Trading Update
Press release
EnergyMixx AG
(“EnergyMixx” or “the Group”)
Trading update
Installations on track, solar subsidiary acquired, €500m debt secured
Switzerland, 18th December 2008 – EnergyMixx AG (XETRA: EM2, WKN: AOMSTN, ISIN: CH0030908856), the international new energy integrator, today issues the following update on its operations and financing in the 2008 calendar year.
Development of the business has progressed well during 2008 and operations are in line with management expectations for the full year.
Operations
EnergyMixx has been securing contractual agreements to build and operate large-scale generation capacity from a portfolio of renewable energy sources.
Significantly, EnergyMixx has acquired substantial concessions to build and operate a range of renewable energy plants. The Group’s assets, primarily in Italy, will allow the building of renewable power plants for a capital investment in excess of €1 billion, including 350 MW of wind and 100 MW of solar. The Group expects that these and other assets will lead to an EBITDA of more than €200 million at full production.
In May 2008 EnergyMixx completed the acquisition of HelioDynamics, a designer and supplier of an innovative, high-yield solar concentrating technology, for a total consideration of £5.19 million. At the time of acquisition HelioDynamics was already marketing and selling its products commercially. As a 100% subsidiary of EnergyMixx, HelioDynamics is installing three solar-powered air conditioning units in the US and Greece, which are expected to contribute to the Group’s revenue upon commissioning and full operation during Q1 2009.
EnergyMixx’s prototype for its Energeco micro algae biomass technology is currently under construction in southern Italy, and will be completed by Q1 of 2009. The Group is also in the process of establishing a demonstration plant for its innovative gearless wind turbine technology. Additionally, the Group is considering the acquisition of further technologies, which include run-of-river hydro plants, anaerobic digestion, and heat storage.
The Group has this year opened offices in Abu Dhabi, Brazil and Turkey.
Management team
During 2008 the Group made several significant appointments to its management team, which now consists of 15 senior managers. The Group has appointed Douglas Coleman, Giuseppe Stinca and Laurent Grimaud.
Douglas Coleman, 55, has over 30 years of experience in environmental engineering. He was the former Managing Director and Head of Renewable Energy at the UK’s United Utilities (a FTSE 50 company), where he built a £1.2 billion renewable pipeline. Prior to that he was Executive Director at Danish engineering group FLS Miljø, where he headed a 3000-strong team.
Giuseppe Stinca, 52, has 25 years’ experience in managing and advising FTSE 100 companies on business strategy and M&A. Previously he was a World Partner at Pricewaterhouse’s management consulting division.
Laurent Grimaud, 47, has 25 years of experience in M&A management consulting (McKinsey), operational management (Procter & Gamble), and more recently in the creation and development of renewable energy assets.
These new appointees have further strengthened an already strong management team consisting Artur Dela (Chairman), James Hume (Chief Financial Officer), Didier Varlot (Head of Industrial Affairs), Christophe Saint-Yves (Legal Affairs), and Alexander Jonesco (Head of Communications).
Financing update
Significantly, EnergyMixx has also achieved a number of major financial milestones in 2008.
In October 2008 the Group signed a project financing mandate with Deutsche Bank for the raising of at least €500 million of non-recourse project finance debt for the Group’s renewable energy projects in Italy.
June 2008 saw the first anniversary of our successful quotation on the Frankfurt Stock Exchange. We have subsequently completed a successful equity increase of over €21 million through the issue of 21.4 million shares, bringing the total issued shares to over 100 million shares. The new shares were placed at €1.00 per new share with the balance placed at €0.75 per share, which was significantly above the market share price at the time.
The Group is involved in structuring a range of financing methods, both conventional and Shari’a-compliant. Current offerings include short-term senior debt with detachable warrants plus private equity arrangements.
On the above developments, Artur Dela, EnergyMixx Chairman, said: “We are delighted about the significant progress made in the past year. With a strengthened management team, substantial funding in place, our first concessions secured and our first major technology acquisition completed, the Group is now poised to develop and operate a portfolio of renewable energy plants with utility-scale capacity, creating high, stable, and long-term value for our shareholders.”
About EnergyMixx
EnergyMixx AG is an international sustainable energy group with contractual agreements, either in place or under negotiation, to build and operate large-scale generation capacity from multiple sources such as wind, solar, biomass and hydro-electric.
The Group’s projects are under-pinned by a growing portfolio of approved sites, exclusive technology rights and manufacturing investments. This broad strategy enables integrated energy generation across a diversified spectrum of renewable sources. The Group’s technology rights and investments currently include solar concentration, micro algae bioreactors and designs for gearless wind turbines.
EnergyMixx will secure revenue through the direct sale of electricity and other energy streams, as well as green or white certificates and carbon credits.
For further information please contact:
EnergyMixx AG:
Alexander Jonesco, Head of Communications
Tel: +41 (0) 78 665 2223
E-mail: a.jonesco@energymixx.com