Elogen, a subsidiary of GTT Group, has suspended construction of its electrolyser gigafactory in Vendôme, France, following a €33 million ($34 million) EBITDA loss for the 2024 financial year.
This decision comes as parent company GTT Group conducts a strategic review of Elogen’s activities, announced initially on January 9, 2025.
The measures include the potential elimination of 110 positions, the suspension of the gigafactory construction, and examination of future options for the Vendôme site. These actions will be subject to information and consultation procedures with employee representative bodies.
The Board of Directors also announced the resignation of Jean-Baptiste Choimet from his position as Chief Executive Officer, effective February 9, 2025. Philippe Berterottière, Chairman of the Board of Directors, has been assigned the role of Chief Executive Officer on an interim basis.
GTT acquired Elogen in 2020, and construction of the electrolyser gigafactory began in January 2024, backed by €86 million ($89 million) from the French Government. However, Elogen did not receive any “significant orders” in 2024.
The initial conclusions of the strategic review highlight the need for the GTT Group to reposition Elogen to enhance the value of its technological strengths. In the long term, Elogen’s activities should focus on research and development.
Catherine Ronge, Chair of the Nominations and Remuneration Committee, thanked Jean-Baptiste Choimet for his dedication and contributions to the Group over the past four years. The Board of Directors has decided to initiate a process to select a new Chief Executive Officer.
Stay updated on the latest in energy! Follow us on LinkedIn, Facebook, and X for real-time news and insights. Don’t miss out on exclusive interviews and webinars—subscribe to our YouTube channel today! Join our community and be part of the conversation shaping the future of energy.
