Leclanché says improved 2016 is ‘first stage’ of journey towards EBITDA breakeven

Share on linkedin
Share on twitter
Share on reddit
Share on facebook
Share on email
Leclanché batteries in use on the Spanish island territory of Graciosa. Image: Leclanché

Leclanché has hailed recent project wins and a potential 450MW pipeline in reporting an improvement on its finances, which the company’s CFO has called “the first stage of our journey towards EBITDA breakeven”.  

The vertically integrated energy storage solution provider, listed on the Swiss Stock Exchange, has reported in its full 2016 results that its revenue increased 56% compared to 2015. Revenues in 2016 reached CHF28.5 million (US$28.3 million), with the company meeting its yearly guidance figures. Meanwhile EBITDA (earnings before interest, tax, depreciation and amortisation) losses added up to CHF27.5 million, slightly greater than the CHF26 million EBITDA losses in 2015. Once one-off, exceptional and non-recurring items are excluded, the loss was CHF18.6 million, which Leclanché said was a 54% net sales improvement on 2015.

“While the company has delivered a revenue growth in line with the market, I am confident that this positive achievement is the first stage of our journey towards EBITDA breakeven, which we still expect to reach above 100MWh of revenue in 2018,” Leclanché chief financial officer Hubert Angleys said.

Angleys added that the company is continuing to pursue partnerships in China, to access that country’s domestic market, including the booming e-mobility space. In March, the company received certifications of compliance with Chinese standards for batteries. However, in previously reporting its calendar year results, Leclanché said a partnership with Narada Power, which could include the establishment of a 2.5GW storage battery factory in China, is on hold.

The company also talked up recent project milestones, including a 13MW / 53MWh system in Ontario, Canada, the first of two parts of which is expected to be online this summer. Leclanché also mentioned its recent partnership with Swiss Green Electricity Management Group (SGEM) to build the Marengo Energy Storage Plant in Chicago, a 23MW / 10MWh project which will play into the PJM frequency regulation market. Other notable projects included a 20MW / 33MWh project for a German utility and an all-electric ferry in Denmark.

“We are delighted to report that the Company met its financial guidance for the financial year 2016,” CEO Anil Srivastava said.

“We continued to substantially increase our revenues and decrease our EBITDA loss, 40% of which was accounted for by growth investment of CHF10 million… 2016 was another strong year for Leclanché. We continued to break new ground with our innovative and sustainable solutions across all three of our key markets: utility-scale generation and microgrids; eTransport; and commercial and industrial battery systems.”

Read Next

June 21, 2022
Construction has begun on a solar-plus-storage project on the Caribbean island of St. Kitts & Nevis, backed by Leclanché, Solrid and MPC Energy Solutions.
May 30, 2022
Canadian Solar has said its project development arm has a pipeline of more than 27GWh of battery storage projects.
May 23, 2022
Solar and energy storage were described by Elon Musk as going together “like peanut butter and jelly”. Andy Colthorpe meets some of the players creating this winning combination in the US.
May 19, 2022
Energy Vault added US$191 million to existing cash reserves when it listed on the New York Stock Exchange.
May 16, 2022
Global system integrator Fluence increased its revenues for the first three months of 2022, its second quarter, 249% to US$343 million.

Most Popular

Email Newsletter