Interim / Quarterly Report • Aug 24, 2023
Interim / Quarterly Report
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Interim Financial Report | Second Quarter and First Half 2023
Envipco is a recycling technology company. We have over four decades of experience delivering thousands of reverse vending machines (RVMs) and systems to leading customers operating deposit return schemes (DRS) across the world. We bring a broad technology portfolio, an agile and partnership approach, and deep experience operating and involvement in DRS. Known and recognized for our service delivery, we offer compelling competitive products and solutions in our chosen markets.
In Ireland, Envipco has been selected by a market leading retail organization as the preferred provider to deploy up to 800 RVMs in support of the February 2024 DRS Go-Live. In Romania, the company has received an initial order of 250 RVMs with a major retailer. In addition, another Romanian retailer is anchoring the launch of Envipco's new Modula backroom platform with an order of 30 systems.
Note: The company published on its' website (www.envipco.com) a restatement of the 2022 quarterly unaudited results to take effect of audit adjustments in the appropriate 2022 quarter. Comparisons to prior year quarters are to the restated/unaudited results.
We have continued to focus on efficient execution in the first half year 2023 and in preparation for significant activity in H2 this year. Whilst we have recognized some revenue prior to the Scotland DRS delay, as announced previously we have now realigned the UK operations to a 2025 national wide system leading to some one-time costs.
We have also completed build-up of a fully functioning Hungarian operation in anticipation of MOHU installations in H2 and updated local assembly operation in Greece is on-line both adding to Opex in H1. In terms of new commercial activity, we are pleased to announce securing a sizeable frame agreement in Ireland and the successful completion of a number of Romanian processes for delivery of products Q4/early 2024.
Whilst the timing of revenue will be different to what we anticipated at the beginning of the year, we remain excited about completing another important growth year for the business.
| in EUR millions | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | FY 2022 |
|---|---|---|---|---|---|
| Revenues | 16.5 | 15.9 | 26.9 | 26.1 | 56.4 |
| Gross Profit | 5.7 | 5.5 | 9.2 | 9.0 | 18.5 |
| Gross profit % | 34.5 % | 34.4 % | 34.2 % | 34.5 % | 32.8 % |
| Operating Expenses | 7.2 | 5.9 | 12.9 | 10.6 | 23.1 |
| EBIT | -1.5 | -0.4 | -3.7 | -1.6 | 1 -2.7 |
| Net profit/(loss) after taxes after minority | -1.8 | -0.6 | -4.4 | -2.0 | -4.2 |
| EBITDA | -0.1 | 0.8 | -1.0 | 0.8 | 2.3 |
| Earnings/(loss) per share in € | -0.03 | -0.01 | -0.08 | -0.04 | -0.09 |
| Shareholders' equity | 37.4 | 31.9 | 37.4 | 31.9 | 27.9 |
1) Including other income 2022 of EUR 1.9 million (PPP forgiveness).
Revenues in Q2'23 came in at EUR 16.5 million, up 3.5% from Q2'22 and 58.3% from Q1'23. The growth was driven by increased machine sales in Europe offset by lower RVM sales in North America.
Gross margin ended at 34.5% in the quarter, up from 33.9% in Q1'23 and up from 31.2% in H2'22, largely representing margin improvements in Europe, effects from renegotiated pre-DRS contracts in Greece, manufacturing efficiencies, and supply chain normalization.
Operating expenses amounted to EUR 7.2 million in Q2'23 compared to EUR 5.9 million in Q2'22 reflecting continued investments in the organization and IT infrastructure. The Q1'23 increase to Q2'23 was impacted by the launch of the Hungary organization, ramp-up of Greece manufacturing, reorganization tied to the Scotland DRS delay, and EUR 0.3 million in one-off fees.
Resulting Operating Profit (EBIT) ended at EUR -1.5 million in Q2'23 compared to EUR -0.4 million in Q2'22. EBITDA ended at EUR -0.1 million in Q2'23 compared to EUR 0.8 million in Q2'22.
Revenue for H1'23 came in at EUR 26.9 million, up 3.1% from H1'22. Of this, RVM sales amounted to EUR 12.0 million (+10.4%), and program services EUR 14.8m (-2.2%).
