHEAT’s management has initiated a pre-pack sale process as part of a conciliation.
The transfer prepack offers a framework for preparing a transfer (total or partial) of the company’s assets and activities while protecting the best interests of the company.
BOOSTHEAT has decided to make this information, which is usually confidential, public in order to unite employees, shareholders and stakeholders around this approach and thus maximize its chances of finding new partners.
In this context, BOOSTHEAT announces the suspension of the listing of its shares since August 31, 2022 at least until the results of the evaluation of any expressions of interest relating to the prepack sale.
The company informs that the deadline for submitting offers is set for September 28, 2022 at 12:00 p.m.
BOOSTHEAT also announces the postponement of the publication of its half-year results (initially scheduled for September 22, 2022) to a later date.
BOOSTHEAT will inform the market of any developments in the situation.
* * *
Find all BOOSTHEAT information on
https://www.boostheat-group.com/en/
ABOUT BOOSTHEAT
Founded in 2011, BOOSTHEAT is a player in the energy efficiency sector. The Company’s mission is to accelerate the ecological transition through the integration of its technology in highly energy-consuming applications. BOOSTHEAT has designed and developed a thermal compressor protected by 7 families of patents allowing significant optimization of energy consumption to tend towards a reasonable and relevant use of resources.
BOOSTHEAT has set up its head office, its research center and its industrial site in Vénissieux, in the Lyon region (historic basin of the HVAC* industry). The Company is labeled Innovative Company (Bpifrance) and French Fab. BOOSTHEAT is listed on Euronext Growth in Paris, (ISIN: FR0011814938).
* Heating, ventilation and air-conditioning, or heating, ventilation and air conditioning in French.
I CONTACTS
NEWS finance & communication – Anne-Pauline PETUREAUX
Investor Relations
Such. : 01 53 67 36 72 / [email protected]
NEWS finance & communication – Serena BONI
Press relations
Such. : 04 72 18 04 92 / [email protected]
[1]
or Thermally Driven Heat Pump
This post has the “? Actusnews SECURITY MASTER” service.
– SECURITY MASTER Key:
yHCeZZ2YamnImXBxaseWbZeXmJmSyGLFmZOemmZtY5fGmZ5nyGxla8abZnBnlWlp
– To check this key:
https://www.security-master-key.com.
Regulated information:
Inside information:
– Other press releases
Full and original press release in PDF format:
https://www.actusnews.com/news/76043-cp_boostheat_prepack_vfinale.pdf
© Copyright Actusnews Wire
Receive the company’s next press releases free of charge by email by subscribing to www.actusnews.com