Economia
Haffner Energy publishes H1 FY 2024-2025 results at 09/30/2024 : A half-year marked by the completion of strategic projects
just published its consolidated results (IFRS standards) for H1 FY 2024-2025 at 09/30/2024, approved by the Board of Directors on 12/16/2024. These results are included in a progress report on the Group's business development over the period and its prospects.
Philippe HAFFNER, Co-founder and Chairman and CEO of HAFFNER ENERGY said:
The commissioning of the , located in the vicinity of Haffner Energy's headquarters, is a key element in realizing the company's commercial potential. Syngas production kicked off in June 2024 (see 6/20/2024 press release). The installation of new equipment designed to produce renewable hydrogen followed over the past half-year (see 11/22/2024 press release).
This showcase site is a strategic instrument for the Group's commercial and industrial development. It will make it possible to bring some 120 tonnes of hydrogen per year to market, generating revenue. As such, after closing, with a French operator specializing in hydrogen shipping and distribution, to collect and sell hydrogen produced on site in order to decarbonize mobility and industry (see page 5).
A showroom of the company's know-how, this site, designed to operate continuously 8,000 hours a year, presents a wide range of Haffner Energy's solutions: production of "super green" hydrogen and gas, co-production of electricity, as well as production and/or gasification of biocarbon**** and/or biochar.
This site was inaugurated on November 22, 2024, during Industry Week, (see 11/22/2024 press release and press kit) after a year of development, including archaeological excavations and assembly of the equipment. It attests to the technological maturity of Haffner Energy's technologies, as well as to their economic and ecological relevance.
The Marolles site is most likely to stand out as the world's first unit to produce hydrogen from solid residual biomass. This is a major competitive advantage. Eagerly awaited by customers in the process of finalizing contracts, the center is a determining factor to accelerate the conversion of the pipeline into orders (see page 4).
“Super green” hydrogen produced from biomass is competitive when compared to alternative technologies, water electrolysis in particular, thanks to the low cost of the intrant (biomass) combined with great energy yield (above 75% for >20-MW projects). This hydrogen is labeled “super green” because of its carbon-negative LCA when biochar, a biogenic carbon sink, is the co-product.
Based on its 31-year experience, Haffner Energy is confident in biomass availability. Annual global biomass volume can generate 12 times as much energy as the fossil oil extracted each year. And yet, biomass is often confronted with conflicts of use, particularly with food, because the majority of players compete for the same types of biomass. As a result, a large number of organic wastes and agricultural residues are neglected, as conventional technologies are unable to create value from these types of biomass.
This is the unique and major difference introduced by the proprietary technology developed over almost 15 years by Haffner Energy: all biomass, including organic sludge, animal manure and renewable organic waste can be used.
One of the critical benefits of the Marolles site is precisely that it allows the company to carry out industrial-scale tests on all types of biomass for its customers, who will be better able to secure procurement. As importantly, Marolles will enable Haffner Energy to provide customer training at its own site.
The Marolles project could be carried out in part thanks to the support and commitment of the French public authorities through many stakeholders. To date, i.e. after the closing date, it has received over €1M in public funding (see 11/22/2024 press release and press kit). This substantial support demonstrates confidence in the Group's potential and its alignment with the French government's reindustrialization strategy.
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While achieving this major milestone for its industrial and commercial development,
The period was also used by Haffner Energy to . a was signed in August 2024 (see 09/24/2024 press release) to ensure that , the largest source of renewable energy in France and around the world, are . Concluded this partnership aims to improve the biomass-to-energy supply chain, particularly on marginal lands and in desert areas, by creating local ecosystems for sustainable fuel production projects. This agreement is in a US company specializing in the production of raw materials from its regenerative crop: XanoGrass™ (see 03/13/2024 press release).
Furthermore, Haffner Energy has been striving to by launching the creation of an and by announcing a spin-off designed to maximize the Group's potential in the booming Sustainable Aviation Fuels (SAF) market (see 09/12/2024 press release). Finally, the (see 05/29/2024press release). Its first closing will occur on March 31, 2025.
