Hellolight has finally managed to find an industrial partner. The electricity marketer, based in Barcelona, has announced the incorporation of Icosium Investment as a strategic partner with a investment of 22 million euros. In a statement, the company stated that this operation “will allow it to strengthen its growth strategy and advance its business plan with a partner committed to the energy transition.”
Icosium is a Spanish industrial investor active in the renewable energy sector in Africa and Europe. His entry into Holaluz occurs almost six months after the company announced that it was beginning the search for a partner to carry out a capital increase and ensure its financial viability.
The investment, subject to the corresponding authorizations, will be carried out in two phases. In the first, Icosium will contribute 6.48 million euros through a capital increase, issuing new ordinary shares at 1.80 euros per title without preferential subscription rights. In this first phase, Icosium will obtain 14.12% of the capital and will join the board of directors with two seats.
In the second phase, scheduled for the coming months, Icosium will inject the remaining 15.52 million euros through a convertible loan at 2.10 euros per share. Upon executing this conversion, Icosium will appoint a third member to the board and will reach 33.43% participation.
66% premium
The entire transaction values the company at more than 45 million euros, a 66% premium to the closing price last Friday on the BME Growth.
“We enthusiastically welcome Icosium as a strategic partner. This step is a recognition of our differential proposal to continue leading the energy transition by connecting people to green energy through distributed generation and storage and the development of technology and the use of the data,” stated Charlotte Pico-founder and executive president of Holaluz.
According to Lotfi BellahceneCEO of Icosium, “We are very proud to be part of the roofing revolution and we look forward to working side by side with the Holaluz team towards a better future. We are deeply impressed by how the team at this company fights with all their forces for what they believe in, defending with conviction their purpose of a planet powered by green energy.
Debt refinancing
The operation somehow closes the open crisis in Holaluz before summerwhen the company threatened to go into bankruptcy proceedings if it did not achieve a capital injection. Over the past few months, the company has made progress in reorganizing its debt and strengthening its balance sheet.
In September, it reached a moratorium with its main creditorswhich represent 94% of its financial liabilities. This agreement allows Holaluz to advance in the consolidation of its business together with PwC and the main banking entities in the country.
Furthermore, last July renewed a promissory note of seven million euros for two years under its green promissory note program at MARF. Additionally, he obtained €8.1 million in additional financing between May and June 2024thus consolidating your position to execute your business plan.
Despite this battery of measures, Holaluz has not managed to get out of the losses that hinder the marketer. In the first half of 2024, the company recorded losses of 13.5 million euros, 35% less than a year before, when it accumulated losses of 20.9 million.
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