PARIS and MILAN, May 16,
2017 /PRNewswire/ --
- Q1 2017 revenues increased by 45%
compared to Q1 2016, up to
€1.6 million
- Orders backlog of €5.2
million, more than €100 million
pipeline, including Nigeria, Kenya and Congo
- Draw-down of the €10 million
first tranche of the European Investment Bank
financing scheduled in June
- Italy opens ancillary
services market to pilot renewable energy and storage
projects
The Board of Directors of Electro Power Systems S.A.
("EPS"), technology pioneer in energy storage systems and
microgrids, listed on the French-regulated market Euronext Paris
(EPS:FP), met on 15 May 2017, under
the chairmanship of Massimo Prelz Oltramonti and approved the group
sales (unaudited) and the operational update for the first quarter
2017.
(Logo:
http://mma.prnewswire.com/media/468575/Electro_Power_Systems_Group_Logo.jpg
)
Q1 Highlights
In the first quarter 2017, revenues amount to € 1.6 million and
represent an increase by 45% compared to the same period in 2016
(€1.1 million). Growth in revenues was particularly driven by the
flagship microgrids in Somalia and
Chile:
- the 5.9 MW solar plus storage microgrid located in the
north-east of Somalia, which will
save more than 1 million liters of diesel fuel and 600 tons of
CO2 per year, is currently under extension with 750kW of
wind energy, covering with renewables and storage more than 25% of
the energy need of the city of Garowe, the administrative capital
of the autonomous Puntland region, and powering more than 50,000
people,
- the Chile project is currently
under commissioning, and will be the first worldwide diesel-free
microgrid, combining renewables with the complete set of innovative
technologies developed by EPS, which can couple renewables,
batteries and hydrogen, to ensure full energy independence.
Cash position of the Group amounts to € 2.7 million, and
excludes (i) € 3.0 million additionally available short term credit
lines, (ii) € 1.4 million of capital increase reserved to the
management already planned[1], and (iii) € 10 million
first tranche of the equity-linked financing of the European
Investment Bank signed on 13 April
2017 and backed by the European Fund for Strategic
Investments, in order to support the company in its growth,
continuous research, development and innovation activities and
further product commercialization.
You can find the full version of this press release on our
website:
http://www.electropowersystems.com/wp-content/uploads/2017/05/PR_Q1_2017-ENG-Final-15-May-2017.pdf
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1. The capital increase, reserved to the management has been
scheduled immediately upon publication of the Registration Document
(Document de Référence).