Leclanché - Awaiting completion of financing activities

Leclanché’s H120 results show strong growth in revenues for marine applications. Together with an order book of over CHF90m for delivery between 2020 and 2022, this demonstrates demand for the group’s energy storage systems. However, management needs to secure financing to progress the transformational stationary energy storage project on St Kitts and expand its cell manufacturing capability to fully take advantage of opportunities in the e-Transport segment. Our estimates and valuation remain under review.