(Alliance News) - Altea Green Power Spa reported Monday that it closed the first quarter with production value almost doubled compared to the same period last year.

Value of production for the first three months is estimated between EUR9.5 million and EUR10 million compared to EUR5.0 million in the first quarter of 2023.

Ebitda is given between EUR6.5 million and EUR7.0 million compared to EUR2.6 million a year earlier, with margin above 65 percent from 51.4 percent a year earlier.

The increase in all figures is directly related to the closing of the co-development contract for nine BESS Storage plants in Italy, signed in March with a North American investment fund, and the related accounting progress of work on these projects.

Net financial debt is EUR700,000 - cash negative - compared to debt of EUR4.4 million as of December 31, 2023. Cash and cash equivalents amounted to EUR3.5 million, up significantly from EUR500,000 as of December 31, 2023. This change is, mainly, due to the collection of EUR4.5 million concurrent with the signing of the co-development agreement with the North American fund for the sale of the subsidiaries Green and Blue BESS Srl.

The order backlog as of March 31 exceeded EUR150 million, up about 114 percent from the same period in 2023.

Giovanni Di Pascale, CEO of Altea Green Power, commented, "We are very pleased with the more than positive results achieved in the first quarter, which attest to the validity of our business model. For the remainder of the year, we intend to proceed with the consolidation of development activities in the traditional renewable energy sectors, photovoltaics and wind power, and BESS Storage projects."

"In particular, our efforts in this area have enabled us to become partners with renowned international investors specializing in the sector. With the signing of the agreement in March for the co-development of nine BESS Storage plants in Italy, we have increased our order book to over EUR150 million, an increase of about 114 percent compared to the same period in 2023."

"The positive trend of economic indicators and the market response stimulate us to reach new and challenging goals and make us reasonably confident in continuing along our undertaken growth path, confirming the guidance and targets indicated in the 2024-2028 business plan presented at the beginning of the year."

Altea Green Power's stock is down 1.0 percent at EUR8.24 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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