Gel
On 18 December 2017, Gel S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 20 December 2017.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 5.7 million, through the issuance of 2,192,500 newly issued shares without nominal value.
In addition, as part of the listing operation, 2,192,500 Warrants were issued, assigned free of charge to each new share subscribed and each share outstanding before the start date of the negotiations.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.60; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 18.7 million.
The enterprise. Founded in 1979, Innovative SME since July 2017, is the second operator in Italy in the water treatment market. Specifically, the company designs, manufactures, and sells equipment, components, and chemical products destined for the domestic and industrial market to over 1,500 clients, not only in Italy but also abroad (20.5% of 2018 revenues), in particular in France, Spain, the United Kingdom, Belgium, and Eastern Europe; thanks to over 350 Technical Assistance Centres (TAC), GEL also offers an after-sales service 24 hours a day.
Ultima Ricerca Gel
BREAKING NEWS| Energy Time, listed since 2025 on Euronext Growth Milan, is a D-EPC-OM operator active along the entire renewable energy plant value chain, from development and construction to management and maintenance. Its client portfolio primarily includes IPPs, investment funds and energy-intensive corporates that recognise Energy Time as a reliable partner in the energy transition. In recent months, the Group has recorded a significant intensification of commercial activity, with the signing of new EPC contracts that increase visibility on 2026 and further strengthen the order backlog. The growth in new orders recorded a first transaction on October 31st, 2025, when the Company disclosed the signing of an EPC contract with a leading international player for the construction of a photovoltaic plant in Lombardy with a capacity of approximately 5.1 MWp, serving a production facility of a large international industrial group, for a total value of approximately € 1.40 million. Works are expected to start by the end of 2025, with completion scheduled around mid-2026. Subsequently, on December 23rd, 2025, the Group announced the signing of a strategic partnership with Voltuna Srl, part of the Gas Sales Energia Group, for the development of turnkey photovoltaic plants. Within the framework of the agreement, the first contracts were launched for a total of 2.5 MWp in the province of Piacenza, with an aggregate value of € 1.70 million. Works are expected to begin in the first months of 2026, with completion scheduled around mid-2026. The growth trajectory further accelerated on February 18th, 2026, when the Company announced the signing of new EPC contracts for the construction of photovoltaic plants in Sicily and Molise with a total capacity of 40.0 MWp and an overall value of approximately € 18.00 million, with completion expected in the second half of 2026. The counterparty is Nadara, an Independent Power Producer with over 4.0 GW of installed capacity and an additional 18.0 GW under development across Europe and the United States. Overall, between October 2025 and February 2026, Energy Time announced new contracts for more than € 21.10 million, with a pipeline largely extending into FY26, demonstrating the Group’s ability to operate with high-profile counterparties, ranging from energy-intensive corporates and system integrators to leading international IPPs. Based on the information disclosed in the press release, the agreement represents a further step in the Group’s growth path, strengthening visibility on 2026 revenues and its positioning in the photovoltaic segment. Pending the publication of annual results, we confirm our recommendation: target price € 5.25, rating BUY, risk Medium. |
