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    EKT   DE0005313506

ENERGIEKONTOR AG

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German renewables firm Blue Elephant gets new investor, scraps IPO

07/07/2021 | 09:36am EDT

FRANKFURT, July 7 (Reuters) - Blue Elephant Energy has secured a 75 million euro ($89 million) equity investment from Germany's billionaire Struengmann family and scrapped plans for an initial public offering (IPO), the renewable energy company said on Wednesday.

Athos, the Struengmann family vehicle that also has a majority stake in COVID-19 vaccine maker BioNTech, will receive a 15% stake in exchange for its investment.

Athos will also have the option to inject up to another 75 million euros into Blue Elephant.

"Even after Athos' investment, an IPO at a later date remains an option", Blue Elephant Chief Executive Felix Goedhart said.

The deal values Blue Elephant at 1.45 billion euros, including debt.

Blue Elephant, which competes with firms like Energiekontor and PNE AG, operates solar and onshore wind parks in Europe with a total capacity of about 1.1 gigawatts.

It also has a pipeline of equal size for solar capacity, in cooperation with project developers.

Valuations for renewable assets have soared, driven by rising demand from various sectors, including oil, as well as a global shift towards clean technologies and away from fossil fuels.

($1 = 0.8460 euros) (Reporting by Arno Schuetze Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIONTECH SE -5.53% 333.48 Delayed Quote.309.08%
ENERGIEKONTOR AG -1.18% 58.7 Delayed Quote.1.21%
LONDON BRENT OIL 0.19% 79.02 Delayed Quote.49.38%
PNE AG 0.55% 7.38 Delayed Quote.-7.75%
WTI 0.06% 74.881 Delayed Quote.52.07%
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Financials
Sales 2021 254 M 297 M 297 M
Net income 2021 28,9 M 33,8 M 33,8 M
Net Debt 2021 238 M 279 M 279 M
P/E ratio 2021 28,8x
Yield 2021 1,36%
Capitalization 825 M 966 M 967 M
EV / Sales 2021 4,19x
EV / Sales 2022 3,50x
Nbr of Employees 165
Free-Float 38,0%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 58,70 €
Average target price 86,33 €
Spread / Average Target 47,1%
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Managers and Directors
Peter Szabo Chairman-Management Board & CEO
Bodo Wilkens Chairman-Supervisory Board
GŘnter Lammers Vice Chairman-Supervisory Board
Darius Oliver Kianzad Member-Supervisory Board
Alex Peter Head-Investor Relations