Revenues for the first 9 months of 2016 are at €4 million, and orders backlog increases to €5.8 million Solid growth of projects in the pipeline, and average size of potential opportunities increases to €5 million New long term credit line from Banca Sella, bringing 2016 financing raised to €10 million 4 MW microgrid in the Maldives commissioned, 33 MW of microgrids under commissioning in H1 2017PARIS, Nov. 15, 2016 /PRNewswire/ -- The Board of Directors of Electro Power Systems S.A. (" EPS" or the " Group"; EPS: PA), a technology pioneer in clean-energy storage solutions chaired by Massimo Prelz Oltramonti, has examined and approved financial results (not certified) as of 30 September 2016 and updated its guidance for 2016 revenues.
CEO Carlalberto Guglielminotti says, " The first nine months of the year confirmed the market's expected growth and enabled us to increase guidance on 2016 revenues announced in September. We continue to work to convert projects in the pipeline into orders backlog, with the aim of strengthening our partnership with the main international players and developing an effective commercial network." FINANCIAL HIGHLIGHTS The Group's revenues in the first nine months of 2016 equalled €3,953,806, an increase of more than nine times over the €456,505 for the same period in 2015. The Group's net financial position as of 30 September 2016 is €2,267,269. In addition to credit lines totalling €9 million with Intesa Sanpaolo and Unicredit, a new medium-long term credit line of €1 million was approved by Banca Sella on 9 November, bringing aggregate debt financing raised by the Group in 2016 to €10 million, of which €6.5 is in medium-long term and 2 million already drawdown, with an average spread of 3.66%. NEW GUIDANCE ON 2016 RESULTS AND 2017 GROWTH EXPECTATIONS The Group's orders backlog is at €5.8 million, the pipeline of potential projects and tenders on which EPS has been bidding exceeds €100 million and the average project size has gradually increased from €0.5 million in 2016 to €5 million in 2017¿2018. To date, 50% of the pipeline consists of projects ranging from €4 million to €20 million, of which more than 60% are located in emerging economies, particularly in sub-Saharan Africa.