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Record FY 2023 revenues reaching €39.2 million (+50% yoy), FY 2026 objectives confirmed, Progress on additional growth opportunities

20 July 2023

Pontpierre, France, July 20th, 2023 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, posted annual revenues of €39.2 million, up by 50% yoy, driven by increased Group’s electricity production capacities and the associated price optimization.


In Euro millions 2023* 2022 % Change
H1 Sales (Jul-Dec) 21.3 9.1 134%
H2 sales (Jan-June) 17.9 17.0 5%
Annual Revenues 2023 39.2 26.2 50%

   * Unaudited numbers,


Power generation activities growing steadily with high visibility already achieved on FY 2024 prices

Revenues related to electricity production almost doubled to €25.6 million (+98% compared to FY2022), driven by a further increase in the Group’s electricity volumes, up by 23% over the year. This financial year benefitted from the commissioning of two additional combined heat and power units in the North of France in July 2022 and the 15 MW photovoltaic park in the East of France in January 2023. Electricity sale prices have also been further optimized with new Power Purchase Agreements, representing now 73% of the cogeneration portfolio, and reached more than €176/MWh on average over the financial year (including feed in tariff and PPA), compared to €109/MWh in FY2022. Going forward, over 47% of the PPA volumes for FY2024 have already been fixed at €230/MWh.

The gas production activity remained dynamic this year, reaching €12.3 million revenues in FY2022 (+5%), despite the unavailability of the GRT Gaz transmission network, undergoing heavy maintenance until September 2023. The Group is also working on its assets flexibility in order to maximize the associated revenues, irrespective of the networks or markets constraints and is contemplating additional valorization options in the form of electricity generation and liquefied gas production.

Revenues from heat sales in Béthune and Creutzwald have also progressed to €459k in FY2023 (FY2022: €363k). The contribution of Cryo Pur, associated with the new operating and maintenance contracts for Liquefied BioGas (LBG) and Bio-CO2 production installations in Ireland and Norway, is €894k during the year, pending the launch of a serie of new LBG and Bio-CO2 production sites.

Group’s growth perspectives confirmed for FY 2026

FDE is continuing its organic growth expansion with the implementation of new low-carbon local energy solutions and the installation of 4 additional cogeneration units by the end of 2023. The Group has thus started construction works on its new site in Angres (62): the Fosse 6 – 6bis de Liévin well is the first of 6 new sites that will be commissioned in the coming months.

FDE is also continuing its development in carbon-free hydrogen, including natural hydrogen, with hydrogen concentration measurements to be performed in three existing FDE wells in Lorraine by the end of the year to determine the extent of the deposit. These projects demonstrate the rich potential of the Lorraine basin that will enable the production of local energy with a reduced carbon footprint.

The Group, also the exclusive holder of the largest gas resources in continental Europe, awaits in the coming weeks the judgment of the Administrative Court against the delayed and unfounded decision to reject the application for the Bleue Lorraine concession. This concession will allow to develop, in short circuits, the certified reserves of Lorraine gas, in order to significantly reduce the carbon footprint of the gas used locally, by replacing imported gas, including American shale gas arriving in the form of LNG, with local gas produced in the best environmental conditions and creator of jobs in France.

Finally, FDE, via its new Norwegian subsidiary, Cryo Pur Norge AS, is actively working on the implementation of 6 new LBG and Bio-CO2 production sites in Norway which construction will begin in 2024 for some of them. The Group anticipates that revenues related to these projects will quickly constitute a major additional growth axis for FDE.


FDE confirms its FY 2026 objectives of annual revenues of more than €100 million, and an EBITDA above €50 million, combined with over 10 million tons of CO2eq emissions avoided per annum


Next announcement:

FY 2023 Results – October 19th 2023


Press Release

Promises won't impact
climate change.
Your local resources, will.

Climate change is an undeniable reality. We can already see its serious consequences for our planet. It is now urgent to act.

At FDE, we refuse to participate in initiatives that generate pollution beyond our borders, even if they reduce the carbon footprint of our local territories. Whether it is a question of carbon footprint or pollution, there are no limits.

It is our duty to build sustainable energy solutions that move towards global carbon neutrality. Today, the most resilient and sustainable energy solution is even more self-evident: it is imperative that energy remains local, within short supply chains, as close as possible to the needs of local communities and consumers.

Considering these, at FDE, we are taking actions and offering tailor-made, local multi-energy solutions.

By making the most of local resources, our offer enables us to provide territories with energies with a triple benefit: reduced carbon footprint, economically competitive and contributing to the socio-economic development of the area. We choose abandoned sites, make the most of the potential of local suppliers and service providers, and participate in a local center of expertise that involves universities, local authorities and associations in the local energy project.

FDE lacks neither the resources nor the know-how to deploy tailor-made energy solutions for everyone and for the planet.

Our engineers embrace the energy transition with a pragmatic view.

Recovering abandoned mine gas avoids fatal gas emissions into the atmosphere, while local coal gas reduces the need to import much more carbon-intensive gases. Abundant solar energy is both local and renewable.

To support the energy transition, at FDE, we are constantly innovating, looking for new solutions for the future, such as hydrogen, a decarbonized energy, or CO2 sequestration in coal.

In addition, all energy produced by our Group is designed to be more virtuous. All these processes therefore make FDE the only French energy producer with a negative carbon footprint.


In accordance with its values and code of ethics, and with the aim of pursuing the objective of:

  • Guarantee the integrity of our assets,
  • Ensure a safe and healthy working environment for its employees and subcontractors,
  • Guarantee the health and safety of all personnel working on and off-site,
  • Limit environmental impact.


FDE wishes to promote the following HSE principles:

Identify, prevent and control impacts and risks to health, safety, security and the environment,

Develop the company's activities in a sustainable and eco-responsible manner,

Improve the working environment for its employees and subcontractors.

Consequently, FDE undertakes to:

Ensure the rigorous application of regulatory procedures in force with respect to safety, health, environment and the preservation of public security,

Impose operational management with advanced criteria for environmental protection, pollution prevention and energy optimization, as part of the ecological transition,

Systematically verify compliance with HSE principles through audits and practical exercises, with the aim of continuously improving the system and its performance,

Define indices and performance indicators for monitoring HSE activities and promote benchmarking to identify areas for improvement,

Encourage employee participation and involvement in health, safety and environmental protection processes through training and creation of tools for sharing experience and knowledge.

This culture of risk prevention and control applies to all employees, partners and suppliers. It involves setting concrete objectives and deploying action plans as part of a continuous improvement process to better anticipate tomorrow's challenges. This policy is reviewed annually, as are the associated indicators and targets.

Directeur Général,