FOREWORD FROM THE CEO

“Dear investors,
We are very pleased to announce the success of our IPO in an adverse market environment, and warmly thank all our new institutional and retail shareholders, as well as Eiffel Gaz Vert for the trust they have shown in us,” said Adrien Haller, founder and CEO of Charwood Energy. “With these new financial resources, we are now ready to accelerate our roadmap, actively develop our biomass renewable energy production plants in France and internationally, and thus help tackling the current challenges of energy transition and autonomy. Our ambitions are strong, and our market very buoyant, two key points that should lead us to exceed €100 million in revenue by 2027. We are excited about starting this new phase alongside our new shareholders and together building the Company’s stock market history.”

Adrien Haller, Chief Executive Officer and Founder of Charwood Energy.

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“Environmental awareness is now a global phenomenon. We are no longer talking about sustainable development goals; we are now faced with real imperatives, recently heightened by a geopolitical environment and a health situation that highlights the need, among other things, to move more quickly towards decarbonisation of the economy and energy self-sufficiency. The use of biomass, enabling carbon-neutral, economical and non-intermittent energy production, provides a particularly appropriate response to the challenges of the energy transition.
Charwood Energy also plans to participate actively in increasing France’s energy autonomy through local energy solutions that promote the economic and social development of the territories, thanks to a controlled supply of abundant biomass resources.
In this particularly favourable environment, and in order to benefit from all the opportunities offered by our buoyant markets, our strategy is clear and is based on two axes: accelerating our existing activities for third-party customers and deploying a new own-account activity involving the production and sale of renewable energy from biomass.
To successfully achieve these objectives, we have several key advantages:
– Unique technical expertise, gained from our 100 power plant implementations in France, allowing us to produce enough power to meet the annual heating needs of about 25,000 houses;
– Expertise in all biomass recovery technologies: biomass heating, methanisation, pyro-gasification;
– A strategic technological partnership with Spanner Re², a leading German company specialising in the design of cogeneration plants based on pyro-gasification, which has already built more than 900 cogeneration units worldwide;
– A major financial partnership with the Eiffel Gaz Vert fund, a leader in the financing of the renewable gas sector in France, which co-owns 40% of our subsidiary W&nergy, which develops our own-account projects.
Our IPO on Euronext Growth is part of this clear strategy, which should enable us to exceed €100 million in revenue by 2027, with one ambition: to become the leading independent French producer of renewable energy from biomass. We hope that this project will appeal to you as it does to us and that we will soon be able to count you among our shareholders so that we can work together to decarbonise our country’s energy resources.”

ABOUT US

We firmly believe that biomass is one of the key responses to the challenges of the energy transition. Since founding Charwood Energy in 2012, therefore, we have developed our business with one clear mission: the provision of turnkey plants to produce renewable energies from biomass.

Green gases

Electricity

Heat

Biochar

Charwood Energy has developed a dual business model:

A service business for industrials, agricultural holdings and communities, through its subsidiary Energy&+.

An own-account renewable energy production and sales business through its dedicated subsidiary W&nergy, co-owned with the Eiffel Gaz Vert fund, the market leader in financing the renewable gas segment in France.

Production and sale of renewable energy from biomass
The Group relies on a base of technical expertise developed around all biomass recovery technologies – biomass heating plants and heating networks, methanisation and pyro-gasification – an industrial tool sized for growth, and complete coverage of the value chain, from design/construction to operation and maintenance.

BIOMASS HEATING SYSTEMS AND HEATING NETWORKS

METHANISATION

PYRO-GASIFICATION

At the end of 2021, Charwood Energy had already realised more than a hundred projects for third-party customers, representing an installed capacity of more than 54 MW, and more than 26 km of heating networks for many large industrials such as Engie, Paprec and Séché Environnement.
Charwood Energy is ideally positioned, at the junction between biomass and green gases, to take advantage of a particularly buoyant French market, which is boosted by a very favourable regulatory and economic context.

CHARWOOD ENERGY – HIGHLIGHTS

GROWTH AND
PROFITABILITY

€4.6m
revenue in 2021

€1.0m
EBITDA in 2021,

representing an EBITDA margin of
23%

ACHIEVEMENTS

100 projects completed

54 MW
total installed capacity

Production of
250 GWh/year(1)

26 kilometres
of heating networks

MARKET

Substitution of natural gas:

an addressable market worth several billion euros in France

PROJECT
PORTFOLIO

as at 31 March 2022

Third-partycustomers
• Order book(2) worth €6.0m
• Sales pipeline worth €43m(3)
Own-account
• 5 power plants in development(4)
• Pipeline of 17 projects(5)
(1) (1) The annual heating needs of around 25,000 houses
(2) Total order book of signed projects deducted from revenue already booked based on the status of work completed
(3) Detailed or preliminary quotation sent and awaiting response
(4) Projects signed, under LOI or in advanced discussions representing annual recurring revenue of approximately €7.7 million
(5) Representing potential annual recurring revenue of €37 as of 2027

OUR LOYAL CLIENTS INCLUDE

BIOMASS HEATING SYSTEMS & HEATING NETWORKS

METHANISATION

PYRO-GASIFICATION

TECHNOLOGICAL AND FINANCIAL PARTNERS

WHY CHARWOOD ENERGY?

