DGAP-News: Voltabox AG / Key word(s): Strategic Company Decision/Alliance
Voltabox to Focus on Industrial Business in Europe in the Future
- Full orientation towards core market in Europe
- Sales process initiated for loss-making US subsidiary
- As a licensee of FSD technology, paragon will cover the automotive business
- Noticeable recovery in business, especially in bus sector
- Audit of 2020 financial statements completed - publication planned for July 20, 2021
Delbrück, July 8, 2021 - Following the expected change of the anchor shareholder, Voltabox [ISIN DE000A2E4LE9] will fully focus on industrial applications in the European market in the future. The business with automotive customers will be transferred to paragon, currently still the majority shareholder of Voltabox AG. The automotive supplier is now the exclusive licensee of Voltabox's new flow-shape-design technology for cars, trucks and two-wheelers. The future geographical focus of Voltabox is on Europe; a sales process has been initiated for the loss-making US subsidiary.
The concentration of market and product activities is accompanied by clear signals of a recovery in the Voltabox business. After the noticeable cutbacks as a result of the Corona crisis, the current call-off situation is developing positively, particularly in the bus market segment which is the most important one for Voltabox at the moment. A driver of this development is the conversion business of conventional diesel buses, for which Voltabox supplies high-voltage batteries to its cooperation partner e-troFit. Further orders from existing customers are being finalized.
For the new Flow-Shape-Design (FSD) technology, which received a great reception in the industry following its first presentation last year, there has been achieved another groundbreaking sales success in addition to the commercially significant licensing to paragon GmbH & Co. KGaA. In the meantime, Voltabox has made significant technological progress in the field of lithium-ion-based automotive starter batteries. The company is currently receiving numerous inquiries - initial sample orders have already been won. In line with plans, paragon will increasingly provide comprehensive support for this process and focus on preparing the industrialization stage and production ramp-up. In parallel, paragon will also continue to develop FSD technology, from which Voltabox will benefit in the area of industrial applications, as contractually agreed. The automotive supplier will use the processes and customer access it has built up over decades to establish high-performance electromobility solutions in the automotive industry based on Voltabox FSD technology.
Both Voltabox's concentration on industrial applications in the intralogistics, buses, construction and agricultural machinery, municipal vehicles and stationary power supply sectors as well as the future regional focus on Europe are to be seen as preparations for the expected change of the anchor shareholder. The Management Board has decided to discontinue the loss-making US business in order to ensure an unencumbered market presence for Voltabox AG. The process for the sale of Voltabox of North America, Inc. and its subsidiary Voltabox of Texas, Inc. has already been initiated. In view of the existing interest shown by various potential buyers, the Management Board assumes that the project will be completed before the end of the current fiscal year. The forecast will remain unchanged until the transaction has been realized.
Due to extraordinary material expenses resulting from the use of discontinued technologies, Voltabox will report its EBITDA in its consolidated financial statements as of December 31, 2020 to be approximately € 16.1 million lower than communicated on April 27, 2021. This effect is due to the utilization of old cell technologies below book value in the second half of 2020. Initially, these expenses were reported as impairment losses and were therefore not included in the EBITDA. The originally expected EBITDA of € -8.1 million - now adjusted for these cost of materials - results in an unadjusted EBITDA of € -24.2 million. As already announced with the update of the financial calendar, the Company now plans to publish the full consolidated financial statements as part of the Annual Report 2020 on July 20, 2021. The audit process has been completed in the meantime. Publication of the interim report for the first quarter of 2021 is also scheduled for the same date.
Voltabox AG (ISIN DE000A2E4LE9), listed on the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt a.M., is a high performance and technology driven provider of electromobility solutions for industrial applications. Its core business is safe, sophisticated and high-performance lithium-ion battery system, which are manufactured modularly and in series. The battery systems are primarily used in buses for local passenger transport, agricultural and construction machinery, and forklifts.
Voltabox currently maintains production facilities at its corporate headquarters in Delbrück (Germany) and in Austin (Texas, USA).
Additional information about Voltabox can be found at www.voltabox.ag/en.
08.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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