The British corporation will become the exclusive supplier of gas and electricity to the Audax Group in Spain under a market access agreement.

The agreement has a direct impact on Audax's working capital, significantly facilitating the company's market access and achieving the goals set out in its strategic plan.

February 1, 2023 - Audax Renovables (ADX.MC) - a Spanish vertically integrated energy group, producing energy in 100% from renewable sources and supplying electricity and gas to customers in seven countries - concluded a strategic agreement with Shell Energy Europe Limited - an energy company operating in international arena - the subject of which is the supply of electricity and gas in Spain. Thanks to the agreement, Audax secured electricity and gas supplies on competitive terms, which will enable the company to grow sustainably and increase profitability.

The agreement guarantees the Audax Group better access to futures contracts than when purchasing them directly on the wholesale market and immediately improves its cash flow. At the same time, it increases the Group's competitiveness on the market, enabling it to offer customers products that stand out from those offered by other energy suppliers.

The agreement, which improves the competitiveness of the Audax group on the Spanish market, also constitutes a new impetus for achieving the goals set out in its strategic plan, based on the vertical integration of the electricity production and sales activities and on its good financial condition.

As the president of the Audax Group, José Elías, said: “This alliance shows how much our company cares about the well-being of its customers and shareholders. It proves that we do our best to guarantee the most efficient energy supply possible, optimizing management according to a well-thought-out cost control strategy and taking advantage of interesting development opportunities. The operation, which had an immediate positive impact on our cash flow, will give us an advantage over the competition in a period when the market situation is extremely complex. It will also allow us to constantly grow without having to worry about the price fluctuations we see on the market.”

Audax, which closed the third quarter of 2022 with over 396,000 consumption points in its portfolio, is thus achieving further development goals in Spain and is in a good position to increase the number of customers in the next financial year.

The company was advised on the conclusion of the contract by renowned law firms such as Garrigues and Alantra.