Charwood Energy Announces 2023 Annual Financial Results

Charwood Energy, a French company specializing in customized biomass energy solutions, disclosed its financial results for 2023. The company experienced a revenue of €4.1 million and total business activity amounting to €6.3 million, marking a 15% increase from the previous year. Despite heightened activity, Charwood Energy reported an operating loss of €2 million and a net loss of €1.6 million.

The increase in losses was attributed to significant investments in structural enhancements and project ramp-ups, aimed at bolstering future growth. Operational developments included initiating several construction projects for biomass solutions in various regions. Additionally, Charwood Energy expanded its workforce, which grew from 23 to 35 employees over the year, to support these expansions.

Looking ahead, Charwood Energy reconfirmed its ambitious targets for 2027, aiming for €100 million in revenue and the development of 50 owned plants. These initiatives are expected to generate approximately €90 million in annual recurring revenue. Moreover, the company emphasized its strategic investment by acquiring a 40% stake in LG Concept to secure a steady supply of renewable biomass resources.