Financial News

Financial News

10May 2021

The new solution reduces maintenance costs and optimises yields, also thanks to multispectral analysis by drones

 algoWatt S.p.A. , a GreenTech Solutions Company listed on the Italian Stock Exchange’s electronic share market (MTA), launches the new integrated digital platform ER-PAM (Energy R.evolution – Performance Asset Management), to guarantee a complete service for the maintenance and management of newly built or already installed and operating photovoltaic systems.

ER-PAM is a solution of the BU Green Energy Utility

ER-PAM is part of the algoWatt integrated solutions dedicated to the world of green utilities, operators in the renewable sector, managers of in-house control rooms or for the management of plant portfolios, EPC and O&M companies specialising in the management of maintenance processes, interested in the supervision, remote control and real-time monitoring of the performance and operation of photovoltaic plants.

The new integrated platform, perfectly in line with the growing trend of demand for digital energy solutions, for increasing plant energy efficiency, for increasing clean energy production and reducing emissions, is an algoWatt innovation that brings together the technological skills and experience gained in the field in over 10 years of EPC and O&M activities by the Group.

The functionalities of the new platform

ER-PAM makes it possible to reduce maintenance costs, optimise the performance of photovoltaic systems, centralise services, increase O&M and power generation performance, reduce intervention times and make field engineering more efficient. In a single platform accessible via the web, even on-site and with any device. The supervision of all types of plants guarantees the collection of field data acquired from heterogeneous SCADA systems, the calculation of plant and O&M KPIs thanks to algorithms based on tensor analysis for the predictive programming of maintenance operations. For Asset Management operators, there is the optimisation of maintenance activities and management of maintenance workers, the management of ordinary, extraordinary and predictive maintenance, the management of spare parts and spare-part warehouse (also with interface to existing external systems). The platform also integrates Document Management modules, such as administrative scheduling, standardisation of procedures and workflow. 


 Automated defect detection with multispectral drone analysis

Particularly innovative is the management of visual, thermographic, photographic and video inspections carried out by drones, thanks to the proprietary PV Inspector software for automated image processing, which allows the acquisition of digital data and the highlighting of critical aspects of the installations, such as hotspots, malfunctioning or underperforming panels and strings; accurately determines the location of panels in the plant; allows the acquired images to be graphically annotated to highlight the anomalies found, add text notes and finally automatically produce an inspection report that includes descriptive sheets of the anomalies detected; guarantees the monitoring of the evolution of defects and the correlation between defect and plant PR. 

O&M and On-Site engineering for utility scale solar plants

In addition to the design, development and marketing of innovative digital solutions, algoWatt also carries out all types of plant engineering, as well as ordinary and extraordinary maintenance on industrial-size plants, thanks to the expertise of its On-site Engineering team. The company has an impressive track record, accumulated over 10 years of experience as a system integrator and renewable asset manager. algoWatt provides O&M contracted services of plant (re)commissioning, quality control/inspection, monitoring and installation/retrofit, as-built design documentation, plant design review, efficiency services. Finally, the company offers plant check-ups for tailor-made revamping and repowering, carries out electrical and electromechanical works, mechanical assembly, civil works, optimisation of structures, revamping of inverter cabins and transformers, rewiring as well as implementation and installation of new monitoring systems.

12Mar 2021
  • Total funding of approximately EUR 1 million for a multi-service, cloud-based ICT platform for the recycling and reuse of bulky solid waste in the urban area of the Genoa metropolitan area
  • The research project will be coordinated by AMIU and will involve 8 industrial partners. The company will provide its know-how in the cleantech industry

algoWatt S.p.A., GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), announces that the project “Efficacity – Intelligent and efficient optimisation of the process of reuse and collection of waste in urban areas”, coordinated by AMIU Genoa and in which the company is an industrial partner, has been financed.

The Efficacity project, with a total value of around Euro 2 million, received funding of over Euro 1 million from the 2020 call of the POR FESR 2014-2020 – Axis 1 – Action 1.2.4 – Poles of Research and Innovation. Support for the realisation of complex projects of research and development activities for the enterprises aggregated to the Poles of Research and Innovation, following the approval by Finanziaria Ligure per lo Sviluppo Economico – FI.L.S.E. S.p.A., a technical entity that supports and assists the Liguria Region and the other Ligurian territorial entities in the planning, definition and implementation of policies and interventions in support of the Ligurian economic system.

