European Energy has released its annual report for 2020, and its EBITDA grew by 38% to EUR 61.2 million, gross profit saw growth of 29% to EUR 73.9 million and equity stood at EUR 235.3 million following a 71% rise since the end of 2019.
Power sale has increased 41% in 2020 from EUR 30.5 million in 2019 to EUR 42.9 million and now represents 22% of the revenue. In 2021 six new offices were opened (Hamburg, Glasgow, Milan, Barcelona, Sao Paolo, and Vilnius) and the total number of employees grew with 55 to 203. During 2020, European Energy made its first investment into Power-to-X with a 24 % stake in the Danish e-methanol company, REintegrate. Both EBITDA and Profit before tax are expected to grow by more than 30% in 2021.