Renta 4 | Amper (AMP) yesterday signed an agreement to sell 25% of Elinsa to Cofides (Compañía Española de Financiación del Desarrollo), a company attached to the Ministry of Economy. Amper will receive €41.2 million through a capital increase.
This investment complements those made to date and will enable: 1) financing the construction of a new factory in Morás (La Coruña) that will double the current manufacturing capacity of power electronics equipment for energy storage, 2) implementing an industrial digitalisation programme, 3) investing in a second plant to complement the capacity of the new Morás factory in view of the high demand expected, 4) launch a technological development programme for the management, integration and assembly of energy storage systems, and 5) strengthen the industrial, technological and operational assets of Elinsa Brasil, a market where significant business development is expected.
Assessment: We estimate that the capital increase will be around 11% of Amper’s market capitalisation, which means that the impact is significant.
We view the decision to double Elinsa’s production capacity in response to the expected high demand for energy storage favourably. Furthermore, Amper will undertake this capacity expansion without having to disburse capital by partnering with a state-owned entity that will finance the investments. We note that Amper is currently in a phase of inorganic growth, for which it carried out a capital increase in July 2025 of €77 million.
P.O. €0.17. OVERWEIGHT.