The algoWatt Research & Innovation team (share of the funding of approximately Euro 0.2 million), in partnership with the coordinator Amiu (Azienda Multiservizi e d’Igiene Urbana of Genoa) and 7 other industrial companies, will participate in the design and development of the management and planning system for the collection of bulky solid waste, data management for the optimisation of the loading of collection vehicles and the storage of bulky items, algorithms for the dynamic planning of collection missions. algoWatt will also be able to provide to the cluster of companies involved in the project with its know-how in the cleantech and environmental industry, based on its many years of experience in the management of resource recovery and material recycling plants.   

The Efficacity project proposes the study, development and validation of a multi-service and cloud-based ICT platform for multi-parameter optimisation of bulky solid waste collection and management in the Genoa metropolitan area. Complementary innovative technologies are applied for the recycling and reuse of bulky solid waste with a view to circular economy and environmental sustainability, favouring virtuous and self-sustainable dynamics in the already optimised standard process.

08Mar 2021
  • Total funding of EUR 1 million for a low environmental impact, customised and accessible travel planning solution
  • The company leads a partnership with Genoa’s public transport operator, 5 SMEs and some research bodies

 

algoWatt S.p.A. a GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), will coordinate the GeTUP research project on sustainable mobility and MaaS (mobility as a service) solutions in the urban environment.

The GeTUP project, worth a total of Euro 2 million, has received funding of Euro 1 million from the POR FESR 2014-2020 – Axis 1 – Action 1.2.4 – Poles of Research and Innovation of the Liguria Region, following approval by Finanziaria Ligure per lo Sviluppo Economico – FI.L.S.E. S.p.A., a technical entity that supports and assists the Liguria Region and other Ligurian territorial entities in the design, definition and implementation of policies and interventions in support of the Ligurian economic system. The algoWatt Research & Innovation team, in addition to coordinating the project, will participate in the design and development of the MaaS system (part of the funding of approximately Euro 0.28 million), in partnership with the Genoa public transport operator, 5 SMEs and a number of research bodies.

The GeTUP project will study, realise at prototype level and experimentally validate in the Genoa area a MaaS platform model for trip planning with reduced environmental impact, personalised and accessible, according to advanced profiling systems, adapting to the user’s characteristics, offering incentives to stimulate behavioural changes.

10Feb 2021
  • algoWatt won the tender in association with a leading global technical and engineering consultancy company in the field of technology and innovation for the energy sector
  • Total consideration of approximately Euro 0.5 million for the re-engineering and consolidation of the WAMS (Wide Area Monitoring System) system, as part of the electricity system defence solutions
  • The contract concerns a technologically highly qualifying work area for one of the most innovative grid monitoring services and for a smarter and more sustainable power transmission

 

algoWatt S.p.A., GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), announces that it has been awarded, in a temporary association of companies (ATI) with a leading global technical and engineering consultancy company in the field of technology and innovation for the electricity sector, the first lot of a tender for the “WAMS system re-engineering and consolidation service”.

The client is a leading company in the transformation of the electricity market towards European integration and the use of eco-compatible sources, and the awarding of the tender represents for the temporary association of companies (in which algoWatt is the principal) a highly qualifying industrial opportunity from a technological point of view, for one of the most innovative network monitoring services, as part of the evolution of a national electricity grid defence systems.

The total consideration for carrying out the work under the tender is a maximum of approximately Euro 0.5 million.

WAMS (Wide Area Monitoring System) is an extremely high-performance realtime system, the purpose of which is to increase the reliability of electricity transmission with a consequent reduction in the response time of countermeasures in the event of grid disruptions. The system acquires and processes the data collected by the PMU (Phase Monitoring Unit) measuring instruments located in the power stations.