A pure player in biomass recovery tackling the fundamental issues of the energy transition

A pure player in biomass recovery tackling the fundamental issues of the energy transition

  • Moving towards energy autonomy and greater decentralisation of production
  • Decarbonising the economy to limit CO2 emissions and global warming
  • Promote the development of a local and circular economy with the recovery of resources and the creation of sustainable jobs on a local scale

Tailor-made solutions based on key advantages

Tailor-made solutions based on key advantages:

  • Rich, unique technical know-how gained from experience built up since 2006
  • Expertise in all technologies used in biomass recovery
  • Complete coverage of the entire value chain, from design, through construction, to maintenance.

Sustained and profitable growth, a strong project pipeline

Sustained and profitable growth, a strong project pipeline

  • Revenue of €4.6m in 2021, up 113% compared with 2020
  • EBITDA margin of 23% 2021
  • An order book of €6m as at 31 March 2022(1) including €4.5m billable in 2022
  • A sales pipeline of €43m as at 31 March 2022(2)

(1) Total order book of signed projects deducted from revenue already booked based on the status of work completed as at 31 March 2022
(2) Detailed or preliminary quotation sent and awaiting response as at 31 March 2022

A structurally buoyant market, marked by the geopolitical and health context

A structurally buoyant market, marked by the geopolitical and health context

  • A favourable and increasingly restrictive regulatory framework
  • An unavoidable energy transition reinforced by industrials’ increasing awareness of the need for decarbonisation
  • The need to move towards greater strategic autonomy and energy self-sufficiency
  • A mounting challenge in terms of price stabilisation and visibility in the long term

A clear strategy for acceleration

A clear strategy for acceleration

Acceleration of existing service activities

  • A commercial network focused on French regions with high potential
  • Positioning on projects with greater unit power, providing economies of scale, better commercial visibility and greater recurrence by addressing larger principals
  • Intensification of maintenance activities, driven by the growth in installed capacity

Deployment of the own-account energy production and sales activity(1)

  • Development of pyro-gasification plants through the dedicated subsidiary W&nergy, jointly owned with Eiffel Gaz Vert
  • An already secured investment capacity of €60 million(2)
  • The signature of direct energy supply contracts with industrials in the form of long-term 20-year contracts or cPPA(3), at a predefined and indexed price.

(1) IPP: Independent Power Producer
(2) €11.05m of secured financing from current accounts and convertible bonds from Charwood Energy, Eiffel Gaz Vert, Johes and 1M86 + bank debt in the form of project financing for approximately €50m
(3) cPPA: Corporate Power Purchasing Agreement

A clear ambition for 2027

A clear ambition for 2027

  • Exceed the milestone of €100m in revenue(1)
  • 50 owned power plants in operation or under construction(2)
  • A normative EBITDA margin of above 35%

(1) Of which approximately 40% from service activities and approximately 60% for own account
(2) Of which approximately 30 in operation and approximately 20 under construction

CHARWOOD ENERGY IN THE NEWS

07/01/2022
Charwood Energy : Objectif Euronext Growth
Recommandation : Souscrire
(in French only)
27/06/2022
Charwood, une énergie locale et renouvelable grâce à la biomasse
Recommandation : Souscrire
(in French only)
27/06/2022
Interview de Adrien Haller sur La Bourse & La Vie : “L’enjeu c’est de pouvoir déployer les projets”
(in French only)
27/06/2022
Interview de Adrien Haller sur EasyBourse.com : « L’activité en compte propre, un levier de croissance exceptionnel »
(in French only)
27/06/2022
Interview de Adrien Haller sur Boursorama (Ça Bouge Sur Les Marchés)
(in French only)
27/06/2022
Interview de Adrien Haller (Charwood Energy) sur BFM Business : Le breton Charwood Energy se lance en Bourse pour développer ses centrales de biomasse
(in French only)
26/06/2022
Charwood Energy veut lever 18 millions d’euros sur Euronext Growth
(in French only)
24/06/2022
Charwood Energy veut lever 21,5 M€ en Bourse
(in French only)
19/06/2022
Fabriquant du gaz à partir de déchets ou de bois, Charwood Energy veut s’introduire en Bourse
(in French only)
16/06/2022
Charwood Energy va rejoindre Euronext Growth Paris
(in French only)
16/06/2022
Charwood Energy (56) va entrer en bourse pour accélérer dans la production d’énergie à partir de centrales de pyrogazéification
(in French only)
16/06/2022
Spécialiste de la biomasse, Charwood Energy veut entrer en Bourse
(in French only)
06/16/2022

Charwood Energy veut rentrer en bourse pour vendre du gaz de synthèse
(in French only)

02/25/2022

Energy&+ retenu pour concevoir une centrale de cogénération en Afrique
(in French only)

02/14/2022

Energy&+ (56) déploie un premier projet de pyrogazéification en Afrique
(in French only)

02/14/2022

Energy&+ : une unité de pyrogazéification en République démocratique du congo
(in French only)

02/09/2022

De Saint-Nolff au Congo, la société Energy&+ se développe à l’international
(in French only)

DOCUMENTATION

Press release, Terreal chooses Charwood Energy
Press release – IPO results
Press release – Approval of the Registration Document
Press release – IPO launch
Registration Document
n° 22-026
(in French only)
Memorandum of operation
n° 22-238
(in French only)
Investor presentation
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