Ad-hoc | 8 February 2013 07:11
Leclanché SA / Key word(s): Miscellaneous
08.02.2013 07:11
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press Release
Leclanché SA provides business update
- Appointment of turnaround specialist to support development plans
- Signature of a new contract with Schüco
- Leclanché continues to focus on its priorities: covering its funding
needs and solving the current production issue in the ramp up process
Yverdon-les-Bains, Switzerland, 8 February 2013 - Leclanché S.A. (SIX Swiss
Exchange: LECN), specialized in the production of large-format lithium-ion
cells and energy storage solutions, announced today the appointment of
Talisman Infrastructure Ventures LLP, a turnaround specialist to support
the company's development and strategic objectives. At the same time
Leclanché announced the signature of a contract with Schüco, one of the
leading solar suppliers to the German photovoltaic market. This contract
replaces the former Memorandum of Understanding signed between the two
companies in 2011. Leclanché actively continues to focus its efforts on the
priorities: cover its medium term funding needs and solving the current
production issue on one of its machine.
The Board of directors has appointed Talisman Infrastructure Ventures LLP
(TIV), an affiliate of Talisman Management Limited (TML) to work with the
management to lead a turnaround process for Leclanche SA. TML is a London
based turnaround specialist firm, established in 1987 that has led a
substantial number of turnarounds in various sectors. TIV focuses
specifically on the energy sector. The partners leading the turnaround are
Joe Mangion and Eric Wilkinson, who are both experienced in the alternative
energy sector.
The turnaround plan, which has already been prepared and approved by the
Board of directors, aims to achieve a number of objectives, including
reducing costs by streamlining the organisation, strengthening key
management functions, particularly in sales and production, applying a
stronger focus on 'go to market' processes for Leclanché's Lithium-ion
storage systems, establishing key alliances to accelerate the market
capture for Leclanché's products and maximizing the contribution from
existing businesses.
Regarding the speed issue in the ramp-up process of Leclanché's new
production line, Leclanché and the machine supplier recorded progress, but
the issue is not yet fully addressed. An update will be provided as soon as
possible.
Signature of a contract with Schüco
Taking into account the importance of storage solutions, both Leclanché and
Schüco, have agreed to redefine their co-operation in the field of Lithium
Ion storage systems by signing a new co-operation contract. Under the terms
of this contract, Leclanché will focus its efforts on deploying its
expertise in designing and producing storage systems to address the solar
market today already developed by Schüco. On its side, Schüco, a leading
developer of comprehensive systems for solar power, will leverage its
significant marketing and sales force to promote the Leclanche storage
products. Development cost will be shared by both companies.
This contract signed with Schüco replaces the previous Memorandum of
Understanding between the two companies signed in 2011. Therefore, the
orders placed by Schüco based on this agreement have been removed from the
current backlog. The first systems are expected to be shipped to end users
in 2014.
Regarding its short and medium term funding needs, Leclanché is actively
pursuing its efforts with the support of its financial advisor, Kepler
Corporate Finance. Different options are being investigated, but at this
stage no definitive solution has been secured for the future funding of the
company.
About Leclanché
Leclanché's strategy is to expand its position as one of the leading
lithium-ion cell producers and solution providers for renewable energy
storage systems in Europe. Its strategic priorities are stationary home
electrical energy storage applications and expansion into the stationary
industrial and grid electricity storage markets. Through participation in
research consortia focusing on hybrid and E-mobility applications,
Leclanché is positioned to take advantage of new market opportunities.
Through a unique, patented ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format
lithium-ion cells, optimized for safety and cycle-life, in a fully
automated production process. The newly installed production line will have
an annual capacity of 1 million cells or 76 MWh.
Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration
of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved
from a traditional battery manufacturer to become a leading developer and
manufacturer of lithium-ion cells in Europe. Leclanché currently employs
120 staff and is listed on the SIX Swiss Exchange (LECN). The company has
its headquarters in Yverdon-les-Bains (Switzerland) and production
facilities in Willstätt (Germany).
www.leclanche.eu
Media contact:
Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87,
cla@dynamicsgroup.chcla@dynamicsgroup.ch
Disclaimer
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.
08.02.2013 News transmitted by EquityStory AG.
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Language: English
Company: Leclanché SA
Av. des Sports 42
1400 Yverdon-les-Bains
Switzerland
Phone: +41 (24) 424 65-00
Fax: +41 (24) 424 65-20
E-mail: investors@leclanche.com
Internet: www.leclanche.com
ISIN: CH0110303119, CH0016271550
Swiss Security Number: A1CUUB, 812950
Listed: SIX
End of Announcement EquityStory News-Service
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