José Elías: From Electrician to Audax Renovables Chairman

From electrician to Forbes: How José Elías funded his rise

José Elías Navarro claims his personal account holds little cash; his wealth lies in companies that generate and reinvest profits. If true, this explains how he reached the Forbes list of Spain's wealthiest, starting from a humble background. The Audax Renovables chairman frequently appears on podcasts for young audiences, offering management advice while leading a company reported to have revenues exceeding €3 billion. The central question regarding his operations is not his wealth, but the origin of his initial capital.

How did he go from electrician to the Forbes list?

According to available accounts, the trail begins in 2009 with Orus Energía SL, an energy retailer disqualified in 2012 for failing to pay grid fees to Iberdrola. Between these dates lay the core business model: buying energy packages in a capped market and sustaining it with guarantees. As revenues grew, private financing arrived first—real estate investors who believed they were partners but were actually lenders, whom Elías quickly exited—trinc by foreign investment banking.

The other pillar was commercial. Door-to-door sales during Spain's electricity liberalization involved teams reportedly signing contracts with elderly customers who may not have fully understood what they were agreeing to. This is where the narrative becomes uncomfortable: the business focused on contract acquisition rather than power generation.

The game-changing move: FERSA and the reverse takeover

The scale-up had a specific name and price. Elías reportedly acquired FERSA Energías Renovables for around €70 million at a bargain price, then executed a reverse takeover giving him over 91% of the new Audax Renovables, avoiding conventional merger costs. By pledging shares and chaining capital increases, he transformed a mid-sized retailer into a listed company with access to cheap debt.

This also generated his first major cash flow: selling just over 5% of the company to Mayoral owners for €56 million. Today, that stake is worth barely €30 million. The profit came from paper trading, not electricity.

Is La Sirena a money-losing machine?

Reports claimed he paid €110 million in cash for La Sirena supermarkets. Detailed breakdowns suggest a much lower figure, including €1 million from a construction firm. The issue isn't the price, but the asset itself: empty stores, outdated designs, limited catalogs preventing weekly shopping, and frozen goods shipped via postal services. It’s a commercial property yielding no returns.

Simultaneously, €38.5 million invested in Ezentis, a company relisted after banks wrote off significant debt, and the integration of ASPI (bought from Asepeyo) into Atrys Health, whose stock has fallen months after a strong start. Here, questions outweigh certainties, and full operational details are highly sought after.

Why does he claim not to receive dividends?

Elías cites tax reasons: selling shares or taking dividends personally would trigger taxable events. He prefers taking loans rather than increasing personal equity, reinvesting every euro into his companies. Hence his advice on credit scoring, such as avoiding tying SME capital to real estate or fixed assets.

This strategy is coherent but also protective: those who don’t take income show less. Wealth is measured in stakes, valued only as the market dictates.

Smoke seller or savvy investor?

Some dismiss him as a hype figure unable to explain his funding sources, whose communication style irritates many, and who craves constant attention. Defenders note he holds an Industrial Engineering degree specializing in Electricity from the Polytechnic University of Catalonia and appeared on Forbes despite having nothing years ago.

The most consistent portrait is intermediate. According to one participant, his specialty is buying poorly managed or low-profit firms at moderate prices, replacing leadership with loyalists on symbolic salaries. Savvy, yes. Genius, likely not: his fortune outpaces his alleged brilliance. Incidentally, he shares origins with ham entrepreneur Enrique Tomás, also frequent on podcasts.

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One risk remains visible. If La Sirena and Ezentis end up in red ink, the rags-to-Forbes story cracks where no one disputes: cash flow. If they succeed, criticism of his speaking style will sound like mere envy. Answers lie in upcoming financial statements, not podcasts.