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Company history

The foundation of the company, its activities and objectives

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E-Star Alternative Plc. (formerly RFV Plc) is an alternative energy company specialising in the implementation of self-financed, technology-independent and supplier-independent complex energy efficiency-improvement projects, based on the optimal combination of fossil and renewable energy sources.

• The E-Star Alternative Plc. (then RFV Plc) was established by two Hungarian private investors, Csaba Soós and József Makra, in 2000. Both men recognised the business opportunities inherent in the implementation of long-term projects to exceptionally high professional standards in a rapidly evolving sector of the economy.
• Since its establishment, E-Star has focused on providing its clients with services that enable them to significantly reduce their energy consumption, thereby achieving substantial reductions in costs and harmful emissions.
• By 2009, E-Star had already completed 32 heat supply and 12 public lighting projects, and had installed and continued to operate efficient heat supply systems at a total of 231 institutions. In 2010, there were over 50 fully implemented projects.
• In the first years of its operation, as one of the first genuine ESCO (Energy Saving Company) companies in the domestic market, most of E-Star’s contracts were for short-term heating modernisation projects, and for the modernisation of public and indoor lighting systems.
• Owing to the Company`s business policy and its developments, it now conducts long-term operating agreements and undertakes to solve the heating and public lighting problems of increasingly populous villages and towns, both in Hungary and abroad.
• Most of E-Star Alternative Plc.`s business clients are municipalities and local government institutions; although households, as well as other national and religious institutions, condominiums and private enterprises, also number among our valued partners in the district heating supply sector.

For municipalities, the company undertakes the modernisation and operation of obsolete and often loss-making district heating system and services. When selecting the technologies to be used in the various projects, E-Star’s specialists take the local characteristics into consideration, and where possible make use of alternative and sustainable energy sources.
2000 – Establishment of E-Star (under our previous name: Regional Development Company Plc), implementation of the ESCO business policy approach
2005 – Rapid growth: more than 20 heat supply and public lighting clients
2007 – Initial Public Offering, flotation on the Budapest Stock Exchange
2009 – Secondary share offering of 400,000 shares in a value of EUR 4 million. Free float increases to 38 percent. First international project: Gheorgheni, Romania.
2010 – The four pillars of the company`s strategy: accelerating international growth, internal restructuring and an overhaul of processes, increasing emphasis on the use of sustainable energy sources, expansion and diversification of the range of financing banks. Start of operation of district heating systems in 3 Romanian cities: Gheorgheni (second phase), Tirgu Mures and Zalau
2011- New strategy (2011-2015) launched
New, modern and sleek corporate identity introduced
E-Star shares introduction to Warsaw Stock Exchange
EETEK aquisition


Stock exchange listing
The ordinary shares of RFV Plc. were listed on the Budapest Stock Exchange (BSE) on 29 May 2007, with a further 400,000 ordinary shares issued in a EUR 400 million secondary public offering in July 2009. This increased the free float to almost 38%, a figure which today stands at around 47%. E-Star shares has been listed on the BSE BUX Index since 2010.

In 2009, in recognition of the success of the share offering, RFV received the “BSE Stock Exchange Team” award, which is granted annually to the most distinctive stock exchange transaction of the year. In 2010 we were awarded with another BSE prize: the „issuer with the largest price increase for the year”.



Founded at the turn of the millennium, RFV Plc. has grown quickly and dynamically to become a key participant in the Hungarian market and an increasingly prominent player in the other countries of the region. With the company’s 2007 flotation on the Budapest Stock Exchange, and the results of almost ten years of its operation, the individuals who founded the company have laid the foundations for a strategy and business policy that will ensure the success of RFV Plc. over the long term. In 2011 E-Star shares were introduces to Warsaw Stock exchange through dual listing, which provides another platform to address international investors.

International expansion
The year 2009 brought a radical change to the company`s expansion, as RFV secured its first international project in the town of Gheorgheni (Gyergyószentmiklós), Romania. By the second half of 2010, our company had further strengthened its positions in the Romanian market. By the end of 2010 the company had launched two other district heating projects in Romania: in Zalau and Tirgu Mures.

We are ambitious about acquiring further projects in Hungary as well as continuing the dynamic regional expansion.In 2011 we entered the Polish energy market through the aquisition of EETEK, a Polish energy company. In Romania, we would like to extend to areas over the Carpathians. Our aim is to become active in 5 countries in the region by 2015.


Market environment
The constant growth in demand for energy-saving investments, coupled with growing pressure from the EU and society to make use of renewable energy sources, create the ideal conditions for the company`s uninterrupted growth. Hungary’s ESCO market is not only larger and more advanced than those of the neighbouring Central and Eastern European countries, but is even ahead of certain Western European markets. The number of ESCO companies that are truly technology-independent and supplier-independent remains low, which ensures a prominent role for E-Star in the sector.

In most of the relatively new EU Member States which joined in 2004, the technological standards of the energy systems at public institutions are generally even lower than in Hungary, which means they can achieve substantial energy savings simply by installing state-of-the-art technical equipment. This presents opportunities to carry out large-scale projects, and leads to a better return for the investor.

The municipalities of the region`s countries are even more underfinanced than those in Hungary, which means that there is a demand for modernisation projects that do not require the client to make an upfront investment.




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