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Energy management solutions for a clean energy future Annual General Meeting 6 June 2018Yverdon-les-Bains, Switzerland
What we said in 2017
and what we have
delivered
The opportunity is now-
delivering on our
strategy
2018 and 2019 outlook
Agenda
What we said and what we have delivered
Financials
Resumed strong growth
CHF 40-50 million revenue expected in 2018
100% improvement of EBITDA as % of Revenue in 2018.
On track to be
EBITDA positive by 2020
Revenue decline due to late funding received in late Q3 2017
EBITDA breakeven by 2019 delayed due to
late funding received in late Q3 2017
What we said and what we have delivered 4
Annual results 2017
What we said and what we have delivered 5
2017 (kCHF) 2016 (kCHF)
Total Income 18,023.2 28,521.2 Decrease in revenue due to funding delays
Raw materials and consumables user -15,705.0 -26,162.6
Personnel costs -17,907.1 -19,381.2 Natural attrition + elimination of few positions
Other operating expenses -16,236.1 -11,366.1
EBITDA -31,825.0 -28,388.7
Depreciation, amortization and Impairment expenses
-4,232.2 -6,155.5 Write-off impact of the Willstätt formation tower
Operating Loss -36,057.2 -34,544.2
Finance costs -2,579.1 -3,226.3 Partial conversion of Facility B/C
Finance income 118.5
Loss before tax for the year -38,517.8 -37,770.5
Income tax 50.1 553.4
Loss for the year -38,467.7 -37,217.1
What we said and what we have delivered 6
31/12/2017 (kCHF) 31/12/2016 (kCHF)
Assets
Non-current assets 16,622.5 16,856.0
Current assets 52,146.9 35,613.8 Increase in advances to suppliers and inventories
Total Assets 68,769.4 52,469.8
Equity and Liabilities
Share capital 104,523.8 72,005.2
Reserve 8,638.8 -3,441.7
Accumulated losses -102,195.2 -73,899.0
Total Equity 10,967.4 -5,335.5
Convertible Loan 22,658.9 21,814.6 Facility B/C/D1/D2
Borrowings 3,465.1 500.0 Short-term loan from Finexis and UBS
Other liabilities 11,074.9 11,602.6 Pension liabilities, deferred tax and other liabilities
Trade and other payables 20,603.1 23,888.1
35,143.1 35,990.7
Total Liabilities 57,802.0 57,805.3
Total Equity and Liabilities 68,769.4 52,469.8
Annual results 2017
On track to hit milestone of
100 MWh of stationary storage
projects in operation by 2018
On track to secure Master Supply Agreements in
eTransport business underpinning more than 150
MWh of recurring annual deliveries from 2019
onward
Awarded projects total > 300 MWh*
for deliveries through 2019
Qualified pipeline total > 1000 MWh
Highly focused business model with 3 business units:
• Stationary Storage Solutions
• E-Transport
• Specialty Battery Systems
What we said and what we have delivered 7
* Awarded means Leclanché selected, but Purchase order confirmation subject to certain conditions such as; successful pilot testing/ project finance.
Pipeline means Leclanché technically short-listed, but still in competition.
Resume growth
Stationary eTransport
Strong order book in Stationary
Enel Green Power, Germany
ENERTAG, Germany
SWB Bremen, Germany
NRStor, Canada
Canadian Solar, Canada
What we said and what we have delivered 8
50 MWh of confirmed new orders underpin the outlook for CHF 40-50 million revenue in 2018
Cremzow storage plant, Brandenburg, Germany:
Delivering a 34 MWh battery storage in partnership with ENEL
Green Power and ENERTRAG – 2 MW / 3.1 MWh pilot in operation
Q2 2018. Full project in operation in Q4 2018
IESO Basin 1 & 2, Ontario, Canada:
Delivering a 13.8 MWh battery storage system for grid ancillary
services. Basin 1 will be operational in Q2 2018 and Basin 2 in Q3
2018
What we said and what we have delivered 9
Stationary Projects
SWB Bremen, Germany:
Delivering a hybrid storage system with a 15 MWh battery coupled with
a heating system to provide frequency regulation services to Germany’s
Primary Control Reserve (PCR) market. In operation by Q4 2018
Marengo, Illinois, USA:
Delivering a 19.5 MWh battery storage system for frequency regulation.
