Energy storage firm Intilion delays planned listing
Frankfurt Stock Exchange. Author: Thomas Schulz.
German energy storage firm Intilion AG said on Monday that it has decided not to pursue its planned initial public offering (IPO) on the Frankfurt Stock Exchange at the present time due to unfavourable market conditions.
The company and its owner, German industrial battery systems manufacturer HOPPECKE Group, concluded that an appropriate valuation of Intilion cannot be achieved in the current capital markets environment. Depending on market conditions, Intilion and HOPPECKE will therefore resume preparations for the potential listing at a later date.
Intilion first revealed in June plans to go public via issuing new shares as well as offering existing shares held by HOPPECKE. The energy storage firm was seeking proceeds to support future growth and inorganic investments.
Despite the postponed IPO, Intilion and HOPPECKE still plan to “continue the dynamic growth of the company,” according to the latest statement.
Based in Paderborn, North Rhine-Westphalia, Intilion specialises in modular and scalable stationary energy storage systems (ESS) and has already installed more than 200 lithium-ion storage systems of various sizes for industrial customers and utilities. Its intelligent lithium-ion-based products range from 70 kWh to 100 MWh. The company expects to more than double its revenue to over EUR 70 million (USD 76.2m) in the fiscal year ending on March 31, 2024.