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System integrator Intilion plans Frankfurt IPO in Q3

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Germany-based battery energy storage system (BESS) integrator Intilion is planning to go public with an IPO in the third quarter of the year.

Intilion revealed its plans to list shares on the Frankfurt Stock Exchange today (27 June). The initial public offering (IPO) will also include private placements outside of Germany of new shares from a capital increase, and will see current majority shareholder the Hoppecke battery company sell some of its existing ones.

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The net proceeds will be used for working capital, the expansion of development capabilities the development of new business models expansion into new geographies.

The company provides BESS solutions to the commercial and industrial (C&I) and grid-scale segments, both front-of-meter (FTM) and behind-the-meter (BTM) with its offering ranging from 70kWh to 100MWh. It said that that range of project size will account for two-thirds of the 231GWh per year market for stationary energy storage expected by 2030 (according to Wood Mackenzie).

Its main product lines are the scalebloc (commercial), scalestac (indoor) and scalecube (grid-scale).

Intilion has grown by an average compound annual growth rate (CAGR) of 147% over the last few years, and expects €70 million (US$77 million) in the year to 31 March, 2024. That is faster than the wider market’s growth of 98% a year in that period, the firm claimed.

Recent projects it has worked on include a 60MWh order in April for Deutsche Telekom’s data centre and an ‘Innovation Tender’ solar-plus-storage project commissioned in March, both in Germany.

It is currently focused on the DACH region (Germany, Austria and Switzerland) but wants to expand into the UK, Ireland, Italy, Spain and Portugal.

It would become one of only a few listed pure-play BESS integrators, including the largest such company Fluence and the smaller, predominantly BTM C&I-focused Stem Inc, both listed in the US.

In the ‘medium term’ Intilion wants to reach revenues of €250 million and an adjusted EBIT margin of 4-10%.

It was spun off from Hoppecke subsidiary Hoppecke Rail Systems GmbH in March this year. Whilst exhibiting at Ees Europe in Munich earlier this month, the Intilion announced an insurance deal with Munich Re.

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