Varta AG, a Germany-based developer of microbatteries and energy storage solutions, is preparing for a 200 million ($222 million) initial public offering (IPO) on the Frankfurt Stock Exchange, the company confirmed today.
Having made its name in the consumer battery market particularly in producing batteries for consumer electronics, headphones and hearing aids the company has recently made strides in home storage devices in light of the growth of residential solar in many European and international markets.
After flotation, Varta will invest 50 million in a new automated fab for small batteries, and will seek to acquire rival energy storage system developers and technologies to smooth its growth into the energy storage sector. The markets of Italy and Australia both of which have high residential PV penetration rates have been targeted by Varta.
The company is owned by Switzerlands Montana Tech Components, which will remain Vartas majority owner post IPO. Varta expects flotation to place its value at around 400 million, and expects to enjoy rapid growth over the coming years following a strong first three quarters in 2016, which have seen sales top 160 million.
"We will continue to strive to develop high-performance technologies for microbatteries and individual energy storage solutions for our target markets in the future," said Varta CEO Herbert Schein. "Our goal is to optimize our production processes while, at the same time, increasing our profitability."