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Completion of the acquisition of a majority stake in Greenstat ASA, a leading green energy player in Norway

1 March 2024

Pontpierre, France, February 29th, 2024 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, is pleased to announce that following the announcement made on January 16th 2024, it has completed the acquisition of a controlling stake in Greenstat ASA, a leading green energy operator based in Norway, with a strong focus on hydrogen and solar activities, to further strengthen the Group’s position as a leading European low-carbon energy production solutions provider.

 

A driving force in low carbon hydrogen in Norway

Greenstat is the co-owner of one of the first producing green hydrogen plants in Norway at the Stord Hydrogen Pilot site that has been operating for over a year now.

The company has also committed to Enova, the Norwegian Ministry of Climate and Environment entity focused on promoting a shift towards more environmental-friendly energy and climate technology, to move forward on the development of two H2 projects.

The first project, Hydrogen Hub Agder, is 100% owned by Greenstat and involves the construction of a 20 MW H2 facility dedicated to supplying green H2 to the maritime industry with production expected to start early 2026. ENOVA will support the project costs through a project grant of up to NOK 148,000,000, which represents more than 40% of the total planned investment.

The second project, Glomfjord, is 33% owned by Greenstat and 67% by Neptun Tromsø and relates to the construction of a 20 MW H2 production site of green ammonia dedicated to large fertiliser producer operating in the vicinity, with production expected to start during 2027. Similarly, more than 40% of the planned project costs, for up to NOK 150,000,000, will be financed by a grant from ENOVA.

These two projects moving to the development phase, combined with the existing site already in production, make Greenstat’s H2 portfolio one of the largest H2 portfolio in Scandinavia.

 

An attractive solar portfolio under development

Greenstat’s experienced team of developers has built a very attractive portfolio of solar projects in Europe.

A first project of 45 MW, 49% owned by Greenstat, is already in operation since H2 2023, generating c. EUR 5.5 million of annual revenues.

The remaining pipeline of solar projects to be developed throughout 2024 exceeds 50 MW with construction starting in Q2 2024.

These projects are supported by Greenstat Solar Solutions, an in-house end-to-end engineering, procurement and construction (EPC) contractor providing sales and installation of solar power systems.

 

A strategic acquisition for FDE, rapidly accretive to its shareholders

The acquisition builds on FDE’s ongoing expansion into Norway since 2022 and further strengthens its portfolio of low carbon solutions, supporting the Group’s long-term growth strategy and focusing on driving shareholder value.

The transaction consideration amounts to c. EUR 15.5 million, consisting mainly of a EUR 13 million capital increase to finance the pipeline of projects, and providing FDE with a controlling stake in Greenstat of 56.35% of its share capital and voting rights.

The transaction has been entirely paid with existing cash, allowing FDE to maintain its strong funding capacity, alongside the current financing discussions, in order to pursue its various projects, including those of its new subsidiary, Greenstat. The next months will be used to restructure the company by reorganizing the team to deliver the future projects, while significantly reducing its SG&A costs.

This acquisition is fully aligned with FDE’s aim of driving sustainable and stronger growth, both through organic and external growth, and underpins the group’s mid-term strategic objectives.

FDE will communicate its new growth prospects for FY 2026 during its capital day that will take place on May 30th 2024.

 

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 date:

Presentation of development in Lorraine: March 7th, 2024 at 4pm (details will provided on FDE’s website)

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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,