Leclanché SA increases its energy storage order book, looks forward to EDBITA breakeven in 2018
Written By: Stratton Report
September 7, 2016
On September 7, Leclanché SA announced it had confirmed projects totaling 75 MWh of energy storage solutions business; that its order backlog target for the year 2017 increased to 85 MWh; that four new major institutional investors participated in its CHF 11.1 million ($11.39 million) capital raise; that it had signed an investment partnership with an independent owner & operator of energy storage assets to develop and finance projects globally; and looked forward to EBITDA breakeven in 2018 or sooner.
Anil Srivastava, Leclanché CEO, remarked:
“Leclanché is one of the fastest-growing companies in the world operating in the industrial-scale energy storage market. I am pleased to report that the Company has achieved key milestones that were set out in the Growth Plan endorsed by a vast majority of our shareholders during the AGM held on 4 May 2016. Our Revenue, Order Intake and Sales pipeline continues to grow faster than the addressable market growth @37% CAGR1. We intend to cement Leclanché as one of the leaders in this field, and our activities are specifically undertaken with this in mind.”
In August, the company successfully completed the first tranche of the capital raise including new equity issuance and a conversion of CHF 4.1 million ($4.21 million) of the convertible loan by ACE & Company and Jade Crest Limited. The existing shareholders Bright Cap SICAV SA and Recharge A/S made further investments in the Company as part of the first tranche of the capital raise.
According to Leclanché SA, these transactions constitute the first part of what will total CHF 50 million ($51.31 million) to CHF 70 million ($71.83 million) capital raise.
Jim Atack, chairman of Leclanché noted: “The board of directors wish to thank Anil Srivastava, the CEO, and his team for the excellent results in the first half of the year. The Company is on course to deliver sustained growth and aims to achieve EBITDA breakeven in 2018 or sooner. The Company is increasingly recognized as the preferred provider of industrial-scale energy storage systems for the European and North American markets.”