Eneva S.A. ENEVY

ENEVY Company Overview

Eneva S.A. is a Brazilian integrated energy company focused on power generation and natural gas exploration and production. The company operates primarily in the electricity generation and upstream natural gas sectors, with activities concentrated in thermoelectric power plants fueled mainly by domestically produced natural gas. Eneva is listed in Brazil on B3 under the ticker ENEV3 and trades in the U.S. over-the-counter market under ENEVY. The company operates within the broader Brazilian energy and infrastructure industries, serving regulated and free-market electricity customers through long-term power purchase agreements and energy commercialization activities.

Eneva’s primary revenue drivers include electricity generation, capacity availability contracts, and natural gas production from onshore fields in Brazil. The company is recognized for its “reservoir-to-wire” business model, which integrates gas production with thermal power generation infrastructure. This vertically integrated structure is considered a strategic advantage because it links upstream gas assets directly to power generation facilities, helping optimize fuel supply reliability and operational costs. Eneva traces its origins to MPX Energia, founded by Brazilian entrepreneur Eike Batista, before restructuring and later adopting the Eneva brand following changes in ownership and corporate governance after financial difficulties in the mid-2010s.