Energy Spa · MIL:ENY
Energy Spa — Non-Deal Roadshow (October 2022)
30 slides from Energy Spa's roadshow presentation, October 2022
Slide 1: Energy S.p.A - A leading Italian energy storage systems integrator
Energy S.p.A A leading Italian energy storage systems integrator Investor Presentation October 2022
Slide 2: Today's Speakers
TODAY’S SPEAKER S Davide Tinazzi Andrea Taffurelli Daniele Manfroi Co-Founder and CEO Co-Founder and CTO CFO PhD in Engineering, Master in Project and Degree in Mechanical Engineering MBA, Degree in Business Management, Innovation Management Well-acknowledged CTO in the air post-graduate Mas
Slide 3: Product Video
PR ODUCT VI DEO 3 Strictly confidential
Slide 4: Our Mission
OUR MI SSI ON “The next 1,000 unicorns won’t be search engines or social media companies, they will be sustainable, scalable innovators: start-ups that help the world decarbonize and make the energy transition affordable for all consumers” Larry Fink, BlackRock’s Chairman and CEO – Letter to stakeho
Slide 5: Introduction to Energy
I NTRODUCTI ON TO ENER G Y Established in 2013, Energy S.p.A. («Energy») is an advanced system integrator of Energy Storage Systems (ESS), both for residential use (Small&Large: <50kW ESS) and for larger scale applications (Extra Large: >50kW+ ESS). The company sources components from leading intern
Slide 6: Our History
OUR HI STORY In the eight years since inception, Energy has grown under the leadership of Mr. Tinazzi to become the reference player in the Italian market for ESS solutions, in partnership with primary global manufacturers of components, supplying integrated systems to both residential and larger cl
Slide 7: How do Energy Storage Systems work?
HOW DO ENER G Y STOR AG E SYSTEMS WORK? Energy storage systems enable energy from renewable sources to be stored and then released when customers need power most. An ESS is a complex system comprising hardware and software components: battery system, battery management system (BMS), inverter or powe
Slide 8: Go-to-market: an increasingly attractive market for larger distributors
G O- TO-MAR KET: AN I NCR EASI NG ATTR ACTI VE MAR KET FOR LAR G ER DI STR I BUTOR S Energy’s sales network consists of both electrical goods distributors and photovoltaic specialists. Energy also works with large European EPCs. The proximity of Energy's logistics to the headquarters of the main dis
Slide 9: Entry Barriers
ENTRY BARRI ER S Technological know how and learning curve capabilities Effective and reliable EMS software Strong customers access Best in class after sales services Unique access to Tier I global suppliers Favorable regulatory framework 9 Strictly confidential
Slide 10: Global Energy Storage Market
GLOBAL ENER G Y STOR AG E MARKET The global storage market is growing at unprecedented pace, it is expected to grow at a CAGR2021-2030 of c. 30%. It will reach a cumulative 358GW/1,028GWh by 2030, more than twenty-fold the 17GW/34GWh capacity online at the end of 2020, attracting $262 billion in inv
Slide 11: Current Market Environment
CURRENT MAR KET ENVI R ONMENT Today, the demand for energy storage systems is a function of: 1 2 3 Macrotrend focused on Cost of energy from the grid Need for a better efficiency reducing CO2 emissions and return of the in energy supply and dependency on fossil investment energy sources 110% incenti
Slide 12: Positioning
POSI TI ONI NG Energy aims to become a full system integrator in the coming months (from advanced system integrator) by insourcing the manufacturing of ESS’ hardware and software, by acquiring specialized EPCs and a cloud-computing firm. Energy’s technology path in coming months Advanced System Full
Slide 13: Value Chain
VALUE CHAI N Engineering & Sales, Marketing Procurement R&D Manufacturing & After Sales Energy’s R&D department oversees the Since 2020, Energy developed its own Sale to Distributors (generalist & specialist), integration between suppliers’ batteries proprietary inverter, EMS and BMS, Manufact
Slide 14: Strategic Guidelines
STRATEGI C GUI DEL I NES Small&Large ESS Extra Large ESS 1 • Transfer in the new New larger production plant (ongoing) Supply/ Insourcing of small plant +9.000 sqm - Rack batteries assembly batteries assembly • Acquisition of + 17.000 - Acquisition of a cloud-computing firm Manufacturing sqm in
Slide 15: Energy is delivering exceptional growth
ENERGY I S DEL I VER I NG EXCEPTI ONAL GROWTH High revenues growth Fast ramp-up in profitability Solid financial position Revenues (EUR m) EBITDA (EUR m) Net Debt (EUR m) 10.0% 10.3% 20.2% 19.5% 27.7% 1.0x 1.7x 0.3x 0.7x 54.1% 62.5% 153.8% 16 60 204% 16 14 14 50 12 12 40 10 10 8 30 8 6 6 20 4 4 10 2
