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Days left0
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Annual return10,00%
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Investment duration36 MONTHS
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Investors754
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Min/Max investment100 / 1.500.000€
This project is in partnership with the Walliance platform, which will contribute to financing part of the economic needs of this project.
INTERVIEW WITH THE PROPOSER
WHAT AM I ABOUT TO INVEST IN?
The company CO-VER Power Technology S.p.A., a historic enterprise in the Verbano Cusio Ossola area, is requesting a bridge financing of € 1,500,000, which will contribute, as explained below, to the fundraising necessary for the expansion of the High Efficiency Trigeneration Plant in Novara, which produces combined: electric, thermal, and refrigeration energy. The energy vectors produced by the plant are mainly intended to meet the needs of MEMC, a company specialized in the production of crystals and silicon wafers that constitute the basis for the production of any microelectronics component.
Indeed, CO-VER Power Technology has already implemented, as an ESCo, the existing Trigeneration Plant within the Customer's facility, with a capacity of approximately 9 MWe, which began operating in March 2007.
The recent supplementary agreement signed in May 2023, also as an ESCo, provides for the construction of a new plant for trigeneration following the final Customer's decision to expand the facility in order to broaden the range of products and significantly increase production capacity.
The final Customer will exclusively purchase the energy vectors from CO-VER Power Technology S.p.A. based on a Energy Supply Contract with a ten-year duration. The cash flows generated by the consideration recognized by the final Customer and the sale of Energy Efficiency Certificates generated by the operation of the Plant will repay all the capital raised to carry out the investment.
The design and construction of the new facilities will be carried out by CO-VER Power Technology in collaboration with CO-VER Engineering and Encore, affiliated companies specialized respectively in the cogeneration and renewable energy generation sector.
The expansion of the existing plant will be financed through a plan that includes the contribution of own funds, bank debt, and the involvement of a specialized fund in the purchase of future credits. The crowdfunding campaign will temporarily reform part of the equity that will be used for the development of new initiatives.
CURRENT STATE
The existing and operating plant at the MEMC facility is a High Efficiency Cogeneration (CAR) power station, fueled by natural gas and based on the production capacity of 3 engine-generators, with a total electrical power of 9,042 kWe and a recoverable thermal power of 9,358 kWt. The power station is equipped with recovery systems capable of producing steam, hot water, and chilled water through the use of two absorption refrigeration machines with a total nominal capacity of approximately 5,000 kWf. The power station is able to supply almost the entire energy needs of the existing facility's production cycle.
The three current production units have a very high actual efficiency. According to the operating data certified by GSE in 2022, the first principle efficiency remained consistently between 83% and 84%, with an availability exceeding 95%, measured based on the facility's Up-Time of 8,760 h/year. The operation in 2023 resulted in a achieved primary source savings, compared to separate purchase of electricity and natural gas, of approximately 5,300 toe.
PROJECT AND TECHNICAL DATA
The project involves the partial increase in the nominal power of the current trigeneration plant, serving the first step in the growth of MEMC's production facilities, through the installation of new engine-generators, advanced systems for the recovery of low enthalpy heat and continuous production of thermal and refrigeration energy, in order to guarantee the supply of energy vectors necessary for the new production areas to the Client, in conjunction with the maximization of primary energy conversion efficiency.
In this phase, the progressive introduction of renewable energy sources is also planned, as envisaged by MEMC's shareholders.
The New Plant will consist of the following main equipment:
- N° 2 engine-generators powered by natural gas, each with the following main characteristics:
- Generated electrical power: approx. 1,063 kWel
- Recovered thermal power: approx. 1,235 kWth
- Heat recovery systems from exhaust gases and low-temperature cooling circuits of the new engine-generators;
- Additional heat recovery exchangers capable of reducing the discharge temperature of the exhaust gases sent to the chimney to the nominal value of approximately 55 °C, with a first principle efficiency of about 90%;
- N° 3 electric compression refrigerating machines, with variable speed and magnetic levitation, with a nominal power of approximately 5.25 MWf, for the production of chilled water at 7 °C;
- N° 3 electric compression refrigerating machines, with variable speed and magnetic levitation, with a nominal power of approximately 2 MWf, for the production of glycol water at 3 °C;
- n. 8 evaporative cooling towers for the cooling of the cogeneration units and refrigerating machines;
- Electrical and mechanical auxiliaries serving the newly installed machinery;
- New building in reinforced concrete designed to accommodate all the equipment and auxiliary systems and considers the potential future expansion in order to support any future production expansions of the Client.