The complete storage solution will provide regulation ancillary services in
the PJM market, considered the most advanced market globally. In
operation by Q4 2018
What we said and what we have delivered 11
Stationary Projects
S4 Energy, Almelo, Netherlands:
Delivering a 2.8 MWh battery storage system for Fast
Frequency Restoration markets in the Netherlands. In
operation 2Q 2018
NRStor C&I, Toronto, Canada:
Delivering a 4.9 MWh battery storage system to industrial
customer for demand charge mgmt (first C&I installation
in NA). In operation 3Q 2018
What we said and what we have delivered 12
Stationary Projects
Canadian Solar Ellwood Project, Ottawa, Canada: Delivering a
4.1 MWh battery storage system for Grid Ancillary services on
IESO. In operation by 3Q 2018
EV Charging TransCanada Highway, Canada:
Delivering battery-based EV Charging systems for 3400 km of
the TCH in Canada – 4.5 MWh. First units in operation by July
2018
What we said and what we have delivered 13
Stationary Projects
Major breakthroughs withMaster Supply Agreements
in eTransport
Skoda Electric, Europe
E-ferry, Denmark
Electric Vehicle Systems Integrator, India
What we said and what we have delivered 14
Multi year annuity recurring contracts add up to more than 150MWh
revenues from 2019
E-ferry, Denmark:
E-ferry is the world’s largest fully electric ferry. Funded by the
EU, the ferry connects the island of Aero to the mainland. The
E-ferry will hold the biggest battery capacity seen on board a
vessel to date. Delivering 4.2 MWh of GNMC Cells-based
battery packs. In operation by Q3 2018
Skoda Electric, Czech Republic:
Joint development and supply agreement signed in July 2017.
Skoda Electric expect to sell 500 buses, leading to 125MWh
over the 4 year contract.
What we said and what we have delivered 15
eTransport Programmes
Electric Vehicle Systems Integrator, India:
To be announced: a multi-year Master Supply Agreement to
deliver annual volume of battery modules and packs in the
range of 90 to 150 MWh pending on completion of successful
trials. Strategic entry in one of the largest electric vehicle
market in the world, helping India reduce CO2 emissions and
harmful NOx pollution in its densely populated cities
ZAPINAMO, UK:
Supplying fast charging LTO cells-based battery packs. Currently
on trial at London's Heathrow airport. In operation since April
2018
What we said and what we have delivered 17
eTransport Programmes
Specialty Battery Systems
Automated Guided Vehicles (AGV)
Home energy storage
Artificial intelligence applications
What we said and what we have delivered 18
Battery Systems for a Connected World
AGV: Balyo and Oceaneering leading systems integrator:
Supplying fast charging batteries, chargers and docking stations. The AGV
battery business represent a strong opportunity to position the LTO
technology. The AGV revenue doubled in 2017
ECA:
Supplying li-ion batteries for de-mining robots. Applications are unmaned
submarine and land robots
What we said and what we have delivered 19
Specialty Battery Systems
Armasuisse:
Delivering of SE135, SE235 and SE138 batteries. The batteries are
supplied to Swiss Army to be operated with telecommunication
devices. Leclanché has also delivered the prototypes to replace
the chargers and the batteries for the IMFS equipment
Home storage:
10 successful field tests done with our Powerpack. LOI signed with
HELION Solar for 100 installations in 2018
What we said and what we have delivered 20
Specialty Battery Systems
The opportunity is now–delivering on our strategy
Our Vision
22
Energy-as-Service
• Multi-battery systems architecture with in-house software and systems integration
• Rich set of applications delivered • >100MW / 100MWh of projects delivered/ under
construction
Renewable
integration
• In-house technology and knowhow to custom design Lithium cells for optimum performance around the world
• Battery packs delivered for eMarine in Europe; eBus in Europe and India; eAuto Rickshaw in India
Electrification of
transport
• In-house Fast Charging LTO Technology• Specialty battery packs delivered for robots deployed in
warehousing, medical, submarine applications
Robotics and
autonomous
vehicles
Convergence of Electricity and Transport markets
• Fast EV Charging stations• Cloud management• Data mining & analytics• Dynamic service level
agreements
The opportunity is now – delivering on our strategy
23
Improve margins and increase capital efficiency:
• EMS acquisition
• Strong roadmap for cell energy density and cost reduction to be on par
with the Asian market leaders by 2019/ 2020
Organisational Efficiency:
• Strategic Business Units
• Enhanced focus and investment on Health and Safety
• Key Performance Indicators benchmarked to industry norms
Solidifying Profitable Growth
The opportunity is now – delivering on our strategy
Accretive Acquisition
24
Binding agreement to acquire full suite of
advanced Energy Management Software
Company based in the USA
Expected to increase margin of Stationary
Storage Solutions by
• an average of 3.5% percentage points or an
average 20% for a typical project
Virtual Battery
Battery modules+
BMS BMS
DC link
Slave interface
Inverter
Inverter interface
Energy Manager
EMS
Modbus/TCP based master interface to control the storage
system
UFMS Control UFMS Analyzer
UFMS Gateway
EMS A
Site 1
EMS B
Site 2
EMS C
Site 3
EMS D
Site 4
UFMS Gateway
UFMS Gateway
UFMS Gateway
UFMS
Leclanché Control System Software package provides flexibility across multiple applications and captures key product margins
The opportunity is now – delivering on our strategy
25
Strong roadmap for cell energy density and cost reduction to be on par
with the Asian market leaders by 2019/ 2020
Cell production factory utilization going from 10% in 2017 to 20% in 2018
and approximately 80% in 2019
Planned Joint Ventures in India and China to provide Giga-scale
procurement volume
Module manufacturing in Yverdon going from 1 shift in first half 2018, and
moving to 2/ 3 more shifts late 2018 and early 2019. Recruited 20 people in
Yverdon over last six months.
