Leclanché: Powering Up
Edison | Nov 15, 2017 08:03AM ET
Over the last three years, Leclanche SA (SIX:LECN) has been transformed into a vertically integrated group. It has begun work on a multi-million contract for one of the world’s largest stationary battery energy storage systems to date, supplying not only the battery modules but also the system integration and engineering, procurement and construction (EPC) work. It has also established a presence in the e-transport sector, for example partnering with Skoda Electric on battery solutions for e-buses. Completion of the ongoing financing round is required to enable the group to deliver against its pipeline totalling over 450MWh of energy storage, scheduled for delivery during FY17, FY18 and FY19.
Platform for growth established
Revenues, including CHF2.2m funding for a European ferry project, rose by 40% year-on-year during H117 to CHF8.0m. Revenue growth would have been substantially stronger if Leclanché had had sufficient funding to make faster progress on two large ongoing stationary energy storage projects in North America. As a result of financing constraints, management expects FY17 revenues to be similar to FY16. The financing situation did not prevent the company from adding to its pipeline of projects in both the stationary storage and e-mobility sectors. EBIT losses narrowed, from CHF15.6m to CHF11.5m, reflecting the restructuring and cost-reduction exercises taken in late FY16 and early FY17.
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