Leclanché announces CHF 2.7 million equity investment by Baring Asset Management as part of broader capital raising

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The investment forms part of a major capital raise planned in 2017, including a targeted total private placement of CHF 7 million and a strategic alliance with an Asian industrial partner to support growth initiatives.
The current fund raising complements the CHF 11.1 million private placement of equity announced in August 2016, which brought in Baring Asset Management Limited and other new institutional investors including Herald Investment Trust Plc, KBI Global Investors Ltd (formerly Kleinwort Benson Investors) and Shamir Capital. The summer funding also included investment and loan conversion from existing shareholders ACE & Cie, Bright Cap SICAV SA, Jade Crest Limited and Recharge A/S.
Leclanché is also improving its capital efficiency through increased access to off-balance sheet project financing. In December 2016, Maple Leaf LP, the holding company for Leclanché’s Canadian utility grid project, secured a construction loan to build and commission the first two sites for the IESO installation totalling 12MWh (27MW), which represents the first portion of a 53MWh development for IESO. This follows financing by SGEM of the Company’s 10MWh (23MW) Marengo grid project in Chicago, announced in November 2016, for which it has already delivered the battery energy storage system.
Anil Srivastava, CEO of Leclanché, said: “We are delighted that Baring Asset Management has invested growth capital in the Company again. We have a very strong pipeline of projects amounting to over 450 MWh and continue to out perform the sector in terms of our revenue performance. Our further fundraising is on track and we look forward to updating the market in due course. “