Increase Capital Efficiency
The opportunity is now – delivering on our strategy
26
50% of cost reduction planned in
the coming 2 years
38% of energy increase per cell while
maintaining the same level of
performance
100%93%
83%
68%
50%
0%
20%
40%
60%
80%
100%
120%
2017 H1 - 2018 H2 - 2018 2019 2020
Price decrease roadmap of GNMC cells
The opportunity is now – delivering on our strategy
Increase Capital Efficiency
Our Leadership Team
27
Anil Srivastava CEO
Hubert AngleysCFO & COO
Corporate Services
Bryan Urban EVP
Stationary Storage Solutions
Stefan Louis EVP
eTransport Solutions
Fabrizio MarzoliniEVP
Specialty Battery Systems
Pierre Blanc CTIO
Product Delivery
Finance
HR
Sales Ops
Quality & EHSS
Global Customer Services
IT
MarCom
Product Management
EPC: Procurement
FEED, Project Finance
EMS Development
EMEA / Americas / APAC:
Sales. EPC: Engineering,
Construction, PM, O&M
Product Management
Engineering
EMEA / Americas / APAC:
Sales
Project Management,
Integration
Homologation & Testing
Business Development
Engineering
EMEA / Americas / APAC:
Sales
Project Management
Cell R&D
Cell Production
Module Production
Supply Chain
BMS & Software Development
Pack Assembly
The opportunity is now – delivering on our strategy
Key Performance Indicators
1.5XIncrease in Revenue
per employee in 2018
28
100%+
increase in Gross
Margin per employee
in 2018
50%improvement in Opex
as % of the Revenue
100%improvement of
EBITDA as % of the
Revenue in 2018
The opportunity is now – delivering on our strategy
Organisational Efficiency
CHF75M secured corporate funding to deliver business plan until 2020
Further funding plans to finance margin accretive technology acquisitions and to accelerate growth by growing market share in Europe, Asia and North America
29The opportunity is now – delivering on our strategy
Fully Funding the Business Plan
Secured and Planned Funding
Secured new CHF75M corporate funding
In total, over CHF 100 million since July 2017
Non-binding term sheet with a strategic investor to
increase the current corporate funding to between
CHF100M- CHF125M to support >2x year-over-year growth
through 2017-2019
CHF 50 million facility to finance acquisitions and joint
ventures with ROFO right
30The opportunity is now – delivering on our strategy
Fully Funding the Business Plan
2018 and 2019 Outlook
Leclanché market opportunities
32
Stationary eTransport
Grid Ancillary Services
C&I Storage Solutions
Micro-grid Systems
PV Solar + Storage
Community Storage
EV Charging Stations
Electric Buses
Electric Ferries
Warehouse Equipment
Industrial Marine
Fleet Trucks
Light Vehicles
Renewable
Energy
Integration
Utility-Grid
Services
Grid-tied Microgrid
Island Microgrid
Utility T&D
Reliability
EV’s
E-Truck
E-Bus
Off-Road
Equip
EV Fast-Charging
Material Handling
E-MarineE-Train
Addressing a market over 15GWh and growing at 37% CAGR
2018 and 2019 Outlook
Capitalising on our uniqueness
Unique integrated technology from cell design to megawatt delivery with in-house software and systems integration
33
Business model and USPs
• We are at the heart of the convergence of the electrification of transport and the
distribution networks
• Entirely focused on delivering and managing energy storage solutions
• We are independent, flexible and can manufacture at small scale for trials
• We combine the cultures of German engineering and Swiss precision and quality
2018 and 2019 Outlook
34
Revenue growth drivers
• High revenue, but lumpy project based,
Stationary Storage business
• Higher margin and recurring annuity
revenue from eTransport business
• High margin, few-of-a-kind products,
Specialty Battery Systems business
• Working references, proven track record
in all 3 businesses
Profit drivers
• Make and Buy choices through multi-battery systems
architecture with in-house software and integration for
Stationary and Specialty Battery Systems
• 100% in-house cells, systems and software for eTransport
business
• Competitive upstream manufacturing business with high
utilisation, and planned access to Giga-scale procurement
volumes
• Optimal organisation and Opex benchmarked to the industry
norms
Growth drivers
2018 and 2019 Outlook
2018 and 2019 Outlook 35
Double revenue in 2018 and 2019
CHF 40-50min 2018, CHF 100-125m in 2019
EBITDA positiveby 2020, 50% loss reduction in 2018
Increase corporate funding
CHF 100-125mtargeted by the end of 2018
Strengthen profit drivers
Enhance customer trust through
completion of 100MWh projects in
Operation in 2018
Increase revenue mix towards higher
margin eTransport and Specialty
Battery Systems
Reduce cost through access to
Gigawatthours-scale procurement in
the planned JVs
Financial Outlook
We would like to thank our customers, shareholders, suppliers and employees for their continued support