Green Tech International (BVB: GREEN), a company that supplies geothermal water in Călimăneşti-Căciulata and the only stock listing this year on the Bucharest Stock Exchange, recorded a net profit of RON 0.59 million at a consolidated level in H1 2025, down 63% compared to the same period last year.
The operating income decreased by 18% to RON 5.8 million, and operating expenses increased by 8% y/y to RON 5.1 million, according to the financial report published on the BVB and quoted by Ziarul Financiar.
Green Tech promises substantial annual profits of around EUR 55 million – or even more – but only from 2027 onwards and only after investing approximately EUR 500 million from its own funds, borrowed capital, and subsidies. This amount is double the market capitalisation claimed during the accelerated IPO conducted over Christmas (December 19-30). For 2025, virtually no profit (relative to its capitalisation) is expected, with the first notable results (EUR 15 million) projected for 2026.
But the long-term development is challenged by issues related to a complex and unclear financing contract signed with GEM Global Yield LLC SCS, which received almost 30% of the company’s shares in exchange for financing planned investments.
In an attempt to strengthen its shareholder profile, Green Tech’s main shareholder reached an agreement with Bahamas-based private equity investment fund GEM GLOBAL YIELD (described as a “cornerstone investor”), who pledged to “make an investment” of up to EUR 135 millionn in exchange for a stake of no more than 29.9% in GREEN, according to the IPO prospectus.
In July 2025, however, Green Tech informed the market that the company had formally initiated arbitration proceedings against GEM Global Yield LLC SCS and GEM Yield Bahamas Limited, pursuant to the dispute resolution provisions of the Financing Agreement.
The arbitration concerns alleged breaches by the two GEM companies of their contractual obligations under the Financing Agreement.
“The company is in the process of preparing its Statement of Claim, which is expected to be submitted in September 2025, in accordance with the applicable procedural timeline,” Green Tech announced at that time.
iulian@romania-insider.com
(Photo source: Breeze393/Dreamstime.com)
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