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Revenues more than doubled during FY18

Flash note | Industrial Support Services | 08 Mar 2019

Leclanché has announced that it expects FY18 revenues in excess of CHF47m, ahead of our CHF42.5m estimate. This is more than double the CHF18m reported in FY17. We place our estimates under review until the full FY18 results are announced in early April.


Brakes off

Update | Industrial Support Services | 10 Oct 2018

Now that it has solved its financing issues, Leclanché has started delivering on its pipeline of projects to supply battery energy storage solutions for utility-scale, microgrid and e-transport applications. Revenues more than doubled during H118. However, some significant contracts that were pending at end June have been delayed while third parties await project funding, so we revise our FY18 estimates downwards and cut our indicative valuation from CHF2.51/share to CHF2.33/share.


Completion of financing heralds a new dawn

Update | Industrial Support Services | 29 Jun 2018

As flagged in Leclanché's March trading update, FY17 revenue development was held back by lack of funding. Management has recently completed a sequence of financing transactions that it estimates will be sufficient to take the company through to an EBITDA-positive position in FY20. We reinstate our estimates, which were withdrawn following the March trading update.


Cremzow project underpins FY18 deliveries

Flash note | Industrial Support Services | 21 Feb 2018

Leclanché has recently signed an agreement with Enel Green Power, which is the renewables division of the Enel Group, and wind energy supplier Enertrag, to form a JV to construct a EUR 17m battery storage plant in Cremzow, Germany, for completion by the end of 2018. The terms of the JV and the value of the contract to Leclanché have not been disclosed. Together with a smaller (2MW/4MWhr) project with NRStor in Canada and a 15MWhr project with swb in Germany, this 33MWh/22MW project represents 37% of the 140MWh of capacity we model for delivery in FY18, underpinning our estimates, which we leave unchanged.


Powering up

Initiation | Industrial Support Services | 15 Nov 2017

Over the last three years, Leclanché 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.