The re-engineering of the service, as well as the revision and consolidation of a new architecture, are strategic for the provision of an increasingly smart and sustainable electricity transmission service, also in anticipation of a significant increase in the number of metering devices in the near future. This is due to the increasingly central role of the data acquired by PMUs in the real-time calculation systems supporting control room operators, and to the fact that the number of users requiring off-line WAMS data is increasing.

The WAMS system will also be involved in the processes of verifying the correct provision of the Fast Reserve service, aimed at improving the dynamic response of the electrical system in the first moments during frequency transients.

05Feb 2021

algoWatt S.p.A. , a GreenTech Solutions Company listed on the Italian Stock Exchange’s electronic share market (MTA), after examining the separate preliminary results (announced on 16 December 2020), also analysed the industrial results achieved during the 2020 financial year.

The results indicate a consistent advancement of the business, which reflects the preliminary figure of growth in the value of production (equal to Euro 18.9 million approximately +9%) achieved in full pandemic, compared to the corresponding value of the previous year. In particular, alongside the consolidation of economic and technological results achieved thanks to the improved and updated guidance with the merger between TerniEnergia and Softeco, algoWatt has laid the foundations of the pillars that will support the growth assumed in the business plan 2021-2024, currently being defined and approved.

 

Business Unit Breakdown

The Green Energy Utility BU consolidated its technological leadership in the remote control segment for the transmission and distribution networks of the main operators in the sector, improving the backlog of orders and the customer portfolio and increasing the contribution to the EBITDA margin. Tangible results were achieved with the new strategic and technological consulting service applied to the main innovative trends in the sector. Significant acceleration was given to the acquisition of skills and the activation of partnerships on energy storage, one of the key components for innovative projects aimed at the Smart Grid, the innovative Fast Reserve service (in which AlgoWatt has developed original and competitive support solutions for utilities), passing through the Capacity Market and the Energy Communities, and finally the Vehicle 2 Grid. Finally, the company has enhanced and innovated its historic position as a technological leader in renewable energy production, generating advanced asset management solutions in particular for the photovoltaic and hydroelectric sectors and for plant O&M.

 

The Green Enterprise & City BU has extended the scope of its solutions component to include leading and well-established customers in industry and the tertiary sector. It has begun to apply the proprietary solutions of the AI-Green line, based on the implementation of artificial intelligence technologies to environmental and industrial processes. algoWatt has made significant investments in training for the development of new solutions aimed at remote control of the railway sector, the most energy-intensive of all, which will begin to bear fruit in 2021. The pooling of the decades of expertise of Softeco and TerniErnergia has enabled the construction of a complete, modular and replicable proposal for the residential, tertiary, industrial and public administration sectors. To this end, a new consultancy service has been developed to identify the most suitable incentive tool to optimise the return on investment in energy efficiency and sustainability.

The Green Mobility BU has improved the margins of its products on its main customers, particularly in electric mobility and in the management of road fleets and port terminals and hubs. The optimisation of the offer aimed at local public transport has enabled the internationalisation of the proprietary, modular and scalable solution for on-call public services, for which algoWatt remains the leader in Italy. In addition, a complete commercial proposal has been prepared for the engineering and implementation of corporate electric mobility solutions. After the success of the Villa San Giovanni terminal for Caronte&Tourist, algoWatt is ready to replicate its experience in port ticketing and boarding, complementing it with the new requirements of “green” and sustainable ports. Finally, the BU is completing the definition of an offer for the innovative management of separate waste collection (“per use”) by vehicle fleets, according to the new European regulations and for the application of the punctual tariff.

 

The establishment of a specialised division to launch an offer dedicated to the emerging segment of energy and seismic upgrading of real estate, envisaged under the 110% Superbonus legislation, has enabled the development of a substantial pipeline of projects to be carried out over the next few years. algoWatt is confident that this new line of business will generate a significant contribution in terms of turnover and therefore margins for the Group, also thanks to the extension of the instrument until 2022 envisaged by the 2021 Budget Law.

The new Product Development unit launched a major overhaul of the product portfolio, with the implementation of a new cross-product and cross-market architecture, based on the most modern principles of modularity and reuse and, therefore, on the most innovative microservices technologies.

