“INTILION has received very positive feedback from investors on its positioning, growth strategy and management. However, INTILION and HOPPECKE have come to the view that an appropriate valuation of the Company cannot be achieved in the current capital markets environment,” today’s statement read.

“Depending on the capital market environment, preparations for the IPO of the Company will be resumed at a later date. In the meantime, INTILION and HOPPECKE intend to continue the dynamic growth of the Company.”

Capital markets have been weaker over the last 18 months. European gigafactory company Northvolt described them as “cautious” when discussing a private raise it concluded last year. The FSE’s DAX index is down 1.5% since Intilion announced its plans.

The plan was to issue new shares to international investors and also for the sole owner, the Hoppecke battery company to sell some of its shareholding.

When it announced IPO plans, Intilion revealed it had grown by an average CAGR of 147% over the last few years and expects around €70 million (US$77 million) in revenues in the year to March 2024. In the ‘medium term’ it is targeting revenues of €250 million and an adjusted EBIT margin of 4-10%.

The company is mainly active in Germany, Austria and Switzerland though wants to expand to other major European markets. This year it received a 60MWh order from Deutsche Telekom for a data centre project and commissioned an ‘Innovation Tender’ solar-plus-storage project, in April and March, respectively, both in Germany.