PARIS, FRANCE: NHOA Group (formerly Engie EPS) announced the launch and the terms of its capital increase with shareholders’ preferential subscription rights for a gross amount of up to €140 million.
Carlalberto Guglielminotti, CEO of NHOA Group commented: “This capital increase is a natural step to support NHOA’s strong growth in all three of our sectors: energy storage, e-mobility and EV fast charging infrastructure.
In energy storage we rank now in the top 5 worldwide, and thanks to the support of our new shareholder TCC we multiplied by 6x our order intake , reaching over €200 million backlog and over 1 GWh of projects under development mainly in Asia Pacific.
With our Joint Venture with Stellantis for e-mobility in just few months of operations we registered double digit conversion rates 2 and continuous production expansion, sealing the ability to scale along with the unstoppable EV sales trend in Europe.
The deployment of the Atlante EV fastcharging network started with a first station opened in Italy in October. It will leverage on the eMobility Hub 100% Vehicle-to-Grid in Mirafiori that at completion will be the largest worldwide of its kind and on a pipeline of over 750 sites representing the backbone of the 5,000 fastcharging points to be developed by NHOA in Southern Europe by 2025.”
Société Générale acting as Sole Global Coordinator and Joint Bookrunner alongside Mediobanca acting as Joint Bookrunner.
The net proceeds of the offering will be used to support the announced Masterplan10x and strategic ambitions of NHOA, in particular:
- c.€30 million to serve investments in the 2021-2023 Technology Roadmap and the additional R&D required to preserve the NHOA’s competitive positioning recently obtained in the storage sector, particularly in Asia Pacific,
- c.€8 million to finance the expansion in the Americas and Asia Pacific regions, including the set-up of local development and execution teams and the implementation of the necessary commercial infrastructure, and
- c.€98 million for the equity financing of the first phase of the Atlante network, including the strengthening of the industrial footprint and the supply chain vertical integration of the Global Business Line eMobility that will be required to follow the Atlante demand for fastchargers in Southern Europe.
The Rights Issue will be carried out with shareholders’ preferential subscription rights in accordance with the thirteenth resolution of the combined general meeting of November 2, 2021 by the issuance of 12,766,860 new shares at a price of €10.96 per New Share, representing gross proceeds of €139,924,785.60 including issue premium.
Each shareholder of NHOA will receive one preferential subscription right for each existing share recorded as of the close of trading on November 9, 2021 which will be detached from November 10, 2021.
Existing shares will then be traded ex-right from November 10, 2021. One Right will entitle the holder to subscribe on an irreducible basis to one New Share. On the basis of the closing price of NHOA’s shares on November 5, 2021 (i.e. €19.92) on the regulated market of Euronext in Paris, the theoretical value of the share ex-Right is €15.44 and the subscription price represents a 45% facial discount.
Subscriptions on a reducible basis (à titre réductible) will be accepted but remain subject to reduction in the event of oversubscription. Any New Shares not subscribed through irrevocable entitlement (à titre irréductible) will be allocated to the Rights holders having submitted additional subscription orders subject to reduction (à titre réductible).
The Rights Issue will be open to the public in France only.
The subscription price for the New Shares has been set at €10.96 per share (nominal value of €0.20 and issue premium of €10.76). The subscription price represents a 29% discount to the theoretical ex-right price.
NHOA (formerly Engie EPS) develops technologies enabling the global transition towards clean energy and sustainable mobility.
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