Leclanché - Formation of JVs with Eneris for gigafactory

Leclanché has accepted a binding conditional offer from Eneris Group, a Polish company dedicated to environmental protection, to create two JVs: one manufacturing battery cells, the other assembling battery modules. The transaction gives the group the finance it needs for capacity expansion and to fully fund its business plan until mid-2021 without dilution to shareholders as it works through an order book of over CHF90m (excluding the St Kitts project). Our estimates remain under review until there is greater visibility regarding the St Kitts project, which management intends to build under a ‘build-own-operate’ (BOO) model.