- Leclanché further strengthens its funding and balance sheet
- Commitment for significant debt reduction of up to CHF 17 million
- Additional growth capital of CHF 5 million agreed
Yverdon-les-Bains, Switzerland, 2 July 2015 – Following the announcement of two of the most important and world leading projects in the micro-grid battery storage system and electro mobility segments, Swiss battery manufacturer Leclanché confirms it has now secured additional financial support for its operating and growth plan.
Endorsing the major break-through projects secured in the first half of 2015 – a Battery Power Plant on the Azorean island of Graciosa and the Battery Power Plant for the world’s largest electric ferry (amounting in combination to some 8,400KWh of battery storage), further key steps were taken yesterday towards ensuring availability of funds to invest in the company’s growth:
- Recharge has given an undertaking, subject to certain conditions, to convert up to CHF 17 million of its loan into equity, thereby significantly strengthening Leclanché’s balance sheet.
- Universal Holdings and Bruellan have agreed to restructure and extend their loans, respectively CHF 2 million and CHF 750’000 which had been due at the end of June 2015, allowing Leclanché to secure additional long term growth capital to execute its growth plan.
- Recharge has agreed to a further increase of CHF 5 million in the company’s growth capital facility, in addition to the CHF 8 million Facility B loan already announced.
Scott Macaw and Robert Robertsson, directors of Recharge A/S, commented: «We are pleased with the progress Leclanché has made in the past six months. Conversion of such a large loan into equity represents our even greater commitment to support Leclanché’s growth. Additionally, Recharge’s increase of Facility B will allow the management team to put more focus on execution of the large projects the company has won. We believe this is an extremely positive development for all stakeholders of Leclanché, including its customers, trading partners, employees and shareholders».
Jim Atack, Chairman of Leclanché, commented: «These announcements further validate Leclanché’s growth strategy. On behalf of the Board, I would like to congratulate the CEO, Anil Srivastava, and his management team for their commitment and capacity to deliver these major projects and to record our appreciation for this strong expression of support from shareholders».
For further information
Claude-Olivier Rochat, Voxia communication – Mobile +41 (0)79 203 52 19
Rohan Sant, Voxia communication – Mobile +41 (0)79 120 00 28
Established in 1909 Leclanché has been a reliable partner for battery storage technologies. Founded in the tradition of Georges Leclanché, the inventor of the dry cell battery, Leclanché today has a rich portfolio of Energy Storage Systems that include Specialized Customer-specific Battery Systems to industry leading lithium-ion solutions.
Through the integration of a spin-off of the German Fraunhofer Institute in 2006 the company evolved from a traditional battery producer into one of the first developers and manufacturers of lithium-ion cells in Europe.
Leclanché’s Storage Solutions are optimized for various applications, in particular for the integration of renewable energy, diesel fuel reduction, electricity grid-connected ancillary services, peak power shaving for heavy industries but also for heavy duty transportation in buses, trams, trains or maritime vessels.
Leclanché products are characterized by a very high cycle stability (cells with titanate anode) and long service life. Thanks to our patented separator technology, which is a core element of lithium ion cells with titanate anode, Leclanché is able to make cells with very good safety characteristics in automated production. Leclanché operates a fully automated plant for the production of large format lithium-ion cells at an annual maximum capacity of up to 175MWh or up to one million cells.
In addition, Leclanché offers a number of specialized battery systems through its Portable Business Unit, such as customer-specific energy storage systems for military and medical applications. Leclanché also distributes primary and secondary batteries and accessories of other producers.
Leclanché, which is listed on the Swiss stock exchange (SIX:LECN), has a wide range of storage products for homes, small offices, large industries, electricity grids, hybridization for mass transport systems like fleet of buses, trams etc.