Slide 16: Strong growth track record
STRONG GROW TH TR ACK R ECORD… Energy has shown an impressive historical growth since its inception both in terms of revenues and profitability; such trend is expected to continue with 2022E revenues growth in the range between 130% - 170% (YoY growth vs. 2021A). 4.8% 7.6% 6.9% 7.9% 7.2% 10.0% 10.3%
Slide 17: Guidance on 2022E-2024E financial results
G UI DANCE ON 2 0 2 2 E-2024E FI NANC I AL R ES U L TS 2021 1H 2022 GUIDANCE – 2022E KEY HIGHLIGHTS High revenue growth across the business plan period (c. 30% expected CAGR 2022E - 2024E): − consolidating the position in the Small&Large ESS segment (shift towards REVENUES EUR 52m EUR 53m EUR 120
Slide 18: Energy: a compelling equity story
ENER G Y: A COMPELLI NG EQUI TY STOR Y UNIQUE PRODUCT OFFERING STRATEGIC MARKET POSITIONING SOLID AND COMMITTED SUPPLIERS’ RELATIONSHIP ATTRACTIVE STRATEGY STRONG FINANCIAL AND GROWTH PERFORMANCE BEATING MARKET RATES 18 Strictly confidential
Slide 19: Thanks
rnin Save Youve PLANET www.energysynt.co m THANKS
Slide 20: Appendix
APPENDI X Strictly confidential
Slide 21: Product Offering
PR ODUCT OFFER I NG Energy developed a range of inverters, produced according to its specifications by its suppliers, and marketed under its newly established “zeroCO2” brand SMALL&LARGE ESS EXTRA LARGE ESS ZEROCO2 SMALL ZEROCO2 LARGE ZEROCO2 SUN CHARGER ZEROCO2 EXTRA LARGE Hybrid single-phase inv
Slide 22: Positioning
POSI TI ONI NG In addition to pure battery manufacturers and pure inverter manufacturers, there are operators able to combine these different products (electronics + batteries) offering the market more and more complete solutions for energy storage (e.g. by adding an advanced control software -EMS-
Slide 23: Focus on R&D
FOCUS ON R &D The R&D department is at the core of Energy’s competitive advantage. Engineers involved in R&D department ensure that all systems are perfectly operational and efficient, innovative and compliant with the regulatory framework Technical specifications and system integration Energy inter
Slide 24: Energy Management System (EMS)
ENER G Y MANAG EMENT SYSTEM (EMS) The zeroCO2 Energy Management System, developed internally by Energy, is at the core of the energy storage systems in the Extra Large solutions, granting superior performances with respect to competitors' products The EMS is the heart of the XL storage system cons
Slide 25: Focus on Production Facilities
FOCUS ON PR ODUCTI ON FACI LI TI ES By May 2022, Energy’s new production and office facilities located near Padua (c. 9,000 m2) will be operating, allowing to achieve the full-scale production of Extra Large ESS. Energy recently acquired an additional production area of 17,415 sqm close to the actua
Slide 26: Shareholding and Governance
SHAR EHOLDI NG AND G OVER NANCE Energy was founded in 2013 by Davide Tinazzi and Andrea Taffurelli, with the financial support of the Ghirlanda family (through their company Euroguarco) and Mrs. Hongwu Sun. All are still shareholders in the Company EUROGUARCO ANDREA DAVIDE HONGWU S.P.A. * TAFFURELLI
Slide 27: Organization
OR G ANI Z ATI ON As of 30 th September 2022 Energy had 38 employees Since 2021 14 new employees were introduced The staffing continues in accordance with growth CEO D. Tinazzi CTO CFO A. Taffurelli D. Manfroi R&D & Service Marketing Finance and Production Purchasing & Sales Engineering & Test Admin
Slide 28: P&L Statement
P&L STATEMENT P&L (EUR M)* 2019A % 2020A % 2021A % 1st H2021A % 1st H 2022A % REVENUES 12.5 100,0% 20.3 100,0% 51.5 100,0% 17.5 100,0% 53.3 100,0% CAPITALIZED EXPENSES 0.3 2.2% 0.4 1.9% 0.0 0.1% - 0.0% - 0.0% RAW MATERIALS (9.9) (79.3%) (16.2) (79.7%) (38.2) (74.2%) (12.9) (73.7%) (36.1) (67.7%) SER
Slide 29: Balance Sheet Statement
BALANCE SHEET STATEMENT Balance sheet (EUR M)* 2019A 2020A 2021A 1st H 2022A Intangible fixed asset 0.5 0.7 0.5 3.3 Tangible fixed asset 0.0 0.0 0.0 0.2 Financial asset 0.0 0.0 0.1 0.2 Net Fixed asset 0.5 0.7 0.6 3.8 Inventory 1.8 4.8 5.3 8.0 Trade receivables 0.7 2.8 9.7 24.9 Trade payables (0.5) (
Slide 30: Cash Flow
CASH FLOW Cash flow (EUR m)* 2019A 2020A 2021A 1st H 2022A EBIT 1.1 1.8 10.1 14.6 Income taxes (0.2) (0.4) (2.6) (3.8) Depreciation and amortization 0.2 0.3 0.3 0.1 Change in trade NWC (0.2) (4.1) (7.1) (17.4) Change in other assets (liabilities). severance indemnity funds and 0.1 0.7 0.3 0.1 others