Q1 2017revenuesincreasedby 45% compared toQ1 2016, up to€1.6 million
Orders backlog of €5.2million,more than €100 millionpipeline, includingNigeria, Kenya and Congo
Draw-down of the€10 millionfirst tranche of theEuropean 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.
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, 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: