February 18 (Renewables Now) - Swiss battery maker Leclanche SA (SWX:LECN) said today it has secured around CHF 64 million (USD 65.1m/EUR 60.3m) in total financing this year to support its growth-oriented business plan.
The company has signed an agreement with US investment firm Yorkville Advisors Global LP to obtain an unsecured USD denominated convertible loan facility capped at USD 40 million (EUR 37m). In addition, Leclanche’s biggest shareholder FEFAM, an investor group comprising four sub-funds, has provided a working capital financing convertible facility of CHF 25 million.
The initial CHF-2.9-million tranche from Yorkville’s facility has already been drawn to provide for the company’s operation and expansion. The loan period is set at two years during which Leclanche will be able to make individual drawdowns of around CHF 1.4 million or any other amount agreed with Yorkville Advisors.
Leclanche said that the proceeds will support a soon-to-be-announced business plan, but will also enable the company to finance the production boost in Germany to three million cells per year to meet its order book.
(CHF 1.0 = USD 1.02/EUR 0.94)
(USD 1.0 = EUR 0.924)