Thanks to the creation of dedicated task forces across the three BUs, they will be able to count on the skills and processes necessary to relaunch their System Integration and General Contractor activities in order to achieve the growth envisaged in the 2021-2024 plan.

 

Research & Innovation R&I activity is the driving force behind the company’s competitiveness and the enhancement of the creative capital of the business units, contributing to the realisation of the exponential technologies that make algoWatt’s proposition unique. Thanks to its consolidated ability to obtain funding for research projects through national and European calls for proposals, algoWatt is involved as a coordinator or partner in 18 multi-year projects with contributions of around 5 million euros.

In 2020, the contribution of technology transfer activities to the operating result was further consolidated through the signing of Technology Transfer Agreements, which made it possible to exploit internally developed know-how and expand the company’s range of products and services. Lastly, expertise in the virtuous use of subsidised finance has led to the creation of a task force capable of providing specialist consultancy services for the implementation of strategic projects for large-scale investments in energy, mobility and automation.

15Jan 2021
  • The agreement for the provision of ordinary O&M services is for three years for a total amount of approximately Euro 0.78 million.
  • The annual agreement for “light EPC” services concerns 22 photovoltaic plants for a total amount of around Euro 0.36 million

 

algoWatt S.p.A., GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), following the press release issued on 16 May 2019, announces that it has signed with a leading international operator, active in the asset management sector of plants for the power generation of renewable energy, two contracts relating to the provision of maintenance services of “utility scale” photovoltaic plants, installed on the ground and on roofs of car parks in the regions of Umbria, Puglia, Marche and Basilicata.

The first contract, which is valid for three years, concerns the provision by algoWatt of ordinary “Operation & Maintenance” (O&M) services for n. 24 photovoltaic plants with a total capacity of approximately 22.4 MWp. The consideration for this service is Euro 0.26 million per year, for a total amount of around Euro 0.78 million.

Under the second one-year contract signed with the same industrial player, algoWatt will provide “light engineering, procurement and construction” (light EPC) services, consisting of extraordinary O&M activities, of n. 22 photovoltaic plants with a total installed capacity of around 19.4 MWp, for a total consideration of approximately Euro 0.36 million.

22Dec 2020

algoWatt S.p.A., GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), announces that the bondholders’ meeting (the “Bondholders’ Meeting”) of the Algowatt Tv Eur6m+1,5 Dc27 Amort bond – ISIN Code: IT0004991573 met in first call on today, 22 December 2020 at 12 AM (CET) under the chairmanship of Stefano Neri and in the presence of Notary Dario Restuccia from Milano, was attended by bondholders representing 50,8% of the bond.

The Bondholders’ Meeting resolved, with the majorities required by law, to further amend the bond Terms and Conditions and, in the immediate term, to grant a waiver to the provisions of the loan Terms and Conditions, also in order to preserve the business and operational continuity of algoWatt and Italeaf during the period of time required to prepare the New Financial Maneuver.

Specifically, the Bondholders’ Meeting approved:

  • the granting of a waiver to the provisions of Article 6 (“Redemption, purchase and cancellation”), paragraphs 6.1 and 6.2 of the Loan Terms and Conditions; and (ii) the temporary suspension of the provisions of Article 7 (“Events of default”), letters (a) and (g) of the Loan Terms and Conditions, with reference to the Company’s failure to fulfil its obligations to pay the principal and interest due on the Bonds, as well as with reference to the Company’s failure to fulfil its payment obligations under the certified plan for the rehabilitation of the Company’s debt exposure and the rebalancing of its financial situation pursuant to Article 67, paragraph 3, letter d) Bankruptcy Law prepared by the Company in September 2019;
  • to grant powers to the representative of the bondholders, Mr. Marzio Molinari, to execute with algoWatt S.p.A. a de non-petendo pactum that implements the resolutions referred to in the previous paragraph;
  • as a result of the signing of the non-petendo pactum referred to in item 2 of the agenda, the appointment by the company of an advisor, to be designated from among a group of professionals indicated by the bondholders, to carry out an Independent Business Review (IBR) on the company’s business plan.

The approval of the items on the agenda by the Bondholders’ Meeting represents an important step in updating and revising algoWatt’s Recovery and Relaunch Plan.

