- Thecompany continues with its strategic plan to evolve towards an Independent Power Producer (IPP) model.
- Through its Turbo Energy subsidiary, Umbrella recently announced an agreement with American Connection Holdings to introduce and drive sales of its energy storage solutions in the U.S. market.
Valencia, October 31, 2024 – Umbrella Global Energy, a Valencian company specializing in investment and focused on key sectors such as solar energy, electromobility and technology and listed on BME Growth, today announced its financial results for the first half of 2024.
Umbrella is moving forward with its strategic plan to evolve from building solar farms to an Independent Power Producer (IPP) model, a strategic reorientation initiated with the IPO that will enable the company to capture more value for its shareholders by generating recurring revenues, investing in technology and innovation, and positioning itself as a key player in the global energy market.
Consequently, during the first half of 2024, the company has made significant investments, including 9.1 million euros invested in its own photovoltaic infrastructures, as well as in charging infrastructures for electric vehicles through its subsidiary Umbrella e-Mobility.
In addition, power production is expected to begin in the coming months at several recently completed photovoltaic plants, which will enable Umbrella to begin generating significant returns through the sale of electricity.
Key figures for the first half of 2024
Umbrella reported net sales revenue of EUR 7.6 million. For the first six months of the year, the company reported a loss of 5.7 million euros, a significant reduction compared to a loss of 6.1 million euros at the end of 2023. These results are in line with the company’s current transformation process, which began with its IPO and is marking a key stage in its evolution towards a business model focused on smart energy generation and management.
EBITDA for the first half of the year was -3 million euros, impacted by the strong investment in assets. The book value of property, plant and equipment amounted to 55.6 million euros, due to the increase in assets under development and construction. In turn, the value of intangible assets amounted to 3.9 million euros.
Umbrella maintains a positive working capital of €8 million, reflecting its financial strength. Total debt at June 30, 2024 amounted to 64.1 million euros, mainly used to finance the construction of its strategic assets.
Strategic expansion and growth in Chile, Eastern Europe and the U.S.
Umbrella has continued to strengthen its international business strategy, particularly in the Chilean market, where it already has a large portfolio of projects in the central-southern part of the country. As part of its move towards an Independent Power Producer (IPP) model in Chile, Umbrella has divested non-strategic assets through a corporate transaction that has yielded a profit of approximately 3.7 million euros, to focus on the construction and operation of its own portfolio of renewable energy generation facilities.
In Eastern Europe, the acquisition of a pipeline in Romania has been completed to develop two stand-alone storage projects with a nominal capacity of 119 MWn per project, which represents a preliminary battery storage capacity of 952 MWh.
Finally, in the United States, through its technology subsidiary Turbo Energy, Umbrella recently announced an agreement with Connection Holdings, a Florida-based company, to introduce its SUNBOX range of home solar energy storage solutions into the U.S. market and drive sales. This partnership represents a crucial boost in Umbrella’s commitment to the U.S. market, as well as a milestone in Turbo Energy’s global expansion strategy. A bet that, in turn, has been reinforced by investors with an upward trend in the evolution of Turbo Energy’s stock on the Nasdaq, which is explained by the solid growth strategy in this market.
About Umbrella Global Energy
Umbrella is a global investment company focused on key sectors such as solar energy, electromobility and technology, with a comprehensive approach that spans the entire value chain, from generation to energy storage and technology development. Its investment platform focuses on solar photovoltaic infrastructure, electric vehicle charging infrastructure through Umbrella e-Mobility, and the development of proprietary technology and advanced smart energy storage equipment from its subsidiary Turbo Energy. These solutions are aligned with Umbrella’s goal of generating a positive environmental and social impact and facilitating the transition to a more sustainable energy model. Umbrella has been listed on BME Growth since 2022 and is present in key markets in Europe, North America and South America.
For more information, please contact: comunicaciones@umbrella-e.com
