Lhyfe is targeting installed capacity of 20 Megawatt (MW) in 2024, representing a production capacity of up to 8 tonnes per day (tpd), following a doubling in revenues to €1.3 million in 2023.
However consolidated net losses rose to -€33.6 million in 2023, widening from -€25.8 million a year earlier, as costs rose to meet an expanding workforce and expenses relating to its ever-growing pipeline of projects.
The company said it now intends to co-develop projects with investors and sell associated development, construction and operations services – through development and asset management fees – which will bring ‘long term revenues and higher return on equity’.
“Based on this new model, Lhyfe’s trajectory is now tilted towards an earlier EBITDA breakeven,” it states.
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