The minutes of the Bondholders’ Meeting and the summary voting report will be made available to the public within the time limit set by the applicable regulatory provisions. A copy of the aforementioned documents will be published on the website www.algowatt.com and on the regulated information storage system 1Info at the URL www.1Info.it.

algoWatt is assisted by R&S Advisory S.r.l. as financial advisor and by Studio Legale Fallanca-Scicolone & Partners, in the person of Avv. Marco Scicolone, for the legal advisory activities. Lawyer Marzio Molinari of Studio Russo De Rosa Associati is the common representative of the bondholders.

14Dec 2020
  • The transactions envisage the acquisition by the Buttol Group of the plant structure, 50% of the shares of the JV GreenASM and taking over the leasing contract
  • Total consideration of the transaction equal to Euro 3.9 million, with an advance of Euro 0.7 million in favour of algoWatt
  • The sale will involve the deconsolidation of a debt for over Euro 8 million

 

algoWatt, a greentech solutions company listed on the Italian Stock Exchange (MTA), announces that two separate preliminary contracts were signed today for the sale of the GreenASM biodigestion and composting plant, located in Nera Montoro (TR), to the Buttol Group, which operates in the high quality environmental services sector through sustainable development.

The total consideration of the purchase transaction by Buttol amounts to Euro 3.9 million and the sale will provide for the deconsolidation of the debt for leasing of algoWatt for over Euro 7 million.

The preliminary contracts regulate the acquisitions of full ownership of the anaerobic biodigestion and composting plant, also through the taking over of the leasing contract, and the sale of 50% of the shares of the JV GreenASM Srl between algoWatt SpA and ASM Terni SpA, which manages the plant.

The acquisition may also take place through an associated company of the Buttol Group, which was assisted in the transaction by Execo Srl as technical advisor and by Limatola Avvocati as legal advisor.

The signing of the preliminary contracts, which provide for the payment of a deposit of 0.1 Euro to algoWatt and the deposit of 0.6 million Euro to a notary’s public office, follows the presentation of a binding purchase offer by the Buttol Group at the end of a selective procedure managed by Molino Facchinelli Zerbini & Partners S.r.l., an independent advisor specialised in the renewable energy business.

The closing will be subject to certain conditions precedent, including compliance with the terms and conditions set out in the Recovery and Relaunch Plan pursuant to Article 67 of algoWatt, the completion of due diligence by the buyer and the obtaining of the leasing company’s authorisation to transfer the contract.

algoWatt was assisted in the transaction by the international law firm Eversheds Sutherland as legal advisor.

 

08Oct 2020
  • Approximately 1.5 million vehicles, including cars and commercial vehicles, and more than 3.5 million passengers transited
  • The new toll and embarkation system has contributed to increase social distancing and to safely manage boarding traffic for Sicily during the COVID19 emergency

 

algoWatt, GreenTech Solutions company listed on Borsa Italiana’s electronic stock exchange (MTA), and Caronte & Tourist, a leading company in maritime connections between Sicily and its minor islands (but also operating routes on the Strait of Messina and Sardinia, also connecting – through CarTour – Sicily and Naples), point out the first phase, virtually completed, of the wider project of digital reorganization of the activities of the C&T Ticketing Terminal located near the freeway junction of Villa San Giovanni.

Since the activation of the automation system on September 30, 2020, about 1.2 million cars, more than 250 thousand commercial vehicles and more than 3.5 million passengers have passed through the port of Villa San Giovanni. These are flattering numbers, which highlight the perfect operation of a completely new system and yet already fully operational.

The automation of the former Villa Agip terminal of Villa San Giovanni – said Vincenzo Franza, CEO of Caronte &Tourist Groupas well as speeding up and streamlining the ticketing procedures has allowed us to increase passenger security in order to contain the spread of the COVID-19 virus, reducing opportunities for interpersonal contact and optimize the use of resources and management costs”.

