GTT Group announced the initial conclusions of its strategic review of its subsidiary Elogen. Elogen recorded an EBITDA of - €33 million in 2024 and did not secure any significant orders during the year. The strategic review highlighted the need to reposition Elogen to enhance the value of its technological strengths. Consequently, Elogen's activities, following the delivery of current orders, will focus on research and development.
This strategic shift will involve a reorganisation and workforce adjustment project within Elogen, which may result in the elimination of 110 positions, as well as the suspension of the construction of its gigafactory in Vendôme and the examination of future options for the site.
The Group announced the resignation of Mr. Jean-Baptiste Choimet from his position as Chief Executive Officer of the GTT Group, effective immediately. Mr. Philippe Berterottière, Chairman of the Board of Directors, has been appointed as interim CEO.
GTT confirmed that its other activities are delivering strong performances, with the Group on track to meet its revenue and EBITDA targets for the 2024 fiscal year.
GTT is a technology and engineering group specializing in the design and development of cryogenic membrane containment systems for the transport and storage of liquefied gases.
Elogen is a subsidiary of GTT that designs and manufactures proton exchange membrane (PEM) electrolyzers for green hydrogen production.