DGAP-News: AKASOL AG: Cooperation expanded: AKASOL receives additional long-term follow-up order from a major European bus manufacturer
DGAP-News: AKASOL AG
/ Key word(s): Incoming Orders/Expansion
AKASOL AG: Cooperation expanded: AKASOL receives additional long-term follow-up order from a major European bus manufacturer
27.04.2021 / 08:00
The issuer is solely responsible for the content of this announcement.
Cooperation expanded: AKASOL receives additional long-term follow-up order from a major European bus manufacturer
- Successful cooperation with AKASOL's longstanding existing customer extended for several more years
- Delivery of ultra-high-energy battery systems for electric buses agreed from 2022 until at least 2024, with an option to extend the arrangement until the end of 2027
- Order volume in the high double-digit million euros through 2024 and in the low triple-digit million euros through 2027
- Battery systems to be produced in AKASOL's new Gigafactory 1 in Darmstadt
Darmstadt, Germany, April 27, 2021 - One of Europe's leading bus manufacturers is again extending its cooperation with AKASOL AG ("AKASOL;" the "Company"; ISIN DE000A2JNWZ9) and awarding another long-term follow-up order to the Darmstadt-based developer and manufacturer of high-performance and high-energy battery systems: From mid-2022 until at least 2024, the Company will supply its ultra-high-energy battery systems for use in the long-standing customer's new electric buses, with a total volume in the high double-digit-million-euro range. Should the extension option for the delivery of further battery systems come into effect by 2027, as already agreed in the contract, the order volume will rise to a low three-digit-million-euro amount.
AKASOL CEO Sven Schulz summarized the situation: "We are pleased to be able to report such good news about the strengthening of our growth path in the second quarter of the new financial year. The current order represents the second extension of the cooperation between our long-term customer and AKASOL and is at the same time a great vote of confidence in our extensive expertise in the field of powerful lithium-ion battery systems for electric buses." Schulz expressed great pride that AKASOL has established itself as a reliable supplier for the European bus manufacturer and is now expanding its strategic partnership with the extension of the contract. "Our good and trusting cooperation with one of our first serial product customers has grown continuously since 2015 - not just as a supplier to Europe's largest manufacturer of electric buses, but also as an integrated development partner for what is likely the most important component of the electric powertrain."
From 2022 onwards, AKASOL will deliver its ultra-high-energy battery systems with completely new technology to the major customer as part of the follow-up order that has now been placed. This will significantly boost the mileage range of the next generations of buses, thanks to what is currently the highest serial-produced energy density available on the market for commercial vehicle applications. With approx. 100 kWh per pack, the new ultra-high-energy battery system AKASystem AKM CYC has twice the energy density of the battery system generations previously supplied to the customer. Depending on the configuration installed, the system enables the highest range requirements in real operation of electric buses or trucks.
"For the bus sector, this means in concrete terms that the possible applications for these vehicles will increase significantly. This likely means that every city bus route can be covered with a single charging process per day; but intercity buses and coaches can also be fitted with this technology," Schulz explained. This makes AKASOL's ultra-high-energy battery systems an important key element for rapid implementation of the transformation of the transport sector through consistent electrification of the bus and commercial vehicle segments.
"The ultra-high-energy battery systems commissioned will be produced on fully automated production lines in our new Gigafactory 1 in Darmstadt. Despite the challenges posed by the COVID-19 pandemic, we are making good progress there with the final construction work. From the middle of this year, we are projected to launch serial production of the new battery system for another customer," according to Klaus-Dieter Nagel, Senior Vice President Operations at AKASOL AG. The new Gigafactory has enough space to expand its capacity to up to 5 GWh based on customer demand. "With the follow-up order, we will gradually increase our production capacities in Gigafactory 1 over the coming quarters," Nagel pointed out. Working on the fully automated production lines, up to 70 ultra-high-energy battery systems will be produced daily, each with a storage capacity of approximately 100 kWh. The fully automated work steps are linked on the 100-meter-long production line with Industry 4.0 compatible human-machine manual workstations. "High process efficiency is an essential part of our capability of offering our customers attractive pricing, even in a competitive market environment."
The follow-up order also underscores the growth prospects on the horizon for AKASOL. "In our market, we are clearly seeing more and more cities and local governments around the world initiating projects to achieve emissions free public transportation," Sven Schulz observed. AKASOL is optimally positioned to win new customers and to serve as a technologically leading, experienced and reliable partner in these projects. "We want to make a substantial contribution toward achieving the transformation of the transport sector while continuously expanding our business. With the steps already initiated and communicated to expand our production capacity in Germany and USA, we are gearing ourselves up to realize our growth potential."
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AKASOL is a leading German developer and manufacturer of high-energy and high-performance lithium-ion battery systems for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats. With 30 years of experience, AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for commercial applications. Shares of AKASOL AG stock have been traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.
The company operates a production plant in Langen (in the German state of Hesse) with a production capacity of up to 800 MWh per year. Based on information available to AKASOL, this is Europe's largest facility for the production of lithium-ion battery systems for use in commercial vehicles: From 2020 onwards, each year, it will be able to produce battery systems for up to 3,000 fully electric buses, or for up to 6,000 medium-sized commercial vehicles, depending on the battery size. With the Gigafactory 1 at the new headquarters in Darmstadt, the company will have additional 2.5 GWh of production capacity available starting end of 2021, which will be expanded to up to 5 GWh in 2023.
AKASOL systems are manufactured to the industry standards of leading OEM customers. Its current customers include two of the world's leading manufacturers of commercial vehicles, Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and many more. The AKASOL product portfolio is technology independent. This way, working on the basis of individual customer requirements, the Company can use the best battery cells and the best battery chemistry.
Statements contained herein could be deemed to constitute what are referred to as "forward-looking statements." Forward-looking statements are identifiable by the use of words such as "could," "will," "should," "plans," "expects," "anticipates," "estimates," "believes," "intends," "envisages," "aims" or the negative form of these terms, or corresponding modifications and comparable terms. Based on current expectations, forward-looking statements involve a number of known and unknown risks, uncertainties and other factors as a consequence of which actual results, degrees of capacity utilization, developments and successes achieved by the Group, or on the part of the branch of industry in which it operates, might turn out to be materially different from the results contained or implied herein. The faith placed in forward-looking statements should not be unreasonably high. The Group will not update or review any forward-looking statements published herein in light of new information, future events or for any other reason.
27.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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