Haffner Energy: Mundi Énergies reserves 40 C-iB modules for its projects in Quebec
Mundi Énergies, Haffner Energy's partner in Canada, has evolved the architecture of its future Multi-Energy Complexes in Quebec towards a modular approach based notably on C-iB solutions from the CORE100 program.
Announced on October 13, 2026, this reservation is accompanied by an acceleration of the equity investment program: the contractually fixed price condition having been met, the partners decided to mobilize the balance of 8 million euros in two separate issues of 4 million euros each.
A reservation of 333,000 euros for two first complexes in Quebec
Mundi Énergies has reserved 40 SYNOCA C-iB modules under the CORE100 program, for an amount of 333,000 euros. According to Haffner Energy, this reservation guarantees Mundi Énergies the industrial capacity necessary for the deployment of its two first large-scale Multi-Energy Complexes in Quebec, sites previously referred to as Multi-Energy Hubs.
The C-iB module, now integrated into CORE100, adopts the technological architecture of the SYNOCA C-iC. The pooling of certain functions makes it possible to double the power per module, and thus the volume of biomass exploited, for similar sizing. It also offers the possibility of co-producing biochar and targets large multimodular installations.
During the presentation of CORE100 on September 18, 2026, the group had set a ceiling of 100 modules over three years for this reservation program, for which it then evaluated the revenue potential at over 500 million euros.
From Bécancour to a targeted network of 20 complexes in Quebec
The partnership between the two companies had been structured, according to a press release of December 18, 2025, around the development of around twenty Multi-Energy Complexes in Canada. The first project, located in Bécancour, led to the creation of the project company INCAD, in which Haffner Energy holds 20%. On September 28, 2026, the group signed a contract worth 3.2 million euros with INCAD covering six items available in stock.
The agreement also provides for a right of first refusal allowing Haffner Energy to participate, on agreed terms, in the capital of project companies resulting from the cooperation. The shift to a modular architecture aims, according to the company, to accelerate the transition from the first projects to their industrial deployment.
Sylvain Perreault, president of Mundi Énergies, presented this first volume as the basis for a deployment "targeting 20 Complexes across the province and up to 100 at the Canadian scale over the next ten years".
Two issues of 4 million euros, the first at 0.5204 euros per share
The partners agreed to mobilize 8 million euros, i.e., the full balance of the equity investment program with a maximum amount of 10 million euros announced on July 27, 2026, of which a first sequence of 2 million euros has already been completed. This grouping was made possible by the fulfillment of a contractual condition: the share price reached or exceeded 0.80 euros during three consecutive stock market sessions.
Rather than a single issue, the partners opted for two issues of 4 million euros each in order to limit dilutive effects, with each price set at 70% of the volume-weighted average price (VWAP) of the three preceding sessions. The first issue will be carried out at the price of 0.5204 euros per share, based on the sessions closed on October 12, 2026 inclusive, and will result in a dilution of approximately 3.9% excluding the exercise of share purchase warrants (BSA).
Each new share is accompanied by a BSA exercisable at the price of 0.9665 euros, following a period of approximately three months; its possible exercise would result in additional dilution. The second issue will take place by the end of November 2026. According to Philippe Haffner, chairman and chief executive officer, the mobilization of the 8 million euros will give the group "a cash horizon of more than 24 months, without taking into account the orders we expect shortly".
