Energy storage system firm Leclanché́ announced on June 5 it has secured Sfr75 million ($76 million) in corporate funding and a conditional Sfr50 million funding facility for acquisitions and joint ventures from its largest shareholder FEFAM, a collection of various investment funds.
It follows the Switzerland-based firm’s announcement last month it had signed a non-binding term sheet with a strategic investor to increase corporate funding to between Sfr100 million-Sfr125 million. Completion of the deal is towards the end of the year.
The acquisitions and JV facility will operate on the basis of a Right-of-First-Offer for FEFAM.
Anil Srivastava, CEO of Leclanché́, said the facility would be used for margin accretive acquisitions, and to grow its market share in Europe, Asia and North American in both the stationary grid-based storage and e-Transport markets.
Leclanché́’ is in the process of buying an unnamed US energy management software company, and completing a JV agreement with an electric vehicle company in India.
On May 3 Leclanché́ forecast the company’s earnings before interest, taxes, depreciation, and amortization would be positive by 2020. The firm says it has an order book of more than 50MWh (contributing Sfr40 million to Sfr50 million of revenue in 2018), and expects to have 100MWh of ESSs in operation by 2018.