France: Fuel Cell Compressors Maker Enogia is Preparing for an IPO in Paris

By June 14, 2021 8   min read  (780 words)

June 14, 2021 |

Fuel Cell compressors maker Enogia is Preparing for an IPO in Paris
  • ENOGIA announces the approval of its Registration Document by the Autorité des Marchés Financiers, for its prospective IPO on the Euronext Growth(R) market in Paris

Marseille–ENOGIA, an expert in micro-turbomachinery for the energy transition, today announces the approval of its Registration Document by the Autorité des Marchés Financiers (“AMF”) under number I. 21-032 dated 11 June 2021.

The approval of the Registration Document is the first step in the prospective IPO of ENOGIA (the “Company”) on the Euronext Growth(R) market in Paris, subject to market conditions and approval by the AMF of the Prospectus bearing on the transaction.

Arthur Leroux, Chairman and CEO, said: “We are putting ENOGIA’s technology at the service of the energy transition. Our business is to design, manufacture and market innovative micro-turbomachinery. ENOGIA is positioned as the French leader in waste heat conversion through the marketing of ORC modules. Building on our success, we have more recently extended our technology into the booming hydrogen market. Our aim is to become a leading supplier of compressors for hydrogen fuel cells. As a key Cleantech player in France, we manufacture our turbines in Marseille and, together with our employees, are committed to responsible growth. Driven by growing demand in the energy transition markets, we are targeting revenue of more than €95 million in 2025 through our IPO.”

A unique, patented and adaptable technology for the energy transition

Since 2009, ENOGIA has been developing, manufacturing and marketing a unique and patented micro-turbine technology for the energy transition. French leader in the conversion of waste heat[1] into electricity using its Organic Rankine Cycle (ORC) modules, ENOGIA is now also applying its technology and know-how to the hydrogen market. With its compressors, which are more compact, lighter and more efficient than the market standard, ENOGIA aims to support growth in the decarbonised hydrogen market through this essential component of hydrogen fuel cells.

ENOGIA’s creation was inspired by the strong convictions of its two founding directors, Arthur Leroux, Chairman and CEO, and Antonin Pauchet, Deputy CEO, who are both Arts & Métiers Paristech engineers:

A solid technological and commercial track record in the established ORC business

ENOGIA has developed a range of micro-turbines dedicated to the conversion of heat into electricity, integrated into micro-power plants known as ORC modules. This solution allows heat that is usually lost to be recovered. Fitted on industrial, maritime, agricultural (biogas production units) or geothermal sites, or on power gensets, ENOGIA’s ORC modules allow customers to save on their energy costs or to sell the electricity produced, with payback generally within five years.

ENOGIA has major competitive advantages in the ORC market:

This innovation brought to the market in 2014, has earned ENOGIA numerous accolades: 2015 Cleantech of the Year awarded by the French Ministry of Economy, Deloitte Fast50 2017 in the Cleantech category and the Montgolfier prize and Best International Acceleration distinction awarded by MOCI (Moniteur du Commerce International) in 2019.

To date, more than 120 ENOGIA micro-turbines have been installed in more than 25 countries.

First commercial successes in the hydrogen market

Building on its solid technological and commercial track record in the ORC business, ENOGIA has extended its technology to compressors for hydrogen fuel cells. On top of the compactness and durability inherent in ENOGIA’s micro-turbine technology, these compressors offer fuel cell integrator customers a solution perfectly adapted to their applications. This alternative to standard compressors is behind a significant improvement in the energy performance of fuel cells, notably by making them more compact, a key advantage in the mobility market.

Every fuel cell on the market is systematically equipped with at least one compressor, a strategic component representing 15-20% of the cell’s value.

In 2020, when the compressors were first marketed, two contracts were signed with players in hydrogen fuel cells, confirming ENOGIA’s technological positioning in the hydrogen market. Further units have been ordered. Negotiations are underway for contracts covering the project’s subsequent phases. ENOGIA is also in discussions with some 30 sector players in three market segments, namely stationary applications, heavy mobility and light mobility.

Strategic positioning in two high-potential global markets

ENOGIA operates in the energy sector, where demand is growing strongly. Over the past 20 years, global energy consumption has increased by more than 60% according to the Statistical Review of World Energy 2020. It is expected to increase further in the coming years, driven by population growth and improving quality of life. The ORC modules and compressors for fuel cells developed by ENOGIA help meet the growing need for cleaner energy and decarbonised mobility.

