FDE Set to Acquire a Controlling Stake in Greenstat ASA in Norway - Seite 2

Greenstat’s sourcing and development capabilities combined with FDE's project management and operational know-how will allow for a faster and more efficient deployment of new low-carbon energy production sites across Europe, with mid-term positive cash flows visibility.

These various synergies will therefore create a leading European player in the production of low-carbon energy that will significantly contribute towards Europe’s goal of carbon neutrality by 2050.

A value accretive transaction for FDE

The transaction comprises three equity tranches over a period of 18 months.

The first tranche, to be completed by February 9^th, 2024, involves the purchase of an existing investor’s shares for c. €2.3 million³ and the subscription of new shares in Greenstat for c. €13.2 million⁴, providing FDE with a controlling stake in Greenstat of 56.35% of its share capital and voting rights.

A second tranche of up to €13.2 million⁵ and a third tranche of up to €13.2 million⁶ will be invested into Greenstat, subject to the company reaching certain operational and financial milestones.

The transaction will be financed by the Group's available cash, allowing FDE to keep its strong financing capacity in order to pursue its various projects, including those of its new subsidiary, Greenstat.

The completion of the transaction is subject to final closing conditions and the approval of Greenstat shareholders at their upcoming general meeting.

Vegard Frihammer, CEO of Greenstat ASA, declares: "The development of a leading green energy production platform requires solid expertise, strong financial and operational capabilities, but also an agile approach. The FDE and Greenstat teams have this know-how and this common ambition to become a leading independent low carbon energy producer in Europe.”

Antoine Forcinal, CEO of FDE explains: “The acquisition of Greenstat is a logical step forward in the ongoing development of FDE in Europe and Norway in particular, as a key hydrogen producer and green energy player overall. I am delighted to welcome Vegard Frihammer and his entire team within the FDE group".

Following this acquisition, FDE will communicate its new growth prospects for FY 2026 during its capital day that will take place in Q2 2024 (date to be communicated in due course).

FDE confirms its FY 2026 objectives of annual revenues of more than €100 million, and an EBITDA above €50 million, combined with over 10 million tons of CO₂eq emissions avoided per annum