Last year, the focus was, among others, on building up the value of green segments – e-mobility and photovoltaics which expanded its operations and changed its name to the RES segment.

At the same time, Grenevia implemented new initiatives in traditional business areas to increase their involvement in sectors related to renewable energy, including wind energy.

In 2023, 48% of the Grenevia Group’s revenue came from sources other than the thermal coal sector.

ESG is one of the key elements of Grenevia’s operations. The latest report describes in detail the progress status of the Sustainable Development Strategy for 2023-2030 adopted a year ago.

See the integrated report of the Grenevia Group for 2023.

In 2023, Grenevia was implementing further investments in projects related to the green transformation of the economy. The Group implemented its plans in accordance with the schedule which is reflected in the financial results recorded for the last year. The revenue of the Grenevia Group amounted to PLN 1.644 billion, an increase of 27% year-on-year. It resulted from higher revenue in the electrical power engineering and PV segments (RES), stable revenue streams achieved by the FAMUR segment, and consolidation of the e-mobility segment for the full period.

Scaling the operations of business segments

Currently, the Grenevia Group’s operations focus on building the value of individual segments which support the transformation towards a low-emission economy. In 2023, the scale of operations of IMPACT Clean Power Technology was expanded in the e-mobility segment and the company continues to cooperate with and secures new contracts from world leaders in the manufacturing of electric buses. The company also finalises the investment in GigafactoryX or the building of a large-scale factory to manufacture batteries for electric vehicles. A highly automated state-of-the-art manufacturing line will support the production of a new battery for the e-mobility sector every 11 minutes. In the photovoltaics segment, Projekt Solartechnik concluded in 2023 a preliminary agreement to sell to KGHM a portfolio of PV projects with a total capacity of approx. 50 MW.

In the electrical power engineering segment, Elgór+Hansen recorded a significant increase in revenue. The company is expanding the offer related to the distribution and supply of energy, including but not limited to container transformer stations for PV farms. In the area of solutions and services for the wind energy sector, the FAMUR segment expanded its offer, among others due to the acquisition of a 75.24% stake in Total Wind PL. The development of business operations in this area led to the establishment in February 2024 of the FAMUR Gearo area which consolidates all activities related to solutions for wind energy sector within the segment.

Value building based on ESG

The Grenevia Group as an organization is aware that each area of its operations has an impact on climate. Therefore, the business transformation is conducted in a responsible and well-thought-out manner. At the beginning of the last year, the Sustainable Development Strategy of the Grenevia Group for 2023-2030 was announced which is now implemented in all segments. Thus, the transformation of the Group’s business model was aligned with ESG issues. By implementing and pursuing the Sustainable Development Strategy, the Group seeks to balance its economic growth with care for society and the environment, supporting the UN Sustainable Development Goals.

Organizational structure

In 2023, the Grenevia Group also adopted an organizational structure for the efficient implementation of the Sustainable Development Strategy, including an ESG steering committee headed by the president of Grenevia, ESG segment leaders who are persons holding at least the position of a management board member in portfolio companies, and ESG coordinators. At the same time, the adopted operating model gives operational autonomy to the Group’s portfolio companies, allowing them to set additional ESG goals stemming from the specific nature of their business operations. A detailed description of the scope of operations within the new structure is presented in the Integrated Report of the Grenevia Group.

ESG policies and procedures

Last year saw actions to develop internal ESG procedures and policies and standardize them within the segments to ensure a coherent management system and improve transparency and operational efficiency. Among other things, the sustainable development code for suppliers was adopted, corporate risk management policies were implemented and social policies and corporate procedures were standardized across the Group. Grenevia is also committed to developing an organizational culture that promotes equality and diversity, for example through the Wind Roses project supporting women in their professional and personal development.