Fuel cell compressors maker Enogia moves towards IPO in Paris

Enogia, a French micro-turbomachinery maker that wants to become a leading supplier of compressors for hydrogen fuel cells, has made the first step in its prospective initial public offering (IPO) on the Euronext Growth market in Paris.

The company said on Monday that the Autorite des Marches Financiers (AMF) has approved its registration document for the planned listing.

Enogia develops, manufactures and markets micro-turbines used in the conversion of heat into electricity and integrated into micro-power plants known as Organic Rankine Cycle (ORC) modules. These can be fitted on industrial, maritime, agricultural or geothermal sites, or on power gensets.

Moreover, the company applies its technology to the hydrogen market by offering compressors for fuel cells. Enogia is currently holding talks with about 30 sector players in three market segments -- stationary applications, heavy mobility and light mobility.

The company plans to use the proceeds from the IPO to make further investments in research and development (R&D), increase the pace of customer acquisition and ramp up production capacity.

Last year, the micro-turbines manufacturer generated revenue of EUR 2 million (USD 2.4m) and now targets a top line of over EUR 95 million in 2025. By that time, Enogia’s compressor business revenue is expected to exceed that of ORC modules and range from 50% to 60%. That share is currently 7%. Also, the firm anticipates registering positive earnings before interest, tax, depreciation and amortisation (EBITDA) by 2023.

At the end of April 2021, Enogia’s backlog exceeded EUR 5 million, mainly involving ORC projects.

(EUR 1.0 = USD 1.211)

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