(Boursier.com) — For the 2021 financial year, Hydrogen from France achieved a turnover of 885 kE (1.93 million euros over the previous financial year). This turnover is mainly made up, as for the last three financial years, of the income recognized under the contract for the development of the project and Assistance to Project Management (AMO) concluded with the company CEOG, a company accounted for under the equity method since end of July 2018. The CEOG project, marked by the end of the AMO contract and the entry into the construction phase, thus generated lower revenue in 2021.
After taking into account tax income for an amount of €1.2 million, including €1.1 million in deferred tax, the net result for the consolidated group amounts to -3.5 ME for the 2021 financial year, including 1.6 ME of non-recurring expenses, namely 0.9 ME of fundraising and 0.7 ME of financial expenses. The net result was positive by 0.4 ME for the 2020 financial year.
Last June, the company raised a net amount of 104 ME from the issue of new shares as part of its initial public offering on Euronext Paris. As of December 31, 2021, cash and cash equivalents reached €95.1m, to which are added €4m of immobilized cash (included in the €4.2m of non-current financial assets) as part of the CEOG project, which provides the Company with the financial means necessary for the pursuit of its development and the acceleration of its commercial deployment.
The company’s equity amounted to €109.1 million as of December 31, 2021.
Heavy-duty fuel cell plant confirmed for 2023
HDF Energy is continuing to develop its Blanquefort plant, which will mass-produce high-power fuel cells, for which the building permit is in the process of being examined. The plant should therefore be operational, as planned, from 2023. Its primary purpose is to equip Renewstable power plants with fuel cells, but it will also supply high-power fuel cells for the maritime, rail and data center markets. For these uses, HDF Energy has already signed agreements with leading partners. Finally, HDF Energy has been pre-selected by the Government, within the framework of European IPCEI funding (Important Project of Common European Interest), in order to develop this plant into a Gigafactory (creation of more than 500 industrial jobs).
HDF Energy is fully focused on enriching the project portfolio and the evolution of each project in its main major development phases (prospecting, development then construction). This pipeline is the leading indicator of value creation by the Company in the years to come.
For the 2022 financial year, the Company intends to pursue its strategy of conquest, which is accompanied by a sustained ambition to strengthen the teams with the objective of reaching a hundred employees by the end of 2022. HDF Energy plans in particular to doubling of these business development teams (30 talents in February 2022, seasoned in the development of major electricity generation projects) and the significant strengthening of the technical and industrial teams (ramp up of the Blanquefort plant).
With these human investments and the large-scale strategic partnerships for the development of its projects concluded with its two industrial shareholders, Rubis and Teréga, HDF Energy is giving itself the appropriate means to rapidly increase the number of identified opportunities and ensure the optimal development of projects.
Beyond the Caribbean-Latin America and Asia-Pacific region, HDF Energy observes encouraging developments in the Africa region, which could experience a marked acceleration in the projects identified in the 2022 financial year.
Faced with the strong appeal of its solutions, the company intends to carry out rapid deployment in order to secure strategic positions, sources of growth and long-term profitability, with the confirmed objective of reaching €100 million in revenue for an EBITDA margin of around 35% by 2025.