Fiscal year 2023 will be a transitional phase
The 2023 financial year was challenging in many respects. Nevertheless, enespa managed to establish a number of strategic projects. The outlook is encouraging: Significant sales figures are expected for the first time.
Annual results 2023 and outlook 2024 in brief
Appenzell Switzerland, 24 June 2024
- Important strategic cornerstones set
- Consolidation of all forces around plant construction in Tangstedt
- Partnership and major project in the USA and Australia
- High development costs and expensive financing
- Stagnating set-up costs with significantly rising sales
- Eight-figure order lead in plant engineering for the first time
In a challenging financial year 2023, enespa succeeded in setting some strategically crucial cornerstones and establishing key projects based on them. The economic and political conditions were challenging, especially the complicated, lengthy authorisation procedures in the still young chemical recycling industry. The 2023 financial year therefore appears to be a transitional phase in which the foundations for projects and their economic success were laid. The number of employees in the enespa Group as a whole has changed little compared to the previous year, levelling off at 50 full-time positions.
The relocation of the three German enespa companies to Tangstedt near Hamburg is an important strategic step. All four divisions - research and development, engineering, plant construction and laboratory - were brought together at a new location. The merger in October 2023 resulted in far-reaching synergies relating to technologies and systems for the circular economy. The hoped-for quality of the location and professional cooperation with the authorities and administration could already be experienced during the construction phase. All forces relating to plant construction are now concentrated in one place. This enables "practical" research and development across all business areas. The plant portfolio can be presented to national and international customers in Tangstedt.
In our home market of Germany, we have achieved our first strategic successes and are making promising progress operationally.
Cyrill Hugi, CEO of enespa ag
The pyrolysis systems business unit for chemical plastic recycling recorded a pleasing development with the successful completion of the FAT test (Factory Acceptance Test) by the international goods testing organisation SGS SA from Geneva. The performance tests took place in the last quarter of 2023 and were successfully completed in the first quarter of 2024. This development progress is already reflected in the first successful sales of systems in this size class to end customers. Accordingly, the order backlog in plant engineering has grown to a small to medium eight-digit volume for the first time.
In the used oil recycling and oil refining business area, the focus was on expansion and the associated increase in output. The output of the facilities in Hoyerswerda, Germany, was significantly increased from 300 kg per day to three tonnes per day. An expansion to a capacity of 10 tonnes per day has already been prepared and planned. This expansion stage is planned for the current year.
Overall, we have taken important development steps in all business areas and made significant progress in some areas.
Christian Hörler, CFO of enespa ag
In the first quarter of 2024, enespa set up AdBlue® production at the newly opened site in Bernsdorf, Germany. Following successful certification by the German Association of the Automotive Industry (VDA), sales started successfully in April. The plant can produce 100 tonnes per day. The establishment of AdBlue® production and sales has created a business area that will generate revenue next year.
Work on the strategically important business area of tyre pyrolysis continued in the background this year. An initial cooperation project with a recycling company has been set up. Decisions will be made in the second half of 2024 that will lead to the necessary authorisations and permits. A ground-breaking ceremony is expected in early 2025. The planned pyrolysis plant has a daily capacity of 72 tonnes. This means that 24,000 tonnes of tyre granulate can be processed annually. The pyrolysis oil and carbon black are two end products that are in high demand by industry as valuable raw materials and are thus returned to the cycle.
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About enespa ag
As a global innovator, enespa develops, builds and operates economical and sustainable technologies and systems for the circular economy. Its core expertise lies in plant engineering and the associated industrial services. Using pioneering technologies and its own research and development laboratory, enespa designs in-house plant solutions for the chemical recycling of mixed plastic waste, for oil refining and for tyre pyrolysis. enespa also operates plants.
enespa is financed by private equity and employs over 30 specialists in Germany (Hamburg, Hoyerswerda) in plant construction and operation as well as in research. In Appenzell, Switzerland, 20 specialists provide various management and service activities. enespa's customers include well-known industrial and energy companies as well as governmental and non-governmental organisations from five continents.
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The road to a circular economy for plastics is a long one. However, we are not travelling this path alone, but together with you. Celebrate with us when we come one step closer to our goal.
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The road to a circular economy for plastics is a long one. However, we are not travelling this path alone, but together with you. Celebrate with us when we come one step closer to our goal.