Gross profit was EUR 9.2 million representing 34.2%, compared to 34.5% in H1'22 and 31.2% in H2'22.
Operating expenses amounted to EUR 12.9 million compared to EUR 10.6 million in H1'22 resulting from organizational investments and market start up activity. Resulting EBITDA ended at EUR -1.0 million compared to EUR 0.8 million in H1'22, largely driven by increased operating costs.
1) Program services include commodity sales, lease, service, and pick-up & processing revenues.
Cash flow from operating activities amounted to EUR -11.1 million for H1'23, compared to EUR -4.1 million in 2022. The negative cash flow was principally related to inventory build-up associated with sales orders which will be executed in H2'23.
Net cash flow from investing activities was EUR -2.8 million, made up of capitalized R&D and intangibles of EUR 1.3 million, and EUR 1.5 million investments in property, plant & equipment (PPE).
Net cash flow from financing activities ended at EUR 4.9 million compared to EUR 5.6 million in H1'22, representing EUR 9.0 million in proceeds from European financing, partly offset by repayments of borrowings of EUR 3.0 million and EUR 0.6 million increase in leasing liabilities.
Net change in cash and cash equivalents was EUR -8.9 million during H1'23, compared to EUR -0.3 million for H1'22. Total cash holdings ended at EUR 7.2 million per 30 June 2023, up from EUR 2.7 million last year.
On 30 June 2023, Envipco had total assets of EUR 86.6 million, compared to EUR 65.3 million as of 30 June 2022.
Total equity amounted to EUR 37.4 million at the end of H1'23, giving an equity ratio of 43% compared to EUR 31.9 million and 49% as of 30 June 2022.
Total borrowings at the end of the period amounted to EUR 20.3 million compared to EUR 14.6 million as of 31 December 2022, mainly stemming from EUR 6.0 million net increase in borrowings. The company is evaluating additional financing opportunities to support the company's long-term growth plans.
| (EUR Thousands) | 6 months to 30 June 2023 | 6 months to 30 June 2022 |
|---|---|---|
| At beginning of period | 14 550 | 7 062 |
| Additions | 9 000 | 6 808 |
| Repayments | -3 007 | -912 |
| Translation effect | -229 | 673 |
| At end of period | 20 314 | 13 630 |
| (EUR Million) | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | FY 2022 |
|---|---|---|---|---|---|
| Revenues | 16.5 | 15.9 | 26.9 | 26.1 | 56.4 |
| North America1 | 8.1 | 10.7 | 16.2 | 19.8 | 38.2 |
| Europe | 8.4 | 5.3 | 10.7 | 6.3 | 18.1 |
| Gross profit | 5.7 | 5.5 | 9.2 | 9.0 | 18.5 |
| Gross profit % | 34.5 % | 34.4 % | 34.2 % | 34.5 % | 32.8 % |
| Total operating expenses | -7.2 | -5.9 | -12.9 | -10.6 | -23.1 |
| Other Income | -0.0 | 0.0 | 0.0 | 0.0 | 2.0 |
| EBIT | -1.5 | -0.4 | -3.7 | -1.6 | -2.7 |
1) Including Rest of the World (RoW).
Program services amounted to EUR 7.3 million in Q2'23 (-9.2%) and EUR 14.2 million (-3.0%) in H1'23. Container throughput volume increased 5% for H1'23 over H1'22, this positive revenue impact was offset by lower commodity prices.
North America established markets remain stable with growth tied to updated and/or new DRS legislation and expansion within existing customers. Envipco's existing relationship with OBRC in Oregon continues to develop with ongoing RVM sales for this established market. Expectations for shipments to the company's Australian distributor in latter part of H2'23.
Greece delivered EUR 3.5 million revenue in Q2'23 and EUR 4.7 million in H1'23, with a strong backlog for the remainder of the year. Envipco with its investment in localized manufacturing continues to support this important pre-DRS strategy which initiative is demonstrating success. The company recognized EUR 2.4 million in Scotland in Q2'23 prior to the announced Go-Live postponement. Further, the company has reorganized its Scotland/UK activities to adjust for delay to 2025. Malta DRS continues to develop and in Q2'23 launched the Quantum platform with revenues of EUR 1.0 million. After a slow start of the year, Sweden has recovered to normal activity with EUR 1.4 million revenue in Q2'23.
