FY 2020

  • For ENGIE EPS 2020 has been an extraordinary year. Despite global restrictions for Covid-19 and related delays in project development and execution, which impacted FY2020 revenues, down 45%, Giga Storage and Industrial Solutions set a clear trajectory towards a strong rebound in 2021 and the achievement of 2022 targets:
    • Backlog and contracts secured reached $173 million[1] with over 700MWh of energy storage and microgrid projects mainly in USA and Europe
    • Pipeline increased by 46% to over €1 billion, almost exclusively outside the ENGIE Group
    • Industrial plant in Cosio Valtellino expanded to secure 2.5 GWh a year of capacity
  • Joint Venture with Stellantis is progressing and eMobility business is proceeding faster than expected:
    • all antitrust and government’s clearances already obtained, governance and brand name to be announced shortly and JV transaction closing expected in April 2021, meanwhile
    • ENGIE EPS doubled production capacity for residential charging solutions, from 500 easyWallbox per week achieved in 2020, to 1,000/week starting from March 2021, and is planning the scale up to 1,500/week by May 2021
    • product launch roadmap has been compressed, with first deliveries for new public and business charging solutions (easyPublic and eProWallbox) expected in Q3 2021
  • ENGIE EPS is actively supporting ENGIE’s strategic review announced in September 2020, which is progressing and on which ENGIE will communicate in due course


Revenuesand Other Income amount to €11.1 million as of 31 December 2020, with a decrease of 45% compared to the previous year, mainly as a consequence of the global restrictions for Covid-19 and the related strong delays in both project development and execution. Construction schedules were also affected by Covid-19 related logistic restrictions, but nonetheless ENGIE EPS has been able to (i) complete the construction of the Sol De Insurgentes solar-plus-storage project in Mexico, currently in test run, and (ii) achieve the commercial operation of the Agkistro hydrogen system in Greece, the storage system for the Leini 400 MW thermal power plant and the microgrids in California and Comoros.

In contrast to the decrease in revenues, as of 30 March 2021,Backlogand Contracts Secured sum up to $173 million[1] and 700 MWh in US, Europe and Africa. More precisely:

  • Backlog amounts to $39 million (or €33 million[2], up 12% compared to 2019) with over 50 MWh under construction or development in California, Massachusetts, Comoros and Italy.
  • Contracts secured amounts to $133 million (or €112 million[2]) thanks to the c. 650 MWh of projects secured in Guam, New England and Hawaii.

Pipeline increased by 46% in the same period, reaching €1,004 million. A rapid market acceleration has been experienced across several key geographies, and particularly in North America, Europe and Australia, with an increasing flow of requests for proposals received from existing and potential clients.

More importantly, it has to be noted that approx. 50% of the €686 million Pipeline announced with FY2019 results was represented by projects under development with ENGIE in US and Europe, one third of which has eventually converted into the current Backlog and Contracts Secured.

In other words, the gross addition to the Pipeline has been of over €600 million, almost exclusively outside the ENGIE Group.

Gross margin increased at 34.7% for 2020, compared to 26.5% in 2019, essentially because of the difference in mix of Stationary Storage and eMobility contracts and revenue recognition related to work-in-progress.

Personnel costs increased by 17% reaching €7.8 million compared to €6.7 million in 2019. The increased strength in the workforce is in line with the execution of the Long Term Strategic Plan and more importantly in line with the new ambitions with the Joint Venture with Stellantis (“JV”) and the execution of our target of over 700 MWh under development over the next 2 years.

As of today, ENGIE EPS can count on a workforce of 136 people from 18 nationalities.

R&D investments amounted to €3.3 million, including expenses and capitalized amounts, with an increase of around 7% compared to last year, in line with the R&D investments over the last 5 years. The R&D investments planned under the 2023 Technology Roadmap announced on 18 February 2021 should increase to c. €25 million over the next three years also thanks to the investments planned in the context of the JV.

Other Operating Expenses increased by 27% amounting to €2.9 million, compared to €2.3 million in 2019. This is mainly due to the expansion of the ENGIE EPS structure necessary to support the growth, in line with the execution of the Long Term Strategic Plan, our target of over 700 MWh under development over the next 2 years and the new ambitions with the JV.

EBITDA represents a loss of €8.4 million in 2020 compared to a €5.7 million loss in 2019 and Net Result as of 31 December 2020 in line with 2019, from €-14.6 million to €-14.8 million.

Net Financial Position at the end of 2020 decreased to €-21.3 million compared to €-8.1 million on 31 December 2019. In addition, ENGIE EPS obtained an incremental €10 million facility from Société Générale in order to fund the 2021-2022 working capital needs, R&D and capex investments.


As a consequence of the strategic review and potential divestment announced by ENGIE on 23 September 2020, ENGIE EPS restructured its project development and positioning strategy, which was naturally oriented towards the geographic focus and project development activities of the Business Units of ENGIE. This repositioning has been successfully carried out riding on the explosive growth of the energy storage and electric mobility markets over the last few months.

More precisely, when ENGIE announced its strategic review and potential divestment on 23 September 2020, the Pipeline stood at €806 million, with a strong majority of our projects under development with ENGIE and just 2% of it represented by eMobility. As of today, the Pipeline stands at over €1 billion, with a strong majority of our projects outside of the ENGIE Group and eMobility representing 21% thanks to the JV.

  • Giga Storage and Industrial Solutions, the stationary storage Product Lines:

Despite the impact of Covid-19 on project development activities – in particular with respect to planning permission processes, logistics and supply chains, substantial progress has been made on the positioning in the core US, Europe, and Asia Pacific markets.

Execution of the newly awarded projects in Massachusetts and California is proceeding steadily, while notice to proceed on the Fast Reserve contracts in Italy is expected within the next few months and the final development activities on the US secured project portfolio are ongoing (including planning permissions, as well as the legal proceedings in Guam, strongly delayed by Covid-19).

As a consequence of our target of over 700 MWh of projects under development to be delivered in the next 2 years, ENGIE EPS’ industrial plant in Cosio Valtellino has been extended to an area of c. 7,000 square meters securing 2.5 GWh a year of capacity, in line with the 2022 and 2025 targets.

  • eMobility Product Line:

The transaction to create the Joint Venture with Stellantis has been proceeding positively after the signing of the full set of agreements announced on 26 January 2021. Having obtained the Golden Power approval by the Italian Government and allantitrust clearances, Stellantis and Engie EPS will release shortly the composition of the Board of Directors and the brand name of the new entity, while the transaction closing and the related announcement are expected by the end of April.

Meanwhile, as a consequence of the market demand, ENGIE EPS doubled the production capacity for residential charging solutions, from 500 easyWallbox per week achieved in 2020 to 1,000/week starting from March 2021. In addition, ENGIE EPS is already planning a further scale up to 1,500 easyWallbox a week by May 2021.

New eMobility products under development have been presented during the Technology Revolution Day held on 18 February 2021, and the interest raised in the market forced ENGIE EPS to compress the product launch roadmap originally planned by end 2021. More precisely, first deliveries of easyPublic and eProWallbox, the new products for public charging, fleets and businesses, are already planned for the third quarter 2021.

[1] Backlog and Secured Contracts are expressed in USD as 79.9% is US dollar denominated. Residual 20.1% Euro denominated has been converted to US dollars at 1.19 USD/EUR exchange rate.

[2] At 1.19 USD/EUR exchange rate.

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