ENERTIME
(FR0011915339 – ALENE), a French “Cleantech” company serving industrial energy efficiency and the production of geothermal and biomass energy, announces that it has obtained funding proposals for its activity (i.e. a minimum of around 4, €75 million over 2024 and €1.75 million over 2025) in addition to the capital increase carried out on February 29, 2024 (gross €3.7 million) which must cover the company’s financing needs for 12 months around of the following mechanisms:
The pre-financing of grants to be obtained for the European Décagone project in the amount of €1.9 million for the first tranche in 2024 and €1.1 million for the second tranche in 2025;
Innovation loans of at least €1 million currently under discussion to pre-finance all or part of the European subsidies for the Heat Pump projects (Push2heat and Hurricane) and the ORC Ephyra project, for which the European subsidies to be received amount to €3.5 million;
Pre-financing of 50% of the CEE to be received on the Verallia project in two tranches of 25%, i.e. €0.65 million in 2024 and €0.65 million in 2025;
Additional financing, depending on actual needs, in the form of bonds reimbursable between €1.2 million and €2 million.
The Company recalls that as of April 30, 2024, it had +€3.6 million
[1]
of equity and quasi-equity and cash of €5.0 million, including €2.3 million to be redistributed to other members of the Décagone consortium.
Finally, ENERTIME also considers, in its 2024 cash flow forecast, cash inflows net of expenses and pledge of security of €1.7 million. This non-dilutive financing will allow the Company to accelerate activity on current projects and secure new orders.
This financing will be finalized during the month of June and at the latest in July. Finally, the Company will publish its 2023 financial report no later than the end of May 2024.
ABOUT ENERTIME
Created in 2008, ENERTIME designs, develops and implements Organic Rankine Cycle (ORC) machines and high temperature heat pumps for industrial energy efficiency and decentralized production of renewable energy. ORC machines transform heat into electricity. Heat Pumps use low temperature heat to produce heat at high temperatures.
ENERTIME is one of the few global players that masters high-temperature industrial turbomachinery technologies using alkanes and new generation refrigerants as working fluid. ENERTIME is listed on the Euronext Growth market (ISIN: FR0011915339 – Ticker: ALENE). More information at https://www.enertime.com
CONTACTS
ENERTIME
Gilles DAVID – CEO
gilles.david(at)enertime.com
Carole COULOMB – Corporate Affairs Manager
carole.coulomb(at)enertime.com
Such. 01 75 43 15 40
[1]
Including €693,326 of repayable advance, €3,210,550 of capital increase on 02/28/2024, €216,752 of BSA conversion of OBSA2023 and the last two repayments of OR YA II as well as €1,234,106 of European grants received in April 2024 for the Hurricane and Decagone projects
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Full and original press release in PDF format:
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