Transformation into a District Energy Solutions Provider
TORONTO, April 28, 2025 (GLOBE NEWSWIRE) — CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”) has announced that it has filed its audited consolidated financial results for the year ended December 31, 2024. The Company has successfully transformed from a traditional natural gas company to a district energy solutions provider, leveraging its expertise in energy management and storage technology.
- CF Energy has developed a comprehensive energy ecosystem that incorporates its smart energy system, battery swapping network, and energy storage technology.
- The Company has successfully established itself in the district energy and renewable energy space, with its Haitang Bay integrated smart energy project now operating with a steadily increasing customer base.
Key Highlights of the Audited Consolidated Financial Results
| Financial Highlights | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Revenue | RMB520.0 million (CAD99.0 million) | RMB434.0 million (CAD82.8 million) | 20% |
| Gross Profit | RMB134.6 million (CAD25.6 million) | RMB119.3 million (CAD22.8 million) | 13% |
| Net Profit | RMB16.9 million (CAD3.2 million) | RMB3.0 million (CAD0.6 million) | 567% |
Non-IFRS Financial Measures
- EBITDA: RMB103.9 million (CAD19.8 million)
- Adjusted EBITDA: RMB103.9 million (CAD19.8 million)
Chair Statement
In the past five years, CF Energy has successfully transformed from a traditional natural gas company to a district energy solutions provider. The Sanya Haitang Integrated Smart Energy Project is now operating with a steadily increasing customer base. The advantage of Haitang Bay is that customers can have a one-stop energy supplier under the influence of Changfeng natural gas division. CF Energy is also one of the few companies in China to successfully operate a battery swap station network. Our goal for entering the battery swap business has always been in testing viability in district energy storage via station and battery packs. The Company envisions the smart energy centralized cooling for hotels, battery swap stations, and operates as a virtual power plant with active end user participation. The combined energy capacity from the cooling system, battery swap stations, and possibly additional storage units, can act as a virtual power plant, providing grid services such as peak shaving, load balancing, and frequency regulation.
Distributed Smart Energy Ecosystem
CF Energy has developed a comprehensive energy ecosystem that incorporates its smart energy system, battery swapping network, and energy storage technology. The Company’s Haitang Bay integrated smart energy project and Meishan project are examples of standalone distributed energy systems with advanced grid technologies that enable real-time monitoring and responsive energy distribution based on demand and supply conditions. The Company is working with partners in the IoT (internet of things) and cloud services field to create an efficient EMS (energy management system) that connects the standalone distributed smart energy systems with various energy storage technologies. IoT devices and sensors are deployed across all components of the energy system, collecting real-time data on energy production, storage levels, battery health, and consumption patterns.
Company Outlook
While the Company is ambitious in its goal to become the largest clean energy service solutions provider and carbon asset management company in Hainan, we recognize the economic and political instability in the world and will be cautious in our investments in the next few years. The Company envisions the smart energy centralized cooling for hotels, battery swap stations, and operates as a virtual power plant with active end user participation. The combined energy capacity from the cooling system, battery swap stations, and possibly additional storage units, can act as a virtual power plant, providing grid services such as peak shaving, load balancing, and frequency regulation. The Company is working to integrate a demand response system where hotels and other end users can opt-in to adjust their energy usage during peak periods in response to incentives. The integration must connect all components through a smart grid that enables two-way communication between the energy providers and consumers.
About CF Energy Corp.
CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. The Company has developed a comprehensive energy ecosystem that incorporates its smart energy system, battery swapping network, and energy storage technology. The Company has successfully established itself in the district energy and renewable energy space, with its Haitang Bay integrated smart energy project now operating with a steadily increasing customer base.
Contact Information
Corporate Investment Relations: [email protected]
Charles Wang: Executive Assistant to CEO & Chair of the Board: [email protected]
Frederick Wong: Director of the Board: [email protected]
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. The Company disclaims any intent or obligation to update any Forward-Looking Statements, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.
Definitions
-
- EBITDA
(Earnings Before Interest, Taxes, Depreciation, and Amortization): a non-IFRS financial measure that represents the Company’s earnings before interest, taxes, depreciation, and amortization.
-
- Adjusted EBITDA
(Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization): a non-IFRS financial measure that represents the Company’s earnings before interest, taxes, depreciation, and amortization, adjusted for certain non-recurring items.
Non-GAAP Financial Measures
This news release contains financial terms that are non-GAAP financial measures, such as EBITDA and Adjusted EBITDA. These financial measures provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company’s determination of these non-GAAP measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-GAAP measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS Accounting Standards.
Conclusion
CF Energy Corp. has reported its audited consolidated financial results for the year ended December 31, 2024, highlighting its transformation into a district energy solutions provider. The Company has successfully established itself in the district energy and renewable energy space, with its Haitang Bay integrated smart energy project now operating with a steadily increasing customer base. The Company’s comprehensive energy ecosystem incorporates its smart energy system, battery swapping network, and energy storage technology, providing a sustainable and efficient energy landscape. The Company’s vision for the future includes integrating a demand response system, a virtual power plant, and a smart grid that enables two-way communication between the energy providers and consumers.