In July 2023, site remediation activities, site preparation, and foundation construction began. Experimental operation of the New Plant is expected to start in November 2024.
QUALITATIVE SCORING AND FINANCIAL RATING
ENERSCORE+ & EASYSCORE INTEGRATED EXPERT
Ener2Crowd provides a first qualitative parameter called "EnerScore+" that is assigned to each investment proposal. This parameter defines a SCORING that objectively, comprehensively, and comprehensibly summarizes all the data that characterize the project from a technical point of view, starting from an ESG evaluation expressed in CLASSES, and a verification of the activated SDGs (Sustainable Development Goals).
A specific Financial Rating called "Integrated Expert Easyscore" is expressed, resulting from the credit analysis carried out by EasyFintech, which verifies the reliability and solidity of the creditworthiness of the Project Holder Company. EasyFintech S.r.l. is a company that carries out commercial information retailer activities with License art. 134 TULPS Prefecture of Milan prot. n. 14795/12B15E of 31/01/2020.
In the case of the Project proposed by Co-Ver Power Technology S.p.A., the resulting EnerScore+ is 12.55, therefore an ENERSCORE AA is assigned, while the Integrated Expert Easyscore is at level 1 - HIGH SECURITY.
Qualitative Scoring - EnerScore+
Elements taken into consideration:
- Clarity of project objectives and comprehensibility of descriptions;
- Strategic value of the project;
- Project business plan;
- Clarity of information;
- Technical-project verification;
- Evaluation of the reputation of the project owner's team;
- Historical record and experience on the Platform of the project owner, and if available, track record of payment punctuality;
- Consistency of the crowdfunding project with the platform's purposes and mission, particularly environmental sustainability, innovation, positive impact on the territory, ethical service, and social impact;
- Activated SDGs of the project;
- ESG report provided by Cerved Rating Agency.
Integrated Score issued on 13/11/2023 - confidential and not reproducible
Financial Scoring - Integrated Expert Easyscore
Elements taken into consideration for the calculation of the Integrated Expert Easyscore Report - (classes from 1 to 10 with a score of 0 - 100) prepared by EasyFintech S.r.l.:
- Company structure, actual owners, and reputational analysis;
- Analysis of key people and affiliated companies;
- Last three filed balance sheets;
- Financial scoring (Crif, CriBis, CeBi, Cerved, Dun & Bradstreet);
- InfoCamere database analysis;
- Potential bad news about company owners and administrators;
- Potential prejudicial registrations and transcriptions concerning the Project Holder, controlling partners, and company representatives;
- Statistical methodologies based on Artificial Intelligence, Machine Learning, and Data Analysis;
- Commercial reliability scoring;
- Analysis of the Central Risks of the Bank of Italy.
NOTE: It is specified that these values represent only a reflection element that an investor can consider in the decision to participate in the financing.
THE MARKET - THE EUROPEAN CHIPS ACT
On September 13, 2023, a European Regulation mobilizing 43 billion euros of investments in the semiconductor sector came into force throughout the European territory. The regulation aims to double the global market share of chip production within the European Union by 2030.
Chips are indeed a strategic resource for major industrial value chains. With the digital transformation, new markets are emerging for the chip industry, such as highly automated cars, cloud, Internet of Things, connectivity, space, defense, and supercomputers.
The recent global shortage of semiconductors has forced the closure of factories in a range of sectors, from automobiles to medical devices. This has made the extreme global dependence of the semiconductor value chain on a very limited number of actors in a complex geopolitical context more evident. Currently, the main semiconductor manufacturers are Asian countries on which most European industries depend.