In preparation for deliveries in Hungary, the company has established local facilities, a full management team, service organization and IT infrastructure. The company commenced shipments in July 2023 under the MOL Group contract covering up to 2,300 RVMs initially. This contract provides for a further multi-year expansion of an additional 2,000 RVMs.
Envipco has been selected as the RVM provider for a major retail organization in Ireland. The expectation is to initially deploy up to 800 RVMs in preparation for the February 2024 DRS launch. In Romania, the company received a key retailer order of 250 RVMs initially. In addition, another Romanian retailer is anchoring the launch of Envipco's Modula backroom platform with an order of 30 systems.
Envipco has entered into a preferred supplier agreement with SPAR International. SPAR is the world's largest leading voluntary group of independently owned and operated retailers and wholesalers, who work in partnership under the SPAR Brand. The SPAR network comprises of more than 13,900 stores in over 48 countries. The SPAR relationship provides an effective and efficient sales approach to this large network of independent retailers. Envipco's Flex RVM is especially well suited for the independent retailer.
The company continues to see growth opportunities as Program Services are set to expand with the doubling of Connecticut's deposit value commencing in January 2024 and newly proposed legislation initiatives in New York and Massachusetts. The Oregon technology agreement is progressing at a steady pace with new orders as part of the effort in the state to replace aged competitor equipment. The company continues to monitor activities in California to help influence a sustainable model as the state amends their deposit legislation to include the use of RVM's.
UK/Scotland/Ireland: DRS Go-Live date in Scotland delayed to October 2025. Scotland contract coverage remains fully intact. No changes to the UK government announcement of its intention to pass DRS legislation in October 2025, an event with significant salethrough opportunity with our existing Scottish retailers operating in the rest of the UK. Significant commercial win with leading Irish retailer with frame agreement for up to 800 machines. The company expects further commercial success in Ireland with advanced discussions across all retail opportunities in preparation for February 2024 Go-Live. Key Irish service and sales management resources and showroom are in place.
Hungary: As one of the two selected Technology Partnersto the MOL Group (MOHU), Envipco has now opened capability and built the local team to install products in H2 2023. The contract potential includes approximately 2300 machines, with a further multi-year expansion opportunity of additional 2000 machines. Envipco expects deliveries to start H2 2023.
Greece: The pre-DRS project for Quantum based municipal recycling centres has continued to develop through Q2 2023 with the company's local partner. Envipco has completed an expansion and relocation of its manufacturing facility in Germany to support additional demand and has expanded its footprint in Greece to allow delivery of localized centres. Current backlog stands at over 100+ units which is expected to continue to grow in the coming periods.
Romania: The operator of the Romanian DRS, RetuRO, published final technical specifications and announced the handling fee structure in Q1, showing continued progress on preparing the country for anticipated Go-Live 2024. In addition to the announced recent orders, Envipco continues to be engaged in commercial activity with leading retailers and expects additional orders to be announced in H2 '23. In addition to the retail community, the municipality segment is important in the country where Envipco has a number of operating pilots.
Malta: Envipco continues to support BCRS in on-going system development including expanding the capacity through installation of 10 Quantums for high volume locations during Q2 / Q3 '23.
Other: In Poland the latest version of the draft law was issued in April with a 2025 Go-Live. Envipco is active with our Polish business development resources on the ground. In Portugal, communications by the Ministry of Environment indicate the operator should be announced and the law published in Q3 '23. The Portugal announcement will accelerate commercial processes that are already underway in the country including recent additions of a number of pilots showcasing our technology.
Envipco continuesto expand its foothold in new markets, winning sizeable contracts, taking important market positions, and building its backlog. The company is seeing increased demand for RVM technology as DRS approaches Go-Live or moving into detailed planning stages. The business opportunities remain significant, and Envipco is already capitalizing on the early fruition of key markets including Hungary, Greece, Scotland, Ireland, and Romania. The company currently has strong orderbook to be deployed through the second half of 2023 and 2024.
Envipco continues to build the organization and positioning the company for long-term growth. The company is expanding its organizational capacity throughout Europe, supporting legislative initiatives in the US in preparation for new DRS legislation, and ensuring sufficient production capacity for growth.
