- H1 2016 preliminary results: € 2.5
million1 in sales, and order backlog2
increased to € 6 million;
- Projects in Europe, East Africa, and
the Asia-Pacific region with Enel, Toshiba, NECSOM, General
Electric and other major utilities and energy players;
- Iconic on-grid and off-grid
projects: successful testing within the Terna “Storage Lab”
project, and extension of the hybrid power plant in
Somalia;
- Net financial position at the end of
June 2016 at € 2.9 million 3;
- Hydrogen module for integration into
the HyESS system successfully tested for CE certification.
Regulatory News:
Electro Power Systems S.A. (Paris:EPS) (“EPS” or
the “Group”), a pioneer in technology for clean energy
storage solutions, listed on Euronext Paris (EPS:PA), chaired by
Massimo Prelz Oltramonti, Chairmain of the Board of Directors,
announced preliminary sales data for H1 2016 (unaudited).
FINANCIAL HIGHLIGHTS
In H1 2016, EPS’s sales amounted to € 2.5 million,
compared to € 0.2 of H1 2015 sales4. This growth in
sales is mainly due to EPS’s increase by the successful deployment
of off-grid Hybrid Power Plants projects in emerging countries,
including in Europe, East Africa and the Asia-Pacific region. Sales
also increased due to partnerships and projects with Enel, Toshiba,
NECSOM, General Electric and other major utilities and energy
players.
Current additional new orders and backlog increased to €6
million.
This result confirms the effectiveness of the company’s new
two-step business model, which includes—particularly in emerging
countries—first, the installation of Hybrid Energy Storage Systems
(HyESS) for the micro-grid and second, upgrades to hydrogen-storage
modules, which limits diesel generation to a mere backup role. This
new business model, strengthened by the team and technology of Elvi
Energy, acquired by EPS in January 2016, enabled EPS to accelerate
its growth to 26 customers in 12 countries.
EPS’s order backlog is very diversified in terms of customer
base, and the number of installations planned for early 2017 should
be mainly completed in terms of “work-in-progress” by end 2016,
therefore increasing confidence of the management to exceed market
and analysts’ € 6.5 million expectations for 2016 revenues.
At the end of H1 2016, EPS net financial position, compared to
Q1 2016, decreased from € 5.4 million to € 2.9 million, mainly due
to growth in the order backlog and the related increase in working
capital, as well as the final investments in research and
development aimed at implementing the potential of both HyESS and
the hydrogen module. Certification testing of the latter, in line
with market and timeline expectations, was successfully completed
in July, after tests conducted by leading international
laboratories.
OPERATING HIGHLIGHTS
In H1 2016, EPS launched the first installations in emerging
countries of Hybrid Power Plants powered exclusively by renewable
sources and energy storage, in line with the global trend that sees
in these markets extraordinary opportunity to develop off-grid
distributed power generation. In particular, EPS recently signed an
agreement in Eastern Africa with NECSOM to begin the second phase
of development of a very innovative electrical power plant in
Garowe, capital of Somalia’s Puntland state, which, thanks to
energy storage, transforms intermittent renewable sources into a
stable energy source.
In Italy, EPS is participating in the power-intensive Terna
project. Approved by the Ministry of Economic Development (MiSE) in
the context of the 2012 Defence Plan, this project will increase
the security of the electrical systems in the country’s major
islands by installing 40 MW of energy storage.
This project is divided into two phases. The first, called
"Storage Lab", is currently under development and it will consist
of installing two multi-technology plants (using various storage
technologies and 8 different commercial products) that will provide
for a total of 16 MW, divided between Sicily and Sardinia. Based on
the results of phase 1, additional 24 MW will be installed with the
use of the most promising technologies.
Storage Lab will not only support the safe management of the
electricity grid, but also host activities to develop Smart Grid
applications. Italian and foreign universities and research centers
will be part of such challenging activities.
