Leclanché SA (SIX Swiss Exchange: LECN), the vertically integrated battery energy storage solution provider for industrial scale applications, announced its interim results for the half year ending 30 June 2016.
Anil Srivastava, Leclanché CEO, said, "Leclanché is one of the fastest-growing companies in the world operating in the industrial-scale energy storage market. I am pleased to report that the Company has achieved key milestones that were set out in the Growth Plan endorsed by a vast majority of our shareholders during the AGM held on 4 May 2016. Our Revenue, Order Intake and Sales pipeline continues to grow faster than the addressable market growth @37% CAGR1. We intend to cement Leclanché as one of the leaders in this field, and our activities are specifically undertaken with this in mind."
Building Momentum
The Company has delivered significant growth in the first half of the year:
- Growth in revenue, 65% year-over-year.
- Growth in order-intake with an unprecedented 75 MWh order backlog for delivery from Q4 2016 through 1H 2017.
- A 30-fold increase in confirmed projects with the Company securing 145 MWh of Energy Storage Systems (ESS) business, comprising of 75 MWh of confirmed projects and a further qualified pipeline of 70 MWh projects.
- Current portfolio of projects sets the foundation for the Company's long-term growth in different market segments, and diversified geographies as exemplified by the creation of project teams in USA and soon India.
Growth Figures in Context
Full year 2016 revenues will be approximately CHF 28 million, which is an increase of 55% over 2015. The difference between this and the 100% planned uplift under the Growth Plan is largely attributable to (i) a delay in financial closing of the IESO Canadian Project implying a delay in shipping of goods and (ii) a fire at the Company's cell manufacturing facility in Germany.
"The delay in financial closing of our Canadian IESO project was unfortunate, but we have lost no business and this revenue will be recognized in H1 2017," Srivastava explained. "We are positioned at an inflection point to execute on our growth, and to manage a broader and more stable project pipeline from a position of financial strength rather than being reliant on individual projects."
Leclanché is on track to achieve EBITDA breakeven in 2018 or sooner, and confirm as communicated during the AGM held on 4 May 2016 that the breakeven-volume is approximately 100MWh of delivery and commissioning on an annualized basis.
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