During H1'23, working capital increased by EUR 9.7 million. This is mainly related to inventory build-up for fulfilment of orders to be executed in H2'23, contributing to positive cash flows in the coming quarters. Through realisation of upcoming orders, stabilization of working capital, cash holdings and available credit facilities, the company has the necessary funding to support planned growth.
From contract signings in new European markets, the company expects strong revenue growth and improved financial performance in H2'23. In the medium term, the company maintains its ambitions for 4x-6x revenue growth from 2021 - 2025, 30%+ market share in new markets and 40% Gross Margin.
The Company's authorized capital per June 30 th 2023 is EUR 4,000,000 divided into 80,000,000 shares, each having a nominal value of EUR 0.05. The issued share capital of the Company as per June 30 th 2023 amounts to EUR 2,584,519 divided into 51,690,377 shares, each having a nominal value of EUR 0.05.
The Group has been notified of or is aware of the following 3% or more interests as of 30 June 2023.
| Number of Shares | Shareholding % |
Voting Rights % |
|
|---|---|---|---|
| A. Bouri | 19 830 670 | 38.36 | 38.36 |
| G. Garvey | 7 351 980 | 14.22 | 14.22 |
| Otus Capital Management Ltd | 2 785 195 | 5.39 | 5.39 |
| Lazard Freres Gestion SAS | 2 479 700 | 4.80 | 4.80 |
| R. J. Lincoln | 1 717 440 | 3.32 | 3.32 |
| B. Santchurn/Univest Portfolio Inc. | 1 554 800 | 3.01 | 3.01 |
| Number of Shares | Shareholding % |
Voting Rights % |
|
|---|---|---|---|
| A. Bouri | 19 830 670 | 38.36 | 38.36 |
| G. Garvey | 7 351 980 | 14.22 | 14.22 |
| S. Bolton | 100 074 | 0.19 | 0.19 |
| C. Crepet | 70 000 | 0.14 | 0.14 |
No material subsequent events have occurred in the quarter.
During the first half of 2023 there have not been any transactions with related parties that significantly impact the group's financial position or result for the period.
| in EUR thousands | Note | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | FY 2022 |
|---|---|---|---|---|---|---|
| Revenues | 16 477 | 15 926 | 26 885 | 26 075 | 56 373 | |
| Cost of revenue | -10 797 | -10 443 | -17 679 | -17 075 | -37 911 | |
| Gross Profit | 5 680 | 5 483 | 9 207 | 9 000 | 18 462 | |
| Selling and distribution expenses | -607 | -906 | -1 249 | -1 352 | -3 437 | |
| General and administrative expenses | -6 301 | -4 597 | -11 086 | -8 535 | -18 342 | |
| Research and development expenses | -264 | -399 | -609 | -697 | -1 351 | |
| Other income /(expenses) | -0 | 1 | 0 | 1 958 | ||
| Operating Results | -1 493 | -419 | -3 736 | -1 584 | -2 710 | |
| Financial expense | -189 | -177 | -422 | -326 | -1 341 | |
| Financial income | 24 | 32 | 23 | 46 | 97 | |
| Net finance (cost) and or income | -165 | -145 | -399 | -280 | -1 244 | |
| Results before tax | -1 658 | -565 | -4 135 | -1 864 | -3 954 | |
| Income taxes | -140 | -70 | -234 | -128 | -224 | |
| Net Results | -1 798 | -635 | -4 370 | -1 993 | -4 178 | |
| Other comprehensive income | ||||||
| Items that will be reclassified subsequently to profit and loss | ||||||
| Exchange differences on translating foreign operations | 25 | 1 542 | -693 | 1 542 | 1 625 | |
| Total other comprehensive income | 25 | 1 542 | -693 | 1 542 | 1 625 | |
| Total comprehensive income | -1 773 | 907 | -5 063 | 2 134 | -2 553 | |
| Profit attributable to: | ||||||
| Owners of the parent | ||||||
| Non-controlling interests | -1 797 | -641 | -4 374 | 586 | -4 182 | |
| Total Profit/(loss) for the period | -0 | 6 | 4 | 6 | 4 | |
| -1 798 | -635 | -4 370 | 592 | -4 178 | ||
