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Record revenues of €20.8 million in H1 2023, +129% YoY

26 January 2023

Pontpierre, France, January 26th 2023 – FDE (Euronext : FDE – ISIN : FR0013030152), a carbon negative energy producer, posted H1 2023 revenues of €20.8 million, up by +129% year-on-year, mainly driven by a further improvement in volumes produced, in a context of volatile but still favorable energy prices.

 

In Euro million * 2023  2022 YoY %
Q1 2023 sales 9.7 2.9 234%
Q2 2023 sales 11.1 6.2 79%
H1 2023 sales 20.8 9.1      129%

* Unaudited numbers

Increased production capacity in a supporting energy environment

As of December 31st, 2022, revenues from electricity generation were multiplied by 3 and amounted to €12.7 million. This strong performance was achieved on the back of increased cogeneration capacity in Hauts-de-France and Wallonia, reaching now 22.5 MW (+50%).

The Group still benefits from a feed-in tariff for 53% of its installed capacity in France and Belgium, the electricity produced by the 5 new CHPs installed in the course of 2022 being monetized through Power Purchase Agreements (PPAs), with an average selling price of more than 250 €/MWH over this semester.

In H1 2023, gas revenues increased to €7.6 million, up by 56% YoY, in a supporting energy prices market.

Revenues from the sale of heat in Béthune and Creutzwald amounted to €246 k and Cryo Pur’s contribution over this semester was €266 k and mainly represents the final revenues associated with the sale of the LBG and Bio-CO2 installation in Norway.

Ongoing organic growth developments

Discussions related to the administrative authorizations required for the additional CHPs roll-out on 7 new sites in France are progressing, in a context where monetizing the electricity produced under PPAs allows the Group to optimize its revenues stream, without any price caps. To date, a large part of the selling prices under these PPAs are fixed at over €230 /MWH for the next 12-months.

FDE has also started production from its first ground-based photovoltaic plant with an installed capacity of 15 MW, which will contribute positively to the FY 2023 revenues. In addition, 40 hectares have already been secured to deploy the future photovoltaic projects and reach the initial targeted 42 MW installed capacity.

In Lorraine, FDE continues to make progress on the technical aspects of two strategic developments, being the production of hydrogen by methane pyrolysis (whereby FDE, together with a large-scale industrial consortium, is working on a carbon-free hydrogen production pilot before further possible industrial development) and a significant CO2 storage capacity in deep coals, pending the granting of the Blue Lorraine gas concession.

Finally, the contracting of new projects in Europe using Cryo Pur’s technology is being finalized, while the Group is implementing its industrialization process and standardization strategy, that will enable to meet the growing demands for LBG and Bio-CO2.

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:

H1 2023 Results – March 23rd 2023

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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,