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Leclanché has confirmed order book of 95 MWh through 2018, qualified pipeline of >450 MWh

At its 2016 Annual General Meeting in Switzerland, vertically integrated energy storage company Leclanché announced it has a confirmed order book of 95 MWh through 2018—equivalent to more than US$50 million in revenue—and a qualified pipeline of more than 450 MWh. In eTransport, Leclanché is expecting to generate more than 150 MWh per year, equivalent to more than US$45 million in revenue, from 2019.

Anil Srivastava, CEO of Leclanché, provided an overview of 2016’s key achievements, including 56% increase in revenue, more than 2.5 times 2014’s figure; 16-fold increase in order intake; steady-state EBITDA loss reduction by 54%, year-on-year; and off-balance sheet US$23 million in project finance.

Srivastava also provided an update on the funding and growth strategy. Despite the success in 2016, Leclanché’s growth strategy faced a temporary blip in the first half of 2017. This was driven by accumulated losses from the past and Leclanché’s delay in raising new equity, which led to a very short term balance-sheet based technical insolvency under Swiss CO725.2, known to the Board since 31 May 2017, and negotiating an extension of the Convertible Loan provided by ACE and Jade Group, due on 30 June 2017. Leclanché solved these issues and its trajectory to profitable growth remains unaffected as it secured fresh investment of CHF 18.5 million (US$19.3 million) in July from existing shareholders Golden Partner and Bruellan.

Leclanché is planning to raise a further CHF 30 million (US$31.3 million) in October and is reviewing the options of a rights issue, private placement with institutional shareholders and an asset sale.

In addition, Leclanché is reviewing a potential second listing on a North American exchange and the possible acquisition of a target energy management storage software company, which is expected to generate an additional 3.5% margin.


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