The renewable energy producer has set itself the goal of reaching 100 million euros in turnover by 2025, which is 50 times more than in 2020. The founder Damien Havard explains to Finascope how he intends to achieve this. For its listing on Euronext, the issuer has chosen Bryan Garnier, Portzamparc and Oddo Natixis.
The list of IPO projects is growing on the Paris Stock Exchange. HDF Energy has just announced the approval of its registration document by the Autorité des Marchés Financiers (AMF), the first step of the operation.
HDF Energy, for Hydrogène de France Energy, intends to list on the regulated market of Euronext Paris subject to market conditions and the approval by the AMF of the prospectus relating to the operation.
At this stage, the issuer has not disclosed any details of the transaction. According to our information, Bryan Garnier, Portzamparc and Oddo Natixis will accompany the issuer to complete the transaction.
Fuel cells
Founded in 2012 and based near Bordeaux, HDF Energy defines itself as a pioneer in the development of infrastructure for the production of electricity from hydrogen derived from renewable energy sources (wind or solar).
"HDF has two businesses. The first is to design and develop renewable electricity projects, known as non-intermittent. We use hydrogen to generate stable production, because hydrogen makes it possible to store renewable energies over long periods of time. The second is the manufacture of the most strategic component of our projects: high-power fuel cells", presents Damien Havard, president and founder of the company. "Our customers are network operators or very large private customers."
The company is communicating to investors a revenue target of €100 million by 2025, compared to €1.9 million in revenue in fiscal 2020, which is 50 times less.
Ceog project in Guyana
"The turnover of several projects will be recognized in the coming months. The first of these, called Ceog, is in French Guiana. 130 million in investment and has enabled us to reach significant milestones. We are in the process of duplicating it on several investment projects around the world for average amounts in excess of 100 million euros. 100 million. The average revenue we will earn on each of these projects is between 12 % and 17%. This includes development cost billing and fuel cell sales", explains the president.
Strategic investments
The purpose of the IPO is to make strategic investments to advance existing projects, initiate new ones internationally and strengthen the teams with highly qualified profiles. HDF Energy wishes to strengthen its technological advantage in the field of high-power fuel cells with the construction of a plant in Blanquefort, in the Bordeaux metropolitan area. HDF Energy currently employs 25 people.
Convertible Bond and State Guaranteed Loan
On March 12, the company issued a convertible bond with a nominal amount of EUR 2.7 million.
In May 2020, the company also had recourse to a State Guaranteed Loan of 600,000 euros "in order to secure its cash flow needs, particularly in the context of the delay of its projects".. The coupon rate is 0.55%. HDF has requested a one-year extension of the maturity date and a four-year amortization until May 2025.
Before the dilution due to the capital increase planned with the IPO, the shareholding is divided between Damien Havard, for 72 %, Immosun Solutions, a simplified joint stock company whose capital is held for 80 % by the same Damien Havard and finally, for the remaining 20 %, Kefen, a limited liability company under Luxembourg law owned by Jean Clavel, director of the company.