Key Takeaways
- Haffner Energy signed an agreement bringing Mundi Énergies and its partners into its share capital, shifting from a pure technology partnership to a long-term industrial and equity partnership.
- An initial share issue of €650,217 closed on July 27, the first drawdown under a €10 million equity investment facility capped at 23.07% dilution.
- The deal supports a network of roughly twenty multi-energy hubs planned across Quebec, each capable of producing about 50 million litres of renewable diesel a year.
- The first hub, developed through the jointly owned project company INCAD in Bécancour, Quebec, is scheduled to come online in the second quarter of 2028.
- Investors will not hold board seats or governance rights, but Haffner Energy secured preferential terms for a 20% stake in future project companies built on its technology.
Haffner Energy Shifts to an Equity Model in Canada
Haffner Energy has signed an agreement strengthening its strategic partnership with Mundi Énergies, marking the French renewable fuels company's first move into taking direct equity stakes in the energy-generation assets built around its technology, rather than supplying equipment alone.
The transaction brings Mundi Énergies and several of its partners into Haffner Energy's share capital. An initial issue of 4,308,928 new shares at €0.1509 each, worth €650,217, closed on July 27 as the first drawdown under a €2 million opening tranche of a wider €10 million equity investment facility.
Multi-Energy Hubs Planned Across Quebec
The financing underpins a network of around twenty multi-energy hubs the two companies plan to roll out across Quebec, each with the potential to produce roughly 50 million litres of renewable diesel annually alongside renewable natural gas and sustainable aviation fuel.
The first hub, in the Bécancour Industrial and Port Park, is being developed through INCAD, a project company jointly owned by Haffner Energy and Mundi Énergies, and is scheduled to begin operating in the second quarter of 2028.
“Our ambition is now to support Mundi Énergies not only as a technology provider, but also as a co-developer, enabling us to benefit from the recurring revenue generated by the infrastructure we help develop,” said Philippe Haffner, co-founder and Chief Executive Officer of Haffner Energy.
“This partnership illustrates the evolution of our business model and strengthens our ability to support our partners and customers across the entire value chain,” said Marcella Franchi, Chief Commercial Officer and Head of SAF at Haffner Energy.
Investors Stay Out of Governance
Under the agreement, Mundi Énergies and its co-investors will not take board seats or sign a shareholders' agreement, but Haffner Energy secured preferential rights to acquire a 20% stake in future project companies built on its technology, on top of the 20% it already holds in INCAD.