| Total comprehensive income attributable to: | ||||||
| Owners of the parent | ||||||
| Non-controlling interests | -1 772 | 901 | -5 067 | 2 128 | -2 556 | |
| -0 | 6 | 4 | 6 | 4 | ||
| -1 773 | 907 | -5 063 | 2 134 | -2 553 | ||
| Number of weighted average (exclude treasury shares) shares used for calculations of EPS |
||||||
| Earnings/(loss) per share for profit attributable to the | ||||||
| ordinary equity holders of the parent during the period | 51 690 | 46 051 | 51 690 | 46 051 | 46 051 | |
| - Basic (euro) | ||||||
| - Fully diluted (euro) | -0,03 | -0,01 | -0,08 | -0,04 | -0,09 |
| in EUR thousands | Note | H1 2023 | H1 2022 | FY 2022 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | 9 309 | 7 699 | 8 595 | |
| Property, plant and equipment | 15 024 | 12 751 | 14 175 | |
| Financial assets | 33 | 1 175 | 830 | |
| Deferred tax assets | 1 938 | 2 100 | 2 081 | |
| Restricted cash | - | 340 | - | |
| Total non-current assets | 26 304 | 24 064 | 25 681 | |
| Current assets | ||||
| Inventory | 34 605 | 23 246 | 24 114 | |
| Trade and other receivables | 18 157 | 15 218 | 12 633 | |
| Cash and cash equivalents | 7 185 | 2 747 | 16 121 | |
| Restricted cash | 340 | - | 340 | |
| Total current assets | 60 287 | 41 211 | 53 208 | |
| Total assets | 86 591 | 65 275 | 78 889 | |
| Equity | ||||
| Share capital | 2 585 | 2 303 | 2 303 | |
| Share premium | 70 867 | 56 990 | 56 939 | |
| Translation reserves | 4 898 | 6 486 | 5 591 | |
| Legal reserves | 7 880 | 7 525 | 7 575 | |
| Retained earnings | -48 884 | -41 438 | -44 511 | |
| Equity attributable to owners of the parent | 37 345 | 31 865 | 27 897 | |
| Non-controlling interests | 43 | 43 | 43 | |
| Total equity | 37 388 | 31 907 | 27 940 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Borrowings | 16 857 | 11 801 | 10 930 | |
| Lease liabilities | 2 244 | 954 | 1 233 | |
| Other liabilities | 120 | - | 120 | |
| Deferred tax liability | - | - | 50 | |
| Total non-current liabilities | 19 222 | 12 756 | 12 333 | |
| Current liabilities | ||||
| Borrowings | 3 456 | 1 829 | 3 620 | |
| Trade creditors | 15 444 | 11 842 | 10 055 | |
| Share lending liability | - | - | 15 000 | |
| Accrued expenses | 8 427 | 5 446 | 7 458 | |
| Provisions | 454 | 415 | 680 | |
| Lease liabilities | 1 026 | 493 | 620 | |
| Tax and social security | 1 174 | 587 | 1 182 | |
| Total current liabilities | 29 981 | 20 613 | 38 616 | |
| Total liabilities | 49 203 | 33 368 | 50 949 | |
| Total equity and liabilities | 86 591 | 65 276 | 78 889 |
| in EUR thousands | Note | H1 2023 | H1 2022 | FY 2022 |
|---|---|---|---|---|
| Cashflow from operating activities | ||||
| Operating results | -3 736 | -1 584 | -2 710 | |
| Adjustment for: | ||||
| Depreciation & Amortization | 2 785 | 2 368 | 4 969 | |
| PPP loan forgiveness | - | - | -1 948 | |
| Changes in: | ||||
| Changes in trade and other receivables | -4 967 | -528 | 807 | |
| Changes in inventories | -11 176 | -7 315 | -8 424 | |
| Changes in provisions | -220 | 234 | 499 | |
| Changes in trade and other payables | 6 695 | 3 007 | 5 572 | |
| Cash generated from operations | -10 619 | -3 817 | -1 236 | |
| Interest received and paid | -198 | -138 | -249 | |
| Income taxes paid | -234 | -128 | -278 | |
| Net cash flow from operating activities | -11 052 | -4 084 | -1 763 | |
| Investing activities | ||||
| Development expenditure, patents | -1 320 | -753 | -2 462 | |
| Investments in property, plant & equipment | -1 491 | -1 069 | -5 944 | |
| Restricted cash (non-current) | - | - | - | |
| Net cash flow used in investing activities | -2 811 | -1 822 | -8 406 | |
| Financial activities | ||||
