GTT: Initial Conclusions of Elogen’s Strategic Review and Changes in GTT’s Governance
10 February 2025 - 6:14PM
UK Regulatory
GTT: Initial Conclusions of Elogen’s Strategic Review and Changes
in GTT’s Governance
Initial Conclusions of Elogen’s Strategic Review and
Changes in GTT’s Governance
Paris, 10 February 2025 – As
announced in its press release on 9 January 2025, the GTT Group is
conducting a strategic review of the activities of its subsidiary
Elogen. In a challenging market environment for green hydrogen,
Elogen did not secure any significant orders in 2024 and recorded
an EBITDA of - 33 million euros1 for the 2024
financial year.
The initial conclusions of the strategic review
highlight the need for the GTT Group to reposition Elogen to
enhance the value of its technological strengths. Accordingly, and
without ruling out other options for its future, Elogen’s
activities should, in the long term and following the delivery of
current orders, focus on research and development.
This planned repositioning of Elogen’s
activities involves the following measures:
- The launch of a
reorganisation and workforce adjustment project within Elogen,
which may result in the elimination of 110 positions as part of an
employment protection plan. This plan would initially include a
voluntary redundancy phase to minimise, as far as possible, the
number of compulsory departures.
- The suspension
of the construction of its gigafactory in Vendôme and the
examination of future options for the site, in consultation with
local authorities.
These measures will be subject to information
and consultation procedures with employee representative bodies,
which will commence immediately.
The Group's other activities are delivering
strong performances and GTT confirms its revenue and EBITDA targets
for the 2024 fiscal year, at the upper end of the target ranges as
indicated in October 2024.
The Board of Directors announces the resignation
of Mr Jean-Baptiste Choimet from his position as Chief Executive
Officer of the Group, effective today.
On the recommendation of its Nominations and
Remuneration Committee, the Board of Directors of GTT, meeting on 9
February 2025, has assigned the role of Chief Executive Officer of
the GTT Group on an interim basis to Mr Philippe Berterottière,
Chairman of the Board of Directors.
The Board of Directors has decided to initiate a
process to select a new Chief Executive Officer.
Catherine Ronge, Chair of the
Nominations and Remuneration Committee, stated:
"Following the resignation of Mr Jean-Baptiste Choimet, the
Board of Directors of GTT has asked Mr Philippe Berterottière,
Chairman of the Board of Directors, to assume the role of Chief
Executive Officer on an interim basis, and is pleased that he has
accepted. This appointment ensures stability and continuity in the
Group’s operations. The Board of Directors is now launching the
search for a Chief Executive Officer to drive the Group’s strategic
ambitions. On behalf of the members of the Board of Directors of
GTT,
I would like to thank Jean-Baptiste Choimet for his dedication
and contributions to the Group over the past four years. We extend
our best wishes for his future professional endeavours."
About GTT
GTT is a technology and engineering group with
expertise in the design and development of cryogenic membrane
containment systems for use in the transport and storage of
liquefied gases. Over the past 60 years, the GTT Group has designed
and developed, to the highest standards of excellence, some of the
most innovative technologies used in LNG carriers, floating
terminals, onshore storage tanks and multi-gas carriers. As part of
its commitment to building a sustainable world, GTT develops new
solutions designed to support ship-owners and energy providers in
their journey towards a decarbonised future. As such, the Group
offers systems designed to enable commercial vessels to use LNG as
fuel, develops cutting-edge digital solutions to enhance vessels’
economic and environmental performance, and actively pursues
innovation in the field of low-carbon solutions. Through its
subsidiary, Elogen, which designs and manufactures proton exchange
membrane (PEM) electrolysers, GTT is also actively involved in the
green hydrogen sector.
GTT is listed on Euronext Paris, Compartment A
(ISIN FR0011726835 Euronext Paris: GTT) and is notably included in
the CAC Next 20, SBF 120, Stoxx Europe 600 and MSCI Small Cap
indices.
Investor Relations Contact:
information-financiere@gtt.fr / +33 1 30 23 20 87
Press Contact:
Teneo
Olivier Jay : +33 6 30 13 71 80
Charlotte L’Hélias : +33 6 11 85 14 80
gtt@teneo.com
For more information, visit www.gtt.fr
1 Unaudited figure.
- PR_10022025_Press Release GTT
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