2G Energy acquires significant individual order in the USA (EUR 17.5 million)
- A total of 32 hydrogen-capable CHP systems for nursing home chain on the West Coast of the United States
- Incoming orders in the third quarter at EUR 80.4 million (previous year EUR 42.0 million, + 91 %)
- Order backlog at the end of Q3 at a record level of over EUR 230 million (previous year: EUR 194.9 million)
- Continued high level of interest in decentralized CHP systems, particularly in Eastern Europe
Heek, October 10, 2024 – 2G Energy AG (ISIN DE000A0HL8N9), one of the leading international manufacturers of combined heat and power (CHP) systems and producers of heat pumps, recorded an order intake of EUR 80.4 million in the third quarter (previous year: EUR 42.0 million, +91 %). 2G is therefore increasingly succeeding in converting protracted sales projects, some of which have a lead time of several years, into concrete orders.
Order backlog at the end of Q3 at a record level of EUR 230 million (previous year: EUR 194.9 million)
At the end of the third quarter, the order backlog reached a record level markedly above EUR 230 million, exceeding the previous year's figure by more than 18%. As numerous orders have been approved by customers, 2G anticipates full capacity utilization until well into the second half of 2025.
"In view of the very well-filled order book and the current brisk demand in international business, it is becoming apparent that we will achieve sales in the upper half of the previous forecast range of EUR 410 to 450 million in the coming year," as CEO Christian Grotholt stated. "The partner concept we have been pursuing for years is increasingly gaining traction, making us independent of individual regions and countries and therefore apparently resilient to economic downturns in individual markets."
A total of 32 hydrogen-capable CHP systems for nursing home chain on the US West Coast
Shortly before the end of the quarter, 2G gained a significant individual order in the United States with a value of EUR 17.5 million. 2G will be equipping 32 nursing homes in California with hydrogen-capable ("H2-ready") CHP systems. The systems will be operated with natural gas until further notice and will be serviced by 2G as part of a full maintenance contract.
"This project is undeniably a flagship, as 2G is demonstrating its technological leadership not only with its hydrogen-capable engines," as CTO Frank Grewe stated. "The mandated earthquake safety of the CHP systems, which has been certified following extensive tests, also underlines our high and internationally recognized expertise in research and development."
As the substantial advance payment for this order was only partially received in the third quarter, the Q3 figures only reflect around 60% of this order. The remaining approx. 40% will be recognized in October. The tender recently won in Southern Europe for the delivery of 17 sewage gas CHP plants worth around EUR 5 million (see Corporate News dated August 22, 2024) is also not yet included in the current order backlog, as the final modalities are currently still being clarified. It is therefore already clear that the order intake for October 2024 will also significantly exceed the previous year's figure.
Continued high interest shown in decentralized CHP systems, particularly in Eastern Europe
In addition to the above-mentioned major orders from the USA and Southern Europe, a number of larger orders were acquired for delivery to Eastern Europe. Contractual partners include individual industrial companies, public sector customers and sales partners from the region. Generally speaking, the main selling points were the decentralization specific to CHP systems and, with regard to 2G as a solution provider, the technological maturity of 2G products and the short and reliable delivery times that 2G is capable of guaranteeing.
The new order intake in the past quarter breaks down as follows:
| |
2024 |
2023 |
Change |
| |
in EUR
million |
In % |
in EUR
million |
In % |
in EUR
million |
In % |
| Germany |
21.0 MEUR |
28 % |
26.1 MEUR |
62 % |
- 5.1 MEUR |
- 19 % |
| Rest of Europe |
41.9 MEUR |
56 % |
6.0 MEUR |
14 % |
+ 35.9 MEUR |
+ 598 % |
| North/Central America |
10.5 MEUR |
8 % |
1.4 MEUR |
3 % |
+ 9.1 MEUR |
+ 650 % |
| Asia/Australia |
4.4 MEUR |
6 % |
1.2 MEUR |
3 % |
+ 3.2 MEUR |
+ 267 % |
| Rest of the world |
2.5 MEUR |
3 % |
7.3 MEUR |
18 % |
- 4.8 MEUR |
- 66 % |
| Total |
80.4 MEUR |
100 % |
42.0 MEUR |
100 % |
+ 38.4 MEUR |
+ 91 % |
* Rounding differences apply.
2G company portrait
The 2G Energy AG Group is an internationally leading manufacturer and system provider of decentralized energy supply systems. The company develops, produces and installs comprehensive solutions in the growing market for highly efficient CHPs and large heat pumps. Digital grid integration and plant control for both types of energy generators, as well as service and maintenance, are further decisive performance criteria.
The product portfolio includes CHP plants in the output range from 20 kW to 4,500 kW for operation with hydrogen, natural gas, biogas and other lean gases, as well as large heat pumps in the range from 100 kW to 2,6000 kW. CHP plants operate with efficiencies of 90 percent and more, while large heat pumps achieve efficiencies of 300 to 500 percent, depending on the general conditions. With its products and services, 2G is at the interface to a decentralized, secure and largely decarbonized energy supply. More than 8,000 2G systems have already been installed worldwide in various applications, supplying electrical and thermal energy to a wide range of customers from the housing industry, agriculture, commercial and industrial companies, energy suppliers, municipal utilities and local government authorities.
2G is positioned worldwide as a system provider for decentralized energy solutions with its combination of CHP plants and large heat pumps. The company benefits from far-reaching synergies of both plant categories, ranging from project development, procurement, and production to the largely identical customer base and regulatory framework as well as sales channels and digital control and service.
2G is consistently expanding its technological leadership through continuous research and development work, both in power plant and pump technologies as well as in specific software development for service and maintenance activities. The digital grid integration consistently implemented by 2G is an indispensable, system-relevant element in the future electricity market design and represents a high market entry hurdle for competitors. The sector coupling required for the success of the energy transition is reflected in 2G's portfolio.
2G employs more than 900 employees at its headquarters in Heek, Germany, in North America, as well as at five other European locations. The company is active in more than 50 countries and generated net sales of EUR 312.6 million in the 2022 financial year. 2G was founded in 1995 and has been listed on the capital market since 2007. The shares of 2G Energy (ISIN DE000A0HL8N9) are listed in the “Scale” segment of the Frankfurt Stock Exchange.
Calendar 2024
November 19 Q3 key figures and business trends
November 19 3. ICF BANK Small- and Midcap Konferenz, Düsseldorf
November 25-27 German Equity Forum, Frankfurt
IR contact
2G Energy AG
Benzstrasse 3, 48619 Heek
Phone: +49 (0) 2568 93 47-2795
Fax: +49 (0) 2568 93 47-15
Email: ir@2-g.de
Internet: www.2-g.de