EPS has played an important role in this Terna project, acting
in partnership with Toshiba and as a systems provider for General
Electric, which successfully completed the commissioning and
testing phases in March 2016. Given the innovative nature of the
systems installed, further testing will be conducted in August 2016
with Terna and the Authority for Electricity, Gas and Water System
(AEEGSI).
In addition, EPS recently further enhanced the reputation and
visibility of the Group’s brand by participating as Italian
delegate to the International Electrotechnical Committee T120,
which defines global standards for electrical energy-storage
systems, and as Technology Pioneer to the World Economic Forum.
Furthermore, in early September, EPS will participate at the
prestigious Ambrosetti European House Forum at Villa D'Este. EPS’s
inclusion in these meetings of three of the world’s most-important
events clearly indicates a sharp rise in the Group’s international
credibility.
About Electro Power Systems
Electro Power Systems (EPS) operates in the sustainable energy
sector, specializing in hybrid storage solutions that enable
intermittent renewable sources to be transformed into a stable
power source.
Thanks to a technology covered by 125 patents and more than 10
years of R&D, the Group has developed integrated hybrid energy
storage solutions to stabilize electrical grids heavily penetrated
by renewable sources, and to power off-grid areas in emerging
economies at a lower cost. EPS provides clean energy solutions,
reducing electricity bills, without the need for any subsidy or
incentive scheme.
The Group’s mission is to unlock the energy transition by
mastering the intermittency of renewable energy sources. By
providing cutting edge systems to control the intermittency of
renewables – enhanced by storage technologies – and the Group’s
unique hydrogen and oxygen storage platform, which enables longer
autonomy without resorting to diesel or gas fuelled generators, the
Group’s technologies enable communities to be powered by renewable
energies 24/7 more cleanly and less expensively. EPS is listed on
the French regulated market, Euronext, is part of the CAC® Mid
& Small and the CAC® All-Tradable indices and has registered
offices in Paris, and research, development and manufacturing in
Italy. The Group has installed and has under commissioning in
aggregate more than 10.5 MW of energy storage systems grid
connected, 8.6 MW of Hybrid Power Plants powered by renewables and
energy storage, and 3 MW of hybrid systems with hydrogen, for an
aggregate output of 46.2 MWh and 22.1 MW in 21 countries worldwide,
including in Europe, United States, Latin America, Asia, and
Africa.
For more information: www.electropowersystems.com.
1 H1-2016 sales represent unaudited gross nominal sales and
therefore preliminary (unaudited) revenues (i) excluding accounting
of work in progress under IAS11 and other income or subsidies and
(ii) including €0.5 million sales deriving from Technology
Partnership agreements for supplies that have been outsourced by
EPS. However, as already anticipated in FY2015 Financial
Statements, considering that from 01.01.2016 EPS Group has a full
manufacturing capacity and Elvi Energy integration has been
successfully completed, the Group intends to account any such sales
as revenues at their gross nominal value and not at their net
margin value as it has been done in 2015. In addition, all EPS
products, even when final assembly or manufacturing is outsourced,
are EPS branded as all products entail certification of
engineering, guarantee and industrial and financial responsibility.
In any event, EPS will jointly define the revenues recognition
policy with its auditors and this, in particular in light of the
nature of “construction contracts” under IAS11 of the majority of
its revenues, might entail differences between revenues or
work-in-progress accounted under Local GAAP and IFRS.
2 Backlog means (i) invoices already issued in 2016, but not yet
recorded as “revenues” plus (ii) purchase orders already received
as at the date of this press release, plus (iii) revenues already
contracted or expected to be generated in 2016 and/or 2017 on the
basis of the agreements currently in place with customers.
3 30.06.2016 Net Financial Position is a preliminary (unaudited)
data.
4 In H1 2015 Consolidated Financial Statements, sales have been
accounted as revenues for €198,429, and other income (subsidies)
was €266,021, totalling €464,450 of revenues and other income.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160801006400/en/
Electro Power SystemsPress OfficeChiara
CartasegnaHead of Global Media RelationsTel. +39 02 45435516Mobile
+39 348 9265993E-mail: cc@eps-mail.com
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