Leclanché adds four new major institutional investors as part of new capital raise
- Leclanché SA successfully completed the first tranche of the capital raise including CHF 11.1 million of new equity issuance and a conversion of CHF 4.1 million of the convertible loan by ACE & Cie and Jade Crest Limited
- Existing shareholders Bright Cap SICAV SA and Recharge A/S make further investment in the Company as part of the first tranche of the capital raise.
- Funding provides Leclanché with capital resources to support current growth plan
16 Aug, 2016, 01:06 ET
YVERDON LES BAINS, Switzerland, Aug. 16, 2016 /PRNewswire/ -- Leclanché SA announced today the successful completion of the first round of its CHF 11.1 million capital raise thanks to the entry of four new, well known institutional investors joining the shareholder base of the Company and further investment of two current shareholders.
Bright Cap SICAV SA and Recharge A/S increased their position as Leclanché capital participants with Bright Cap SICAV now owning 10.2%, confirming their trust in the Company and strong support to the growth plan.
Another positive development for Leclanché was the action taken by ACE & Cie and Jade Crest Limited, two key shareholders and largest lenders of Leclanché, who will convert CHF 4.1 million of the convertible loan under Facility C into shares of Leclanché.
Anil Srivastava, CEO of Leclanché SA, said: "Following the off-market share purchase by three Luxembourg based funds announced earlier in August, this new capital raise confirms the growing interest of prestigious institutional investors in the Company, its strategy and its growth. This capital raise, though delayed by several weeks due to Brexit-related market volatility, provides Leclanché with capital resources to continue to convert its significant orders into revenue and maintain its overall mid-term growth plan. We are now focused on completing our growth capital funding to support the business plan, as previously announced during the AGM held on the fourth of May, 2016."
Leclanché is a fully vertically integrated battery energy storage solution provider. It delivers a wide range of turnkey energy storage solutions for homes, small offices, large industries, electricity grids, as well as hybridization for mass transport systems such as bus fleets and ferries. Established in 1909, Leclanché has been a reliable partner for battery energy storage solutions for over 100 years. Founded in the tradition of Georges Leclanché, the inventor of the dry cell battery, Leclanché today has a rich portfolio of Battery Energy Storage Systems (BESS) that include bespoke battery systems from industry leading lithium-ion solutions.
Leclanché is listed on the Swiss stock exchange. SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9
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.
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