Alfen’s owner Infestos confirms Dutch Euronext IPO

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Alfen project at a wind farm in the central Netherlands. The installation uses BMW EV batteries. Image: Alfen.

Dutch energy storage system and related technologies provider Alfen has confirmed its IPO and listing on the Amsterdam Euronext stock exchange, first reported in December 2017, will go ahead.

An Alfen representative told Energy-Storage.News that the answers to many “questions concerning timing and financial details have not and cannot be disclosed at this stage”. A prospectus is expected to be published in “the coming weeks” which will provide more clarity, the spokesman said.

The company’s current owner Infestos, a sustainable investment group headquartered in Overjissel, Holland, told assembled reporters this morning that it could sell more than 50% of its stake, dependent on demand, outlets including Reuters reported. Infestos took over the company in 2014.

Alfen has delivered numerous energy storage projects in Europe recently, several of which have been covered by Energy-Storage.News including the Czech Republic’s first grid-scale storage system and projects in Belgium and the Netherlands. Alfen recently also opened its first UK office and last year also launched a “self-healing” grid product – Cellular Smart Grid Platform (CSGriP), which allows a range of distributed energy resources (DERs) to be integrated into one network and treats each battery module as a separate block of the system which can be separated off from the operation of the rest of the network in the event of failure.

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The company said revenues rose 21% annually between 2015 and 2017, from €51 million (US$62.11 million) to €74 million and expects 2018 revenues of more than €99 million. It wants to grow revenues by more than 40% annually going forward. It made gross profit in 2015 of €13.477 million, €17.014 million in 2016 and €21.63 million in 2017.

Only existing shares will be offered to the market, from the Infestos Energy Transition and Infestos Holding companies.

“As this is a secondary listing, the only shares to be sold in the market are the shares of the owner, which is Dutch family office Infestos,” the Alfen spokesman told Energy-Storage.News.

“Alfen is a healthy company with a low debt and a healthy profit. This means that all investments can be paid from the cashflow of the company,” the spokesman added, in response to a question about whether IPO proceeds will be used to fuel already-timetabled business activities or projects.

24 February 2026
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