Laura Bizzarri, managing director of algoWatt, stated: “For algoWatt this is a highly qualifying project, which will represent a reference standard for the automation of ticketing and traffic management services for quay access and embarkation traffic in all national port facilities. The work done for Caronte & Tourist represents a practical example of the contribution that digitization can bring to the efficiency of transport services and tourist mobility, as well as to the safety and health of passengers. algoWatt has provided the turnkey system including design, purchase from third parties, installation, integration and activation of the system and testing, training courses for Caronte personnel. We also continue to serve the shipping company with the operational maintenance of the system“.

 

05Oct 2020
  • Turnkey” and “zero cost” interventions will be carried out for the customers
  • Focus on the establishment of renewable energy communities and collective self-consumption projects

algoWatt, GreenTech Solutions company listed on Borsa Italiana’s electronic stock exchange (MTA) part of Italeaf Group, announces the launch of the activity of General Contractor for the restructuring and energy efficiency upgrades with the formula of the Superbonus and Sismabonus of 110%, as provided by the italian Relaunch Decree.

In particular, algoWatt will operate as a promoter of the requalification operation, having structured – with special framework agreements and contractual commitments – an operational network of specialists, firms, installers and financial and insurance partners and will coordinate the necessary factors for the realization of the intervention, guaranteeing a “turnkey” service.

As General Contractor and with a committed internal team, the company will be the sole point of contact for the customer and will directly follow the entire cycle of interventions: from the initial consulting service, related to the feasibility of energy efficiency upgrades and the choice of products and services, to the time schedule of the works, from budget management to the management of the site, up to the relationship with suppliers and the handling of all bureaucratic requirements, without burdening customers.

algoWatt will directly address to the property managers and to the other subjects involved by the Decree, operating mainly with the formula of “zero cost for the customer”, acquiring the fiscal advantage thanks to the credit transfer instrument, but in case of particular needs it will carry out renovations also with the co-investment formula of the customer, where the project foresees interventions co-financed with Ecobonus (50%, 65%, etc.) or other facilitative formulas. algoWatt, as General Contractor, acquired the customer’s tax deductions and converted into a tax credit for a corresponding amount, will access the right of subsequent transfer to financial, credit or insurance institutions, certifying that it meets all legal requirements (improvement of two energy classes, or seismic improvement, fairness of costs and compliance with minimum requirements, asseveration of the intervention and compliance visa).

The company’s expertise in the energy sector will also be crucial to promote projects of self-consumption, even collective, of the energy produced by the establishment of the so-called “renewable energy communities”, with the aim of improving energy efficiency and protecting the environment, reducing the use of fossil fuels. The Superbonus is also recognised for the construction of energy communities up to 200 kW. The benefits extended by the re-launch decree can also be accessed by condominiums that will form an energy community, obtaining the benefits of dedicated withdrawal of energy fed into the grid in addition to receiving discounts applicable on the components of the bill.

Stefano Neri, Chairman and CEO of algoWatt, stated as follows:

We are entering into the segment of energy and seismic upgrading of real estate assets with the confidence that the measures envisaged by the Superbonus can be a driving force in terms of turnover and therefore margins for the Group. We bring to this new business a remarkable track record coming from the two companies that merged to create algoWatt. TerniEnergia has more than 400 MW of photovoltaic plants installed, the construction of the first Italian energy island equipped with storage systems, a consolidated ESCO activity and considerable experience on site; Softeco Sismat provides its technological skills and digital products for the building management, remote control and the emerging Energy Communities. We have structured a complete operational proposal, enhancing the ability to network with complementary partners and companies, considering that energy interventions such as the installation of solar systems or the implementation of digital solutions for energy efficiency need to be associated with other types of building works, such as the realization of the thermal coat or the works foreseen by the Sismabonus. Finally, algoWatt – with its identity as a greentech solutions company for the sustainable economy – intends to take up the challenge of the New Green Deal and actively participate in stimulating the recovery of our economy. By assuming the role of General Contractor in an emerging industry, thanks to fiscal benefits that we hope will become structural as announced by the Government, our Company will be able to fully exploit those skills aimed at pursuing the objectives of improving efficiency, reducing consumption and reducing environmental impact, becoming one of the industrial players in the implementation phase of incentives and fiscal measures such as Eco, Sismabonus and Superbonus“.