| Proceeds of share issue | 14 514 | - | - | |
| Proceeds share lending | -15 000 | - | 15 000 | |
| Changes in borrowings – proceeds | 9 000 | 6 808 | 13 696 | |
| Changes in borrowings – repayments | -3 007 | -912 | -4 779 | |
| Changes in lease liabilities | -562 | -301 | -648 | |
| Net cash flow from financing activities | 4 945 | 5 594 | 23 269 | |
| Net increase/(decrease) in cash and cash | -8 917 | -311 | 13 101 | |
| equivalents Opening position |
16 121 | 3 061 | 3 061 | |
| Foreign currency differences on cash and cash equivalents | (18) | -18 | -2 | |
| Closing position | 7 185 | 2 747 | 16 121 | |
| The closing position consists of: | ||||
| Cash and cash equivalents | 7 185 | 2 747 | 16 121 | |
| Total closing balance in cash and cash | ||||
| equivalents | 7 185 | 2 747 | 16 121 |
| Share Capital |
Share Premium |
Translation Reserve |
Legal Reserve |
Retained Earnings |
Total | Non Controlling Interests |
Total Equity |
|
|---|---|---|---|---|---|---|---|---|
| in EUR thousands Opening Balance at 1 |
||||||||
| January 2023 | 2 303 | 56 939 | 5 591 | 7 575 | - 44 511 | 27 897 | 43 | 27 940 |
| Net profit/(loss) for the period |
- | - | - | - | - 4 374 | - 4 374 | - 0 | - 4 374 |
| Other comprehensive income |
- | - | ||||||
| - Currency translation | - | - 693 | - | - 693 | - | - 693 | ||
| Total comprehensive | ||||||||
| income for the period | - | - | - 693 | - | - 4 374 | - 5 067 | - 0 | - 5 067 |
| ended 30 June 2023 | ||||||||
| Share issue | 282 | 14 232 | - | - | - | 14 514 | - | 14 514 |
| Legal reserve | - | - 305 | - | 305 | - | - | - | |
| Balance at 30 June 2023 | 2 585 | 70 867 | 4 898 | 7 880 | - 48 884 | 37 345 | 43 | 37 388 |
| in EUR thousands | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | FY2022 |
|---|---|---|---|---|---|
| Opening Balance | 39 160 | 29 653 | 27 940 | 30 493 | 30 493 |
| Net profit/(loss) for the period | - 1 798 | - 635 | - 4 374 | - 1 993 | - 4 178 |
| Other comprehensive income: | |||||
| - Currency translation adjustment | 25 | 2 889 | - 693 | 3 407 | 1 625 |
| Total comprehensive income for the period | - 1 773 | 2 254 | - 5 067 | 1 414 | - 2 553 |
| Share issue | - | - | 14 514 | - | - |
| Closing Balance | 37 388 | 31 907 | 37 388 | 31 907 | 27 940 |
Envipco Holding N.V. is a public limited liability company incorporated in accordance with the laws of The Netherlands, with its registered address at Van Asch van Wijckstraat 4, 3811 LP Amersfoort, The Netherlands.
Envipco Holding N.V. and Subsidiaries ("the Company" or "Envipco") are engaged principally in Recycling in which it develops, manufactures, assembles, leases, sells, markets and services a line of "reverse vending machines" (RVMs) mainly in the USA and Europe.
The consolidated interim financial information for the full quarter ended 30 June 2023 has been prepared in accordance with IAS 34 "interim financial reporting." The consolidated interim financial information should always be read in conjunction with the annual financial statements for the year ended 31 December 2022, which have been prepared in accordance with IFRS as endorsed by the European Union.
All financial information is reported in thousands of euros unless stated otherwise.
Except as set out below, the accounting policies of these interim financial statements are consistent with the annual financial statements for the year ended 31 December 2022.
Envipco Holding NV Van Asch van Wijckstraat 4 3811 LP Amersfoort The Netherlands
Contact:
[email protected] EnvipcoInvestorRelations@envipco.com
www.envipco.com
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