The Client's project is part of this European project.
INTEREST RATE DEFINITION
In recent months, the global socio-economic context has led to a strong increase in inflation, that is, the prolonged increase in the average level of prices for goods and services. For this reason, the ECB predicts an increase in mortgage and financing rates with the aim of preserving the purchasing power of consumers.
INDEXING TO EURIRS AND EURIBOR INDICES
Unlike an initial phase where the effective interest was calculated based on a base rate, corrected through a Correction Factor (Fc), starting from 2024 a new method of defining the Interest Rate is introduced. In this specific case, similar to how Banks define the interest rate applied to loans, in this case, the interest rate is linked to the EURIRS index (in the case of fixed rate) and EURIBOR index (in the case of variable rate).
THE PLACE OF INTERVENTION
The energy efficiency intervention will take place at the final Customer's headquarters located in the province of Novara.
PROJECT OF THE NEW POWER PLANT
CO-VER POWER TECHNOLOGY S.P.A.
CO-VER Power Technology S.p.A. is a joint-stock company that, by capitalizing on past experiences, provides comprehensive services in the field of energy efficiency, offering customized solutions based on the analysis of the client's needs.
The staff at CO-VER Power Technology accompanies the client in implementing the best path for their company, carrying out energy audits, designing and implementing energy efficiency measures (also as an ESCo, accredited by GSE, certified UNI CEI 11352:2014), and providing management and supervision services, in order to achieve the goal of reducing energy consumption.
OUR MISSION
Investing in efficiency to make the best use of the energy resource.
Investing means first and foremost mobilizing the human resources that work with passion and expertise to achieve the common goal: energy efficiency for our clients.
The awareness of the need not to waste limited resources today that are useful for tomorrow is the motivation that guides CO-VER every day in its work. The synergy of the Group and the strong and lasting partnership with our clients are the basis for building solutions aimed at reducing primary energy consumption, limiting and containing the production of greenhouse gases.
THE OPINION OF THE ANALYST
The analysis of the Company that aims to raise funds is the result of the Report provided by EasyFintech S.r.l.
- License art. 134 TULPS Prefecture of Milan prot. n. 14795/12B15E dated 31/01/2020 - based on the calculation of available databases such as Crif, CriBis, CeBi, Cerved, Dun & Bradstreet, InfoCamere and other financial scoring tools that combine traditional analysis (economic-financial, trend, reputational) with statistical methodologies based on Artificial Intelligence, Machine Learning and Data Analysis.
CO-VER Power Technology S.p.A. is an ESCo founded in 2006 dedicated and specialized in energy efficiency.
The Chairman of the Board of Directors is Luciano Ferretti, with no previous negative records.
The adopted analysis methodology involves the calculation of a synthetic risk indicator, called Easyscore Integrato by EasyFintech S.r.l., obtained through a proprietary algorithm that integrates and synthesizes three partial scores (Easyscore Expert, CeBi Score 4, and CR Score). The Easyscore Integrato by EasyFintech places the company in an area corresponding to a "High Security" judgment.
Below is a summary of the analysis of the other partial scores:
• Rating Cribis D&B: evaluates the financial solvency and commercial reliability of the company through the calculation of the Cribis D&B Rating (Failure score, Delinquency score, Paydex Cribis D&B, negative events). CO-VER Power Technology S.p.A. has been assigned a Cribis D&B Rating of "1" with a minimal cessation risk;
• CeBi Score 4: The CeBi calculations provide the calculation of PD - Probability Default through a certified algorithm for the world of banks, within the scoring models and internal rating systems (so-called Internal Rating Based) used by Italian Credit Institutions. The scores evaluate the economic and financial solidity of the company, placed in its current and prospective economic system. The analysis of the balance sheet as of 31-12-2022 from the perspective of insolvency risk classifies the company in class S1, corresponding to a High Security situation with a PD of 0.00%. This class includes 1.36% of companies belonging to the sector PRODUCTION, TRANSMISSION AND DISTRIBUTION OF ELECTRICITY.
