Enertime : Future mid-size actor in the transition to a CO2-free energy industry ?

Enertime is riding the wave of the energy efficiency market for industrialists that has been accelerated by high electricity prices, surging carbon credits, gas shortage and incentives in favor of decarbonization. The company aims to become the market leader in five years' time for waste heat recovery into electricity and in the less competitive 1 to 10 MWe ORC (Organic Rankine Cycle) systems market.

Against this backdrop, following a period of stagnation (2021 and 2022e turnover remaining at < EUR2.5m, reflecting notably delayed order taking during the pandemic), revenues are set to rise with effect from next year, boosted by 3 ADEME projects totaling EUR 22m turnover awaiting signature. Annual average growth rates, modeled by us, of more than 60% over the next five years, are impressive. They are justified, nevertheless, by structural delays to the expansion of European electrical production capacity, in addition to mounting governmental incentives to industrial electricity savings, including in the US.