German energy storage firm Intilion AG announced a plan to go public on the Frankfurt Stock Exchange through an initial public offering (IPO) scheduled to take place in the third quarter of the year.
The transaction will include new shares issued by Intilion as well as existing shares offered by the company’s owner -- a unit of family-owned German industrial battery systems manufacturer HOPPECKE Group, which will remain a majority shareholder upon completion of the IPO.
Intilion plans to use the proceeds from the transaction to fund future growth, inorganic investments aimed at strengthening its software knowledge, virtual power plant (VPP) business development and to bolster research and development (R&D) capabilities. The company will also seek to expand geographically.
The terms of the proposed offering, which will be subject to capital market conditions, have not been decided yet.
The transaction could value Intilion at about EUR 350 million (USD 383.2m), according to a Bloomberg report from April. At the time, HOPPECKE was said to be considering selling a 30% interest in the IPO.
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 in the fiscal year ending on March 31, 2024.