• CR Score: expresses synthetically a judgment on the ways in which the lines of credit granted by the banking system have been used, reported within the Central Credit Register of the Bank of Italy. The Score related to the Central Credit Register of the Bank of Italy is calculated over a 12-month period. This value is confidential as it is not a public data, but it shows a level of Security.
The preceding analyses, summarized in the Easyscore Integrato by EasyFintech, place the company CO-VER Power Technology S.p.A. in a "High Security" area.
The analysis of the Company that aims to raise funds is the result of the Report provided by EasyFintech S.r.l. - License art. 134 TULPS Prefecture of Milan prot. n. 14795/12B15E of 31/01/2020 - based on data bank calculators such as Crif, CriBis, CeBi, Cerved, Dun & Bradstreet, InfoCamere and other financial scoring tools that combine traditional analysis (economic-financial, performance, reputational) with statistical methodologies based on Artificial Intelligence, Machine Learning, and Data Analysis.
CO-VER Power Technology S.p.A. is an ESCo established in 2006 dedicated and specialized in energy efficiency.
The President of the Board of Directors is Luciano Ferretti, with no previous negative issues.
The adopted analysis methodology involves the calculation of a synthetic risk indicator, called Easyscore Integrato by EasyFintech S.r.l., obtained through a proprietary algorithm that integrates and synthesizes three partial scores (Easyscore Expert, CeBi Score 4, and CR Score). The Easyscore Integrato by EasyFintech places the company in an area corresponding to the judgment of "High Security".
Below is a summary of the analysis of the other partial scores:
• Cribis D&B Rating: evaluates the financial solvency and commercial reliability of the company through the calculation of the Cribis d&b Rating (Failure score, Delinquency score, Paydex Cribis d&b, negative events). CO-VER Power Technology S.p.A. has been assigned a Cribis Rating of "1" with a minimum cessation risk;
• CeBi Score 4: CeBi elaborations provide the calculation of PD - Probability Default through a certified algorithm for the banking world, within the scoring models and internal rating systems (so-called Internal Rating Based) used by Italian Credit Institutions. The scores evaluate the economic and financial solidity of the company, placed in its current and prospective economic system. The analysis of the balance sheet as of 31-12-2022 in terms of insolvency risk classifies the company in class S1, corresponding to a situation of High Security with a PD of 0.00%. This class includes 1.36% of the companies belonging to the PRODUCTION, TRANSMISSION, AND DISTRIBUTION OF ELECTRICITY sector.
• CR Score: expresses synthetically a judgment on the ways in which the lines of credit granted by the banking system have been used, reported within the Central Risks of the Bank of Italy. The Score related to the Central Risks of the Bank of Italy is calculated over a 12-month period. This value is confidential as it is not a public data, but it shows a level of Security.
The preceding analyses, summarized in the Easyscore Integrato by EasyFintech, place the company CO-VER Power Technology S.p.A. in an area of "High Security".
CONTRACTUAL STRUCTURE
The Financing Agreement is a purpose loan: CO-VER Power Technology S.p.A. undertakes to use the funds received from Investors exactly as stipulated in the Project outlined in the public offer and not to divert them for other purposes.
The purpose of this financing is to ensure short-term financial needs for the design and start-up phase.
Following the project's initiation, a NewCo will be established, wholly owned by Co-Ver Power Technology S.p.A., with the purpose of managing the subsequent phases of the operation. It should be noted that the financing will remain with Co-Ver Power Technology S.p.A. as the guarantor of the financial requirements of the operation.
COST STRUCTURE
The estimated cost for the implementation of the interventions amounts to €23,000,000. The minimum target for the fundraising on Ener2Crowd will cover 2% of the Capex, while the maximum target will cover 6% of the total.
The crowd loan is a bridge loan used to cover a portion of the necessary equity for the engineering phase, with the remaining part of the Capex being covered by a primary financial fund and banking institutions.