Estimated at nearly $500 million in 2018, the ORC market is expected to grow strongly in the coming years, reaching nearly $1 billion by 2025.[3] Within this market, ENOGIA is positioned in the < 300 kW ORC segment, the most buoyant.

Decarbonised hydrogen also represents a promising energy carrier, facilitating the development of renewable energies, energy storage and clean mobility. The share of decarbonised hydrogen is expected to grow in the coming years. The fuel cell market stands to benefit from this growth and is projected to reach more than $20 billion by 2025.[4] According to ENOGIA’s estimates, that means more than 3 million compressors sold per year in the years to 2030. Growth in the hydrogen market is backed up by government aid worldwide. More than 30 countries in Europe, Asia and the Americas have released ambitious plans to promote decarbonised hydrogen, both production and use.[5] In early 2021 for instance, France announced a plan to provide €7.2 billion in public support by 2030, including €2 billion by 2022. With its innovative technological solution, ENOGIA is well placed to benefit from this support.

Commitment to Corporate Social Responsibility (CSR) a key part of ENOGIA’s DNA

ENOGIA has taken a virtuous approach to its business development and growth. Ahead of its prospective IPO, ENOGIA asked specialist agency EthiFinance to issue a non-financial rating. The rating positions Enogia at an “Advanced” performance level on the EthiFinance rating scale (Gaia Rating framework).[6] The report highlights a considerably higher level of ESG maturity than is generally found in comparable companies.

ENOGIA stands out by virtue of its very good progress on social criteria, reflecting its commitment to the development of skills and individual responsibilities, as well as the conviviality and collective spirit fostered by the partners. ENOGIA is also very committed to equal opportunities and the encouragement of internal promotions. From an environmental perspective, ENOGIA products contribute to the energy transition and are ecodesigned. As part of its responsible purchasing policy, ENOGIA requires its suppliers to provide guarantees of origin and has incorporated environmental and social criteria into the selection of its suppliers.

Committed to a responsible growth strategy since its creation, ENOGIA intends to pursue its continuous improvement approach on environmental, social and governance issues.

€95 million in revenue targeted by the end of 2025: ambitions backed up by strong market potential and differentiating technology

ENOGIA anticipates strong growth in its ORC and Hydrogen activities between 2021 and 2025, both driven by the energy transition market.

Since 2014, ENOGIA’s annual growth has averaged approximately 27%.[7] In 2020, ENOGIA reported revenue of €2 million. The Company is targeting revenue of more than €95 million in 2025. By that time, compressor business revenue, which accounted for 7% of 2020 revenue, is expected to exceed that of ORC modules to to represent between 50% and 60% of total revenue.

ENOGIA anticipates positive EBITDA by 2023, the year in which the Company is expected to deliver its first series produced hydrogen compressors. In the long term, the normative EBITDA margin is expected to be around 30%. ENOGIA believes it will be within reach of this level of normative margin by 2025.

At the end of April 2021, ENOGIA’s backlog[8] totalled more than €5 million, mainly ORC projects. The Company has a very diversified business pipeline[9] comprising more than 300 projects with over 200 prospects, mainly in the ORC segment. The business pipeline amounted to more than €100 million at the end of April 2021.

The stock market to facilitate growth

ENOGIA now aims to step up the growth of its ORC business and the rollout of its technology in the decarbonised hydrogen market.

ENOGIA intends to devote the funds raised through its IPO to major operational projects designed to support its development in three areas:

Availability of the Registration Document

ENOGIA’s Registration Document, approved by the AMF on 11 June 2021 under number I. 21- 032, is available on the Company’s website ( and on that of the AMF (, as well as free of charge and on request at the Company’s registered office, 19 avenue Paul Héroult 13015 Marseille.

The Registration Document contains a detailed description of the Company, including its business, strategy, financial position and results, as well as the corresponding risk factors.


ENOGIA responds to the major challenges of the ecological and energy transition with its unique and patented technology of compact, light and durable micro-turbomachinery. As the French leader in heat-to-electricity conversion with its wide range of ORC modules, ENOGIA enables its customers to produce decarbonised electricity and to recover waste or renewable heat. Since 2020, ENOGIA has also been marketing air compressors for fuel cells, thereby contributing to the development of hydrogen mobility, a booming market. With sales in more than 25 countries, ENOGIA continues to prospect for new customers in France and internationally. Founded in 2009 and based in Marseille, ENOGIA has nearly 50 employees involved in the design, production and marketing of environmentally friendly technological solutions. ENOGIA’s CSR commitment represents an “Advanced” level of performance according to EthiFinance.

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