loses more than 6 million

The list of companies that see their sustainability threatened by the end of the solar bubble continues to grow. Adding to the high economic losses of Solar Profit and Holaluz, which are listed on BME Growth, is another solar PV group that is also part of this stock market, Valencian Umbrella Solar Investment.

The group published its annual reports for 2023, which reflect net loss 6.1 million euros at the end of the year, compared to the red figures of 371,518 euros for the previous year. The consolidated turnover of photovoltaic equipment promoter and seller IM2 Engineering fell by almost 47% to €24.22 million over the past year.

According to the company itself, such high losses are associated with a decrease in income from the sale and marketing of equipment for its own energy consumption, which it traditionally carries out. through its subsidiary Turbo Energy. Although in his case this is more than the market situation in Spain, he attributes this to his “change in the business model”, with which he aims to focus this subsidiary on the sale of equipment for self-consumption with batteries and its technology to optimize energy consumption. .

In fact, it was for this reason that Turbo Energy was listed on the US Nasdaq exchange in September, although this did not stop the technology company from closing with a red figure of more than 2 million euros.

More staff and factories owned

Moreover, the group led and controlled by Enrique Selva also attributes red numbers increase in personnel costsalmost two million euros to attract more employees, and investments in its area as a promoter of photovoltaic installations amounting to more than 18.7 million euros., projects the ownership of which will belong to the group itself, as opposed to the traditional model of their implementation for third parties. With these projects, the company also intends to expand outside Spain, in countries such as Chile, where it already has experience, or Colombia.

Despite the high losses, the group notes that it maintains positive working capital of just over 10 million euros and the Treasury for 9.25 million euros. It also points out that it has €111 million worth of undrawn financing lines, mainly for new photovoltaic parks.