The financing contract with a manager of infrastructure funds of primary importance in the European panorama for a total amount of €19 million is currently being defined.
It is also specified that the Financing Contract includes the obligation for Co-Ver Power Technology S.p.A. to prepay the financing if, within six months from the date of the release of the raised capital, the Company does not obtain financing for the remaining amount from third parties for the realization of the Project.
AMORTIZATION PLAN
The amortization plan provides for the repayment of Capital and Interest at each installment. Therefore, there will be quarterly installments amounting to €146.230,69.
The following amortization plan for CO-VER POWER TECHNOLOGY S.P.A. is calculated with an interest rate of 10% for a total of €1.500.000.
N.B.: The start of the amortization plan is completed from the first available date after the terms of the release, therefore the table shown is a mere simulation containing the first available date in case of completion of the campaign at its expiration.
*net of any tax withholdings.
CONFLICTS OF INTEREST
The Relevant Parties, except for the Conflict of Interest Policy Manager and the Crowdfunding Service Provider, who cannot under any circumstances participate in the Crowdfunding Offerings published on the Platform, are authorized to invest in this Crowdfunding Offering on equal terms with all other Investors and without preferential treatment or privileged access to information.
For more information, please consult the policy at the following link
SDGS ACTIVATED BY THE PROJECT
The SDGs - Sustainable Development Goals are 17 goals defined by the United Nations Organization in the 2030 Agenda for Sustainable Development as a framework for a programmatic strategy "to achieve a better and more sustainable future for all" by 2030.
https://sdgs.un.org/goals
By financing this project you can contribute to support and implement the following SDGs Sustainable Development Goals:
Why these SDGs?
• SDG 9 implements resilient structures and infrastructure;
• SDG 11 improves energy efficiency and strengthens communities;
• SDG 12 encourages responsible and efficient consumption of available resources;
• SDG 13 addresses and mitigates climate change with a reduction in GHG emissions.
Become a protagonist of the future and sustainable development by financing this initiative!
THE TRIGENERATION
A trigeneration plant is an advanced energy system designed to simultaneously produce three forms of energy: electricity, heat, and refrigeration. These integrated plants efficiently utilize available energy resources, reducing waste and maximizing overall efficiency.
The basic configuration of a trigeneration plant usually involves several components:
- Cogeneration Cycle: An internal combustion engine, gas turbine, or another source of thermal energy is used to generate electricity. During this process, residual heat is captured and used for heat production.
- Heat Recovery: The residual heat produced during electricity generation is used to heat water or heat transfer fluids, which are then used to heat spaces or provide heat for industrial or commercial purposes.
- Absorption or Compression Refrigeration: A refrigeration cycle is powered using the residual heat to produce refrigeration. This can be achieved through an absorption or compression refrigerant system, depending on the specific design of the plant.
Trigeneration plants can operate using a variety of primary energy sources, including natural gas, fuel oil, biomass, or even renewable sources such as solar or geothermal heat. The choice of energy source depends on local conditions, fuel costs, and environmental considerations.
The overall efficiency of a trigeneration plant can significantly exceed that of separate conventional systems for electricity production, heating, and refrigeration, contributing to the reduction of global energy consumption and greenhouse gas emissions.
WHAT ARE THE ENVIRONMENTAL BENEFITS GENERATED BY THE PROJECT?
It is estimated that the increase in capacity will allow an annual savings of 20,000 MWh of primary energy (natural gas), equal to the elimination of the annual consumption for about 8,000 Italian households, equivalent to:
Avoidance of 4,000 tons of CO2 emissions into the atmosphere every year
Planting 400,000 trees, enough to cover an area the size of 2,000 soccer fields
Avoiding exhaust emissions from 500 cars that travel 30,000 km each year
These are the effects and benefits that can also be generated thanks to your contribution!
Green Generation
Additional +0.5% gross annual interest rate on all green loans, reserved for Under24s (18-24 years) through the Environment Points of the GreenPremio program."