(€1.4Bn as of 06/20/2024 up from €0.3Bn as of 03/31/2024), boosted by the launch of a higher capacity offer on the syngas market (see 10/03/2023 press release), a new SAF offer (see 07/06/2023 press release), and the steps taken in the United States. , although these have yet to be converted into orders. In particular, are in fact awaiting the start of hydrogen production at the Marolles site, whose completion, postponed by delays in connection to the medium-voltage electricity grid, is imminent.
, the past half-year confirms the interest of industry in Haffner Energy's decarbonization solutions, while the land mobility market is still slow to get off the ground. The SAF market has the greatest potential in the medium to long term.
In addition, Haffner Energy picked up
Finally, throughout H1 F1 2024-2025, Haffner Energy pursued its efforts in the Syngas provides great benefits, since it is competitive with fossil natural gas while allowing industry to decarbonize and secure energy procurement. Despite this benefit, the vast majority of industrial players prefer to commit to purchasing energy rather than owning and operating their own energy production units.
Haffner Energy is currently working on solutions that will enable it, in partnership, to make the investments needed to set up facilities designed to supply syngas to industries currently connected to fossil natural gas.
In particular, the company is working with partners capable of identifying, developing and investing in projects such as Eren and Resilient Hydrogen (see 07/12/2023 press release). The current fundraising is also intended, notably, to enable Haffner Energy to invest in its own projects.
It ended with mainly due to the consolidation of Jacquier, the company acquired in June 2023 (see 06/15/2023 press release).
As a reminder, in H1 FY 2023-2024 revenue was negative (-€343k) due to the cancellation of revenue on the R-Hynoca contract (-€461k), which was terminated on 12/13/2023 (see 12/14/2023 press release).
During the past half-year, and as part of a , Haffner Energy has continued to short- and medium-term objectives.
At 09/30/2024 This change is mainly due to the revenue increase (+€20k at 09/30/24, up from -€343k at 09/30/2023), a reduction in personnel expenses, and the reduction in travel costs.
This change is explained in particular by the effect of a reversal of provisions for loss at completion of €4,000k and, to a lesser extent, a slight increase in non-stocked purchases and external charges for an amount of €300k.
activated since November 2023 also includes:
As a result of all these measures, over the last twelve months to reach an average monthly level of €1M.
As of 09/30/2024, working capital stood at €14,291k, up from €13,368k as of 09/30/2023, mainly due to the increase in inventories and work-in-progress in Marolles.
The company has carried out a review of its liquidity risk and considers that it will have sufficient cash to finance its activities until September 30, 2025. This assertion is based in particular on the continuous production of hydrogen at its , enabling the signature of equipment contracts for hydrogen production in H2 FY 2024-2025, and on the successful completion, of the fundraising in progress.
, Haffner Energy's teams will remain focused on
These prospects are reflected in particular in a
Shareholders webinar : December 18, 2024 at 6:00 p.m. by videoconference
2024-2025 Annual Results : June 18, 2025
Annual General Meeting : September 10, 2025
Haffner Energy is a French company providing solutions for the production of competitive clean fuels. With 31 years of experience converting biomass into renewable energies, it has developed innovative proprietary biomass thermolysis and gasification technologies to produce renewable gas, hydrogen and methanol, as well as Sustainable Aviation Fuel (SAF). The company also contributes to regenerating the planet, through the co-production of biogenic CO and biocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth. (ISIN code : FR0014007ND6 – Ticker : ALHAF).
investisseurs@haffner-energy.com
* refers to a business opportunity when at least one of the following occurs:
** corresponds to operating income before depreciation and amortization, net impairment of reversals of fixed and current assets, and before operating provisions net of reversals.
*** (Earnings Before Interest and Taxes) takes into account depreciation. According to French accounting standards, EBIT is therefore similar to Operating Income, i.e. Net Income excluding corporate income tax and financial income.
**** is a carbon-rich solid material. Biocarbon contains the biogenic carbon absorbed from the atmosphere by plants via photosynthesis. This characteristic makes it a major carbon sink if it is used as an amendment for agricultural soils by direct application or by incorporation into fertilizers (this is called biochar), or as a component for building materials (this is called char). Biocarbon is also a very dense renewable energy source (31 MJ/kg) that can be gasified on-site to increase the production of biofuels such as bio-SAF or renewable hydrogen production, or can also be transported and gasified to another site that is usually far away, especially for the production of e-fuels.
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