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FDE set to acquire a controlling stake in Greenstat ASA in Norway

16 January 2024

Pontpierre, France, January 16th, 2024 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, has agreed to acquire 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 strong project development platform in Norway and beyond

Greenstat, a Bergen-based renewable energy developer, has been scaled-up under the leadership of Chairman, Bernt Skeie, and CEO, Vegard Frihammer since 2015. In 2023, the company already achieved revenues of c. € 6.2 million[1].

Thanks to its experienced team of renewable energy professionals, Greenstat develops, owns and selectively operates renewable energy infrastructures to drive the green energy transition. The company’s strategy, focusing on the development of projects with the best available technology and strong local anchoring, is an excellent match with FDE’s culture and portfolio of assets.

Since inception, Greenstat has developed a diversified and attractive portfolio, mainly within hydrogen and solar, with c. 450 MW in gross capacity. Major projects will be shortly entering construction phase and will benefit from FDE’s excellent track record in building and operating green energy production sites.

An attractive and mature hydrogen and solar portfolio under development

Greenstat is already a leading player in hydrogen, producing green hydrogen at the Stord Hydrogen pilot plant in Norway. The company is also the lead partner in 3 of the 5 maritime H2 projects in Norway selected by Enova, the Norwegian Ministry of Climate and Environment entity focused on promoting a shift towards more environmental-friendly energy and climate technology. Enova awarded a total of c. € 40 million[2] funding for Greenstat to develop the 3 projects with an electrolyzer capacity of 20 MW each. Construction is planned to start in 2024.

In addition, Greenstat is a solar photovoltaic producer with a 49% stake in a first 45 MW plant already in operation and a pipeline of over 50 MW solar projects to be developed throughout 2024.

Building an independent leader in hydrogen and low carbon energy

The addition of Greenstat to FDE’s existing portfolio will further strengthen the Group’s position as a key low-carbon multi-energy producer in Europe, providing all key energies for a sustainable future: green gas, green power, decarbonated H2 and B io-CO2, in particular in Norway, where FDE accelerated its development of Liquefied Biogas (LBG) and Bio-CO2 plants through its subsidiary Biogy Solutions AS.

Greenstat’s sourcing and development capabilities combined with FDE’s project management and operational know-how will allow for a faster and more efficient deployment of new low-carbon energy production sites across Europe, with mid-term positive cash flows visibility.

These various synergies will therefore create a leading European player in the production of low-carbon energy that will significantly contribute towards Europe’s goal of carbon neutrality by 2050.

A value accretive transaction for FDE

The transaction comprises three equity tranches over a period of 18 months.

The first tranche, to be completed by February 9th, 2024, involves the purchase of an existing investor’s shares for c. €2.3 million[3] and the subscription of new shares in Greenstat for c. €13.2 million[4], providing FDE with a controlling stake in Greenstat of 56.35% of its share capital and voting rights.

A second tranche of up to €13.2 million[5] and a third tranche of up to €13.2 million[6] will be invested into Greenstat, subject to the company reaching certain operational and financial milestones.

The transaction will be financed by the Group’s available cash, allowing FDE to keep its strong financing capacity in order to pursue its various projects, including those of its new subsidiary, Greenstat.

The completion of the transaction is subject to final closing conditions and the approval of Greenstat shareholders at their upcoming general meeting.

Vegard Frihammer, CEO of Greenstat ASA, declares: “The development of a leading green energy production platform requires solid expertise, strong financial and operational capabilities, but also an agile approach. The FDE and Greenstat teams have this know-how and this common ambition to become a leading independent low carbon energy producer in Europe.”

Antoine Forcinal, CEO of FDE explains: “The acquisition of Greenstat is a logical step forward in the ongoing development of FDE in Europe and Norway in particular, as a key hydrogen producer and green energy player overall. I am delighted to welcome Vegard Frihammer and his entire team within the FDE group“.

Following this acquisition, FDE will communicate its new growth prospects for FY 2026 during its capital day that will take place in Q2 2024 (date to be communicated in due course).

 

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 dates:

Sales for the 1st half of fiscal year 2024: January 24th, 2024

Presentation of development in Lorraine: March 7th, 2024

 

[1] NOK 70 million (unaudited)

[2] NOK 450 million

[3] NOK 27 million

[4] NOK 150 million

[5] NOK 150 million

[6] NOK 150 million

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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,