EQS-News

Leclanché's rapidly advancing growth strategy draws substantial additional support from shareholders

EQS Group-News: Leclanché SA / Key word(s): Corporate Action
Leclanché's rapidly advancing growth strategy draws substantial
additional support from shareholders

02.07.2015 / 07:16

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Leclanché's rapidly advancing growth strategy draws substantial additional
support from shareholders

- Leclanché further strengthens its funding and balance sheet

- Commitment for significant debt reduction of up to CHF 17 million

- Additional growth capital of CHF 5 million agreed

Yverdon-les-Bains, Switzerland, 2 July 2015 - Following the announcement of
two of the most important and world leading projects in the micro-grid
battery storage system and electro mobility segments, Swiss battery
manufacturer Leclanché confirms it has now secured additional financial
support for its operating and growth plan.

Endorsing the major break-through projects secured in the first half of
2015 - a Battery Power Plant on the Azorean island of Graciosa and the
Battery Power Plant for the world's largest electric ferry (amounting in
combination to some 8,400KWh of battery storage), further key steps were
taken yesterday towards ensuring availability of funds to invest in the
company's growth:

- Recharge has given an undertaking, subject to certain conditions, to
convert up to
CHF 17 million of its loan into equity, thereby
significantly strengthening Leclanché's balance sheet.

- Universal Holdings and Bruellan have agreed to restructure and extend
their loans, respectively CHF 2 million and CHF 750'000 which had been
due at the end of June 2015, allowing Leclanché to secure additional
long term growth capital to execute its growth plan.

- Recharge has agreed to a further increase of CHF 5 million in the
company's growth capital‎ facility, in addition to the CHF 8 million
Facility B loan already announced.

Scott Macaw and Robert Robertsson, directors of Recharge A/S, commented:
«We are pleased with the progress Leclanché has made in the past six
months. Conversion of such a large loan into equity represents our even
greater commitment to support Leclanché's growth. Additionally, Recharge's
increase of Facility B will allow the management team to put more focus on
execution of the large projects the company has won. We believe this is an
extremely positive development for all stakeholders of Leclanché, including
its customers, trading partners, employees and shareholders».