Italian turbine company Exergy for sale in Italy, with auction set for 25 Sep. 2019

Italian turbine company Exergy for sale in Italy, with auction set for 25 Sep. 2019 Pico Alto geothermal power plant, Azores/ Portugal (source: Exergy ORC)
Alexander Richter 2 Sep 2019

As part of restructuring efforts and disposal of its energy holdings at its mother company Maccaferri, Italian turbine manufacturer Exergy has been put up for sale with an auction planned for 25 September 2019.

As part of restructuring efforts at its mother company Maccaferri (under the holding SECI S.p.A.), turbine manufacturer Exergy is now up for sale. Exergy is one of seven companies owned by Maccaferri and is the first to end up for sale.

As reported locally, the date for the auction is set at 25 September 2019 in the afternoon, the auction will be held in court to take over the business branch of Exergy S.p.A., a company whose main “activities are related to renewable energy, in particular in the geothermal and waste-heat recovery sector, Organic Rankine Cycle systems (ORC) for the production of geothermal energy, biomass and gas turbine heat recovery and industrial engines, pressure reduction systems and NCG expander”.

The base price is reportedly set at EUR 16 million. The authorization for the sale arrived on August 14th, followed by the publication of the sale notice (by the notary Giovanni Panzera). The sale will be divided into two lots, but for the second one, offers will only be accepted if they do not arrive valid for the first one.

The first lot includes the entire business complex and the acquisition of the subsidiary Exergy Turkey. The starting price of the auction, equal to EUR 16 million, may however be reduced “in consideration of the ascertained continuation by the contractor of the ‘orders in progress’ and of the after sales contracts, as well as the release of Exergy and Exergy Turkey from their residual obligations towards customers and the release of the related guarantees”.

The discount can reach up to EUR 3 million. Who will win Exergy will have to keep all the employees at the Olgiate Olona plant for at least 12 months after the acquisition: there were 69 workers, they have dropped to around 50 in the last few months. If the first auction will be deserted, bids will be accepted for another lot, including the entire business complex, but with some differences. The most relevant regards the future of the employees of the Olgiate Olona plant: the buyer will have to maintain at least 35 workers for at least three years and a union agreement will be necessary.

So far, according to what transpires, no binding offers have yet been received (for which a EUR 3.2 million security deposit must be paid). But there seem to be several big players interested, including General Electric.

The sale of Exergy is only the first stage of Maccaferri’s progressive disengagement from the energy sector.

Voices around the company point to the main reason of the sale being the financial situation of its owners, and that as soon as a sale goes through, the company is ready to operate again to 100%.

Exergy has been an active player in the ORC market since 2011 when the company launched its innovative Radial Outflow Turbine technology. To today the company is the second largest supplier in the geothermal sector worldwide, the third in the ORC sector for all applications, having installed 26 geothermal power plants with a combined power generation capacity of 412 MW. The technological value and the potential of this leading company has been acknowledged by the market and that’s why their sales has drawn the attention and interest of some big corporations.

Details can be found here:

Source: il Resto del Carlino Bologna