YVERDON LES BAINS, Switzerland, 7 April 2017: Leclanché SA (SIX: LECN), one of the world’s leading energy storage solution companies, announced today the successful addition of CHF 2.7 million of equity from Baring Asset Management Limited.
The investment forms part of a major capital raise planned in 2017, including a targeted total private placement of CHF 7 million and a strategic alliance with an Asian industrial partner to support growth initiatives.
The current fund raising complements the CHF 11.1 million private placement of equity announced in August 2016, which brought in Baring Asset Management Limited and other new institutional investors including Herald Investment Trust Plc, KBI Global Investors Ltd (formerly Kleinwort Benson Investors) and Shamir Capital. The summer funding also included investment and loan conversion from existing shareholders ACE & Cie, Bright Cap SICAV SA, Jade Crest Limited and Recharge A/S.
Leclanché is also improving its capital efficiency through increased access to off-balance sheet project financing. In December 2016, Maple Leaf LP, the holding company for Leclanché’s Canadian utility grid project, secured a construction loan to build and commission the first two sites for the IESO installation totalling 12MWh (27MW), which represents the first portion of a 53MWh development for IESO. This follows financing by SGEM of the Company’s 10MWh (23MW) Marengo grid project in Chicago, announced in November 2016, for which it has already delivered the battery energy storage system.
Anil Srivastava, CEO of Leclanché, said: “We are delighted that Baring Asset Management has invested growth capital in the Company again. We have a very strong pipeline of projects amounting to over 450 MWh and continue to out perform the sector in terms of our revenue performance. Our further fundraising is on track and we look forward to updating the market in due course.”
Headquartered in Switzerland, Leclanché SA is a leading provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. The energy transition is being driven primarily by changes in the management of our electricity networks and the electrification of transport, and these two end markets form the backbone of our strategy and business model. Leclanché is at the heart of the convergence of the electrification of transport and the changes in the distribution network. Leclanché is the only listed pure play energy storage company in the world, organised along three business units: stationary storage solutions, e-Transport solutions and specialty batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).
SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9
This press release contains certain forward-looking statements relating to Leclanché’s business, which can be identified by terminology such as “strategic”, “proposes”, “to introduce”, “will”, “planned”, “expected”, “commitment”, “expects”, “set”, “preparing”, “plans”, “estimates”, “aims”, “would”, “potential”, “awaiting”, “estimated”, “proposal”, or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.
Media Switzerland /Europe:
T: +41 (0) 79 785 35 81
Media North America:
Henry Feintuch / Ashley Blas
T: +1-914-548-6924 / +1-509-494-4053
T: +49 (0) 711 947 670
Anil Srivastava / Hubert Angleys
T: +41 (0) 24 424 65 00