(AOF) – Enertime, a French “CleanTech” company serving industrial energy efficiency and decentralized renewable energy production (geothermal and biomass), announces that it has extended until the end of 2023 the line of financing initially obtained from the investment YA II PN Ltd on December 11, 2020 for an available amount reduced to 2 million euros. The €10 million financing line initially set up, of which only €1 million has been activated, will expire on December 11, 2022.
This line of 2 million euros, accompanied by no BSA, is not intended to be used but allows Enertime to consolidate its ability to finance the first projects led by its subsidiary Energie Circulaire, whose financing is in the process of being finalization without drawing of this line.
This operation is carried out in accordance with the 15th resolution voted by the General Meeting of Shareholders held on June 24 and the decisions taken by the Board of Directors on December 8, 2022.
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Threat to the European energy system
The leading importer of German gas, Uniper posts 54% of the volumes it buys from Russia. Following the war in Ukraine, the group had to acquire the volumes it lacked on the spot market, the prices of which had exploded. In difficulty, he requested aid from the German state, which raises concerns for all European energy companies. Nevertheless the German RWE and the French Engie reacted by arguing that their situation was very different. RWE stressed that it was less dependent on Russian gas. As for Engie, it benefits from the diversification of its sources of supply, with an increase in the volumes of LNG delivered in France and contracts with Norway and Algeria. The group has also adapted its hedging strategy to strengthen its resilience.