Blue Elephant gives up IPO as Struengmann family takes 15% stake

German solar and wind farm operator Blue Elephant Energy AG on Wednesday announced a EUR-75-million (USD 88.6m) investment by Athos, the family office of the Struengmann family, and scrapped plans for an initial public offering (IPO) that was scheduled for the third quarter of 2021.

The family office, which is a majority shareholder in BioNTech SE, will subscribe to a EUR-75-million private capital increase and will take a 15% stake in the company. Athos also has the option for a follow-up equity investment of up to EUR 75 million.

Because of the deal, the renewables producer will not go ahead with its IPO plans. The company said in June it would seek to list on the Frankfurt Stock Exchange in the third quarter of 2021, aiming to raise EUR 150 million to fund growth. No price range was set for the IPO.

"Athos is the perfect partner for us and fits wonderfully in our entrepreneurial shareholder structure. Now we work together to further implement our growth strategy," said Blue Elephant chief executive Felix Goedhart.

According to Thomas Maier, managing Director of Athos KG, Blue Elephant is well positioned in the renewable energy markets and is expected to grow strongly.

Blue Elephant currently has a 1,107-MW solar and wind portfolio, part of which is under construction. It is active in eight countries with a focus on Western Europe.

(EUR 1.0 = USD 1.181)

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