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Revenue of €17.6 million in H1 2024, +16% Q2 2024 revenue growth compared to Q1 2024, Strong developments confirmed for 2024

24 January 2024

Pontpierre, France, January 24th 2024 – FDE (Euronext : FDE – ISIN : FR0013030152), a carbon negative energy producer, posted H1 2024 revenues of €17.6 million, mainly driven by a further improvement in electricity sales volumes for the period (+13%), despite the volatility of the energy price environment.

 

In Euro millions * 2024  2023
Q1 sales 8,1 9,6
Q2 sales 9,5 11,7
H1 sales 17,6 21,3

              * Unaudited numbers

 

Increase in electricity production volumes in a volatile market environment

The revenue from electricity production slightly increased in the first half of 2024, reaching €13.0 million. This improvement reflects the strong performance of the cogeneration plants in Hauts-de-France and Wallonia, along with the expansion of solar photovoltaic capacity associated with the 15 MW park in Tritteling, despite less favourable prices compared to the previous year. As of now, over 50% of the estimated electricity production is fixed at over €140/MWh for the remainder of the calendar year 2024.

During the first 6 months of the 2024, the gas production activity recorded decreased revenues from €7.6 million to €4.0 million as FDE experienced an extended unavailability of the GRTgaz transport network until September 2023. The Group is currently involved in two proceedings with GRTgaz for the compensation of damages incurred and loss of income. Furthermore, FDE continues to optimize the fixing of future prices to take advantage of the volatility of the gas market.

Revenues from heat sales, related to the Béthune project and the solar thermal power plant in Creutzwald, amounted to €206,000 for this semester.

The contribution of Cryo Pur for the first 6 months is €430,000, primarily representing income from the operation and maintenance of Bio-LNG and Bio-CO2 production facilities in Ireland and Norway, pending the forthcoming establishment of new Bio-LNG and Bio-CO2 production sites in Europe.

 

Ongoing growth developments for 2024

The upcoming administrative approvals for the connection of 4 new cogeneration units, already on-site in the Hauts-de-France, will contribute to the Group’s organic growth and accelerate the capture and utilization of abandoned mine methane on the concessions owned by FDE.

Following the obtention of the Bleue Lorraine concession last November, the Group is progressing with the reviewed decarbonized hydrogen development plan from Moselle gas, with the aim to strengthen the energy security of the region, participate in the decarbonization of industry and transportation, as well as participating in the development of hydrogen ecosystems in the Greater Region. This plan will be detailed on March 7th, 2024.

In Norway, FDE’ subsidiary, Biogy Solutions AS, is continuing its engineering work, contractual negotiations with local farmers for biogas inputs and permit applications to kick start production of its new Liquefied Biogas (LBG) and Bio-CO2 production unit in Stavanger by early 2025. The unit will produce annually 100 GWh of LBG, 13,000 tons of liquid Bio-CO2, and 155,000 tons of organic fertilizer. It will contribute, along with the numerous green energy production projects in development in Norway, to the strong revenue growth of the Group.

FDE is also working with its financial partners and sustainable innovation and development agencies in Norway on the most relevant project financing solutions and subsidies to support the Group’s development strategy in LBG and Bio-CO2 production.

Finally, the completion process for the acquisition of Greenstat AS is ongoing, with the shareholders’ approval expected on January 30th, 2024. This will also launch the initial investments in green hydrogen production projects in Norway, with the level of subsidies being currently finalized, the objective is to replace heavy fuels used in the maritime sector,

 

FDE confirms its FY 2026 objectives of annual revenues of more than €100 million, and an EBITDA above €50 million, combined with over 10 million tons of CO2eq emissions avoided per annum

 

 Next announcements:

Presentation of development in Lorraine: March 7th, 2024

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Promises won't impact
climate change.
Your local resources, will.

Climate change is an undeniable reality. We can already see its serious consequences for our planet. It is now urgent to act.

At FDE, we refuse to participate in initiatives that generate pollution beyond our borders, even if they reduce the carbon footprint of our local territories. Whether it is a question of carbon footprint or pollution, there are no limits.

It is our duty to build sustainable energy solutions that move towards global carbon neutrality. Today, the most resilient and sustainable energy solution is even more self-evident: it is imperative that energy remains local, within short supply chains, as close as possible to the needs of local communities and consumers.

Considering these, at FDE, we are taking actions and offering tailor-made, local multi-energy solutions.

By making the most of local resources, our offer enables us to provide territories with energies with a triple benefit: reduced carbon footprint, economically competitive and contributing to the socio-economic development of the area. We choose abandoned sites, make the most of the potential of local suppliers and service providers, and participate in a local center of expertise that involves universities, local authorities and associations in the local energy project.

FDE lacks neither the resources nor the know-how to deploy tailor-made energy solutions for everyone and for the planet.

Our engineers embrace the energy transition with a pragmatic view.

Recovering abandoned mine gas avoids fatal gas emissions into the atmosphere, while local coal gas reduces the need to import much more carbon-intensive gases. Abundant solar energy is both local and renewable.

To support the energy transition, at FDE, we are constantly innovating, looking for new solutions for the future, such as hydrogen, a decarbonized energy, or CO2 sequestration in coal.

In addition, all energy produced by our Group is designed to be more virtuous. All these processes therefore make FDE the only French energy producer with a negative carbon footprint.

HSE POLICY

In accordance with its values and code of ethics, and with the aim of pursuing the objective of:

  • Guarantee the integrity of our assets,
  • Ensure a safe and healthy working environment for its employees and subcontractors,
  • Guarantee the health and safety of all personnel working on and off-site,
  • Limit environmental impact.

 

FDE wishes to promote the following HSE principles:

Identify, prevent and control impacts and risks to health, safety, security and the environment,

Develop the company's activities in a sustainable and eco-responsible manner,

Improve the working environment for its employees and subcontractors.

Consequently, FDE undertakes to:

Ensure the rigorous application of regulatory procedures in force with respect to safety, health, environment and the preservation of public security,

Impose operational management with advanced criteria for environmental protection, pollution prevention and energy optimization, as part of the ecological transition,

Systematically verify compliance with HSE principles through audits and practical exercises, with the aim of continuously improving the system and its performance,

Define indices and performance indicators for monitoring HSE activities and promote benchmarking to identify areas for improvement,

Encourage employee participation and involvement in health, safety and environmental protection processes through training and creation of tools for sharing experience and knowledge.

This culture of risk prevention and control applies to all employees, partners and suppliers. It involves setting concrete objectives and deploying action plans as part of a continuous improvement process to better anticipate tomorrow's challenges. This policy is reviewed annually, as are the associated indicators and targets.

Antoine FORCINAL
Directeur Général,