Energy Spa · MIL:ENY
Energy Spa — Non-Deal Roadshow (July 2022)
30 slides from Energy Spa's roadshow presentation, Jul 1, 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
Slide 2: Today's Speakers
T ODAY’S SPEAKERS 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
PRODUC T VIDEO Stricty confidential
Slide 4: Our Mission
OUR MISSION “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 stakehold
Slide 5: Introduction to Energy
INT RODUC T ION T O ENERGY Established in 2013, Energy S.r.l. («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 HIST ORY 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 ENERGY ST ORAGE SYST EMS 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 power
Slide 8: Go-to-Market: An Increasingly Attractive Market for Larger Distributors
GO- T O- MA RK ET : A N INC REA SING A T T RA C T IV E MARKET F OR LARGER DIST RIB UT ORS 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 mai
Slide 9: Entry Barriers
ENT RY B ARRIERS 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 Stricty confidential
Slide 10: Global Energy Storage Market
GLOB AL ENERGY ST ORAGE MARKET The global storage market is growing at unprecedented pace, it is expected to grow at a CAGR2021-2030 of c. 33%. 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 inves
Slide 11: Current Market Environment
C URRENT MARKET ENVIRONMENT Today, the demand for energy storage systems is a function of: 1 2 3 Macrotrend focused on Cost of energy from the Need for a better efficiency reducing CO2 emissions grid and return of the in energy supply and dependency on fossil investment energy sources 110% incentive
Slide 12: Positioning
POSIT IONING 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 services operator. Energy’s technology path in coming months Advanced System Ful
Slide 13: Value Chain
VALUE C HAIN 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
ST RAT EGIC GUIDELINES Small&Large ESS Extra Large ESS 1 ▪ New larger production plant (ongoing) Supply/ - Rack batteries assembly ▪ Insourcing of small batteries assembly - Acquisition of a cloud-computing firm Manufacturing - Acquisition of a small carpentry firm Insourcing of the assembly to stre
Slide 15: Energy Is Delivering Exceptional Growth
ENERGY IS DELIVERY EXC EPT IONAL GROWT H High revenues growth Fast ramp-up in profitability Solid financial position Revenues (EUR m) EBITDA (EUR m) Net debt (EUR m) 54.1% 62.5% 153.8% 10.0% 10.3% 20.2% 1.0x 1.7x 0.3x 51.5 10.4 3.5 2.9 20.3 12.5 1.2 2.1 1.2 2019A 2020A 2021A 2019A 2020A 2021A 2019A
Slide 16: Strong Growth Track Record
ST RONG GROWT H T RAC K REC ORD… 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.
Slide 17: Guidance on 2022-24E Financial Results
GUIDANC E ON 2022 - 20 24E F INA NC IA L RESULT HISTORICAL - 2021A GUIDANCE – 2022E KEY HIGHLIGHTS ▪ High revenue growth across the business plan period (c. 30% expected CAGR 2022E - 2024E): − consolidating the position in the REVENUES EUR 52m EUR 120 - 140m Small&Large ESS segment (shift towards la
Slide 18: Energy: A Compelling Equity Story
ENERGY: A C OMPELLING EQUITY STORY UNIQUE PRODUCT OFFERING STRATEGIC MARKET POSITIONING SOLID AND COMMITTED SUPPLIERS’ RELATIONSHIP ATTRACTIVE STRATEGY STRONG FINANCIAL AND GROWTH PERFORMANCE BEATING MARKET RATES Stricty confidential
Slide 19: Thanks
S S fl] BT lil STIFEL UniCredit Save Youve PLANET www.energysynt.com THANKS
Slide 20: Appendix
APPENDIX Stricty confidential
Slide 21: Product Offering
PRODUC T OF F ERING 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
POSIT IONING 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- wh
Slide 23: Focus on R&D
F OC US 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 inte
Slide 24: Energy Management System (EMS)
ENERGY MANAGEMENT SYST EM (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 consis
Slide 25: Focus on Production Facilities
F OC US ON PRODUC T ION F A C ILIT IES 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 ac
Slide 26: Shareholding and Governance
SHAREHOLDING AND GOVERNANC E Energy was founded in 2013 by Davide Tinazzi and Andrea Taffurelli, with the financial support of the Ghirlanda family (through their Euroguarco company) and Mrs. Hongwu Sun. All are still shareholders in the Company and (with the exception of Mrs. Sun) represented in th
Slide 27: Organization
ORGANIZAT ION As of 30th April 2022, Energy had 30 employees. The Company plans to double its workforce during 2022, mainly reinforcing the assembly and R&D divisions. CEO D. Tinazzi CTO CFO A. Taffurelli D. Manfroi R&D & Service Marketing Finance and Production Purchasing & Sales Engineering & Test
Slide 28: P&L Statement
P&L ST AT EMENT P&L (EUR M) 2019A % 2020A % 2021A % REVENUES 12.5 100,0% 20.3 100,0% 51.5 100,0% CAPITALIZED EXPENSES 0.3 2.2% 0.4 1.9% 0.0 0.1% RAW MATERIALS (9.9) (79.3%) (16.2) (79.7%) (38.2) (74.2%) SERVICES COSTS (1.3) (10.0%) (1.8) (9.0%) (1.9) (3.6%) PERSONNEL (0.5) (4.1%) (0.7) (3.4%) (1.1)
Slide 29: Balance Sheet Statement
B ALANC E SHEET ST AT EMENT Stricty confidential
Slide 30: Disclaimer
DISC LAIMER This communication is provided for informational purposes only and is not intended to, and does not, constitute an offer, a recommendation or a solicitation with respect to any potential transaction or investment nor should it or any part of it form the basis of, or be relied on in conne