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ENOGIA confirms a positive target for 2023 and a revenue increase over the next three years.
ENOGIA, a company specializing in micro-turbomachinery, announced its 2022 annual results. The company experienced a 12% revenue growth over the year, with a 39% increase in the second half. They confirmed their target of positive EBITDA in 2023 and anticipate a significant rise in revenue over the coming three years.
Arthur Leroux, Chairman and CEO, commented: “ENOGIA has delivered significant revenue growth in its first full year since its IPO on Euronext Growth in July 2021, despite challenges from the health situation in China resulting in the shutdown of the ORC contract signed in 2021. The year featured major investments in R&D and the expansion of teams, especially the sales team, along with numerous developments and new partnerships. These advances set the stage for a clear acceleration of the growth trajectory, which began in the second half of 2022 (+39%), and an improvement in profitability, with the goal of delivering positive EBITDA in 2023. ENOGIA operates in a thriving environment characterized by unprecedented energy efficiency requirements in the industry, and the strong interest in ENOGIA’s solutions is evident in a robust order book totaling more than €5 million at the end of 2022.”
In line with the priorities announced during its IPO on Euronext Growth, ENOGIA increased investments in R&D and intensified new business activities last year. The company expanded its workforce to 62 employees at the end of 2022, compared to 45 during the IPO. ENOGIA successfully consolidated its lead in ORC technology and strengthened its operations in hydrogen fuel cell compressors.
The company secured a €6.5 million contract to supply 40 ORC modules to an anaerobic digestion plant last August. ENOGIA also entered into a commercial partnership with Parlym, an industrial engineering organization with presence in France and Africa, for the distribution, promotion, and marketing of its ORC modules.
In 2022, ENOGIA's revenue reached €3.3 million. The company’s growth was driven by the ORC business, benefiting from the start of the biogas contract in Germany, while revenues from the hydrogen fuel cell compressors business increased by 71%.
ENOGIA aims to accelerate its business plan in 2023, taking advantage of investment efforts over the past two years. The company expects revenue to grow by more than 50% in 2023, with full-year EBITDA being positive, and this momentum is anticipated to continue with average revenue growth exceeding 50% per year in 2024 and 2025.