Leclanché, the Swiss energy storage specialist, has posted solid 2016 financial results that reveal a healthy order backlog and revenue increase of 56% year-on-year.
Revenues of CHF 28 million ($27.6 million) for last year were in line with previous guidance issued, and mark the second consecutive year of above-market growth for the company, which specializes in developing lithium-based storage solutions.
Leclanché ended 2016 with 50 MW/22 MWh of storage projects under construction, and will bring an expected 85 MWh of projects online this year. The company has also struck a deal with a European utility to build a 33 MWh storage project in Germany.
Collected together, Leclanché’s current pipeline of awarded and expected projects has grown to 450 MWh, and guidance shows that the firm expects a breakeven EBITDA profitability and more than 100 MWh of storage production in 2018.
“This second consecutive year of above-market growth has been possible through successful ramping up of our execution capability,” said Leclanché S CEO Anil Srivastava. “We have a solid base for delivering yet another year of growth in 2017. We are now focused on project financing and securing new projects for 2018 and beyond.”
The CEO added that the firm’s core fundamentals this year will be improving traction and conversion across its pipeline. A funding plan is already in place that will debt-finance future projects – including a 12 MWh IESO storage project in Toronto, Canada, and the 10 MWh Marengo project in the Chicago area of the U.S.
The firm is also making strides in China, where it is in “advanced discussions” with several parties with a view to developing strategic partnerships that will open up the country’s estimated $100 billion e-transport market. A reported partnership with Narada Power, however, remains on hold due to changing local conditions in China, the firm said.