YVERDON-LES-BAINS, Switzerland, June 9, 2021 – Leclanché SA (SIX: LECN), one of the world’s leading energy storage companies, today announces its results for the full year ending December 31, 2020 and provides further financial strengthening measures.
SEFAM, the long-term majority shareholder of Leclanché, in addition to the funding commitment for the year 2021 for an amount of almost CHF 60 million announced on March 30, 2021, has agreed to convert CHF 29.7 million of its loan to Leclanché SA into Company equity. This capital increase will be submitted to shareholders for voting at the Company’s next Annual General Meeting.
Anil Srivastava, CEO of Leclanché said: “We thank our largest shareholder, SEFAM, for confirming its commitment to convert CHF 29.7 million of its debt into equity well-before its maturity in December 2022. We see this action as a strong endorsement of Leclanché’s growth strategy, which will also allow the Company to save significant cash from interest payments and materially strengthen its balance sheet.”
Consolidated total income for the financial year 2020 was CHF 23.9 million, up 46% from CHF 16.3 million in 2019; the EBITDA loss for the year was CHF (61.0) million compared to CHF (58.9) million in 2019. The net loss for the year was CHF (78.2) million compared to CHF (83.4) million in 2019.
The increase in revenues in 2020 stems from the e-Transport Business Unit which delivered batteries for six vessels to Kongsberg Maritime while the Stationary Storage Solutions and Specialty Battery Business Units were slightly behind vs. 2019.
This unprecedented turnover of the e-Transport Business Unit validates Leclanché’s strategy to invest massively over the last five years in R&D, production equipment and engineering, to become the battery supplier of choice for world leading OEMs and system integrators. The Company estimates that CHF 110 million can be directly attributed to this investment.
The balance sheet total amounted to CHF 73.2 million compared to CHF 73.1 million in 2019. This stability does not necessarily reflect the positive development of certain items, including a reduction in inventories of CHF 5.5 million and an investment of CHF 5.6 million in new production assets in Willstätt and Yverdon-les-Bains.
In addition, Leclanché SA, the Swiss legal entity, was in a negative equity position as of December 31, 2020 in an amount of CHF 15.5 million. This situation has since been remedied by the capital increase of CHF 33.8 million processed at the end of March 2021.
Anil Srivastava, CEO of Leclanché said: “Although I appreciate that Leclanché’s 2020 performance confirms that the Company is still in a ramp-up mode typical of a high growth scale-up Company, I would like to emphasise to our shareholders and all stakeholders who have supported us over the past years, the technology leadership, industrial capacity ramp-up and commercial developments that have been achieved since 2016. Leclanché is now poised to become a major player in the electrification of the medium and heavy transportation market propelled by a robust order book and a committed pipeline of projects leading to Contracted Revenue exceeding CHF 500 million over 2021 to 2026.
Thanks to the strong position attained in the fast-growing e-Transport and energy storage system markets, the Company has received interest from new strategic investors over the past six months. After due evaluation, the Board has mandated a leading New York based Investment Bank, which is running a structured process to raise growth capital to support the Company’s business plan through to 2023.”
Achievement of Technology Leadership thanks to a CHF 110 million investment over the last five years
Lithium Cells: ready to enter the automotive sector
Modules: crucial building block to design a wide range of solutions for electric vehicles
Battery Management System (BMS): complete software and systems for all kinds of electric vehicles
Battery Packs and Racks: a complete integrated system on 100% in-house technologies
Energy Management Software (EMS)
Certifications: at the leading edge in the Industry
Industrial Capacity Ramp-up: Giga capacity by 2023
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
 SEFAM (formerly FEFAM) means: AM INVESTMENT SCA, SICAV-SIF – Illiquid Assets Sub-Fund and AM INVESTMENT SCA, SICAV-SIF – R&D Sub-Fund together with STRATEGIC EQUITY FUND – Renewable Energy Sub-Fund, STRATEGIC EQUITY FUND – Multi Asset Strategy Sub-Fund, STRATEGIC EQUITY FUND – E Money Strategies Sub-Fund (also called Energy Storage Invest) and, all these funds being in aggregate the main shareholder of Leclanché, hereunder referred to as “SEFAM.”
 Contracted Revenue = Backlog and non-weighted framework supply agreements including general Terms & Conditions (T&C) / Memorandum Of Understanding (MOU) / Long Term Supply Agreements.