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MarketScreener Homepage  >  Equities  >  Xetra  >  Akasol AG    ASL   DE000A2JNWZ9

AKASOL AG

(ASL)
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Akasol : Battery maker Akasol plans $40 million plant at Hazel Park Raceway site

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06/26/2019 | 08:40am EDT

German lithium-ion battery maker Akasol AG plans to invest up to $40 million to open a manufacturing plant in Hazel Park to support European customers in the U.S.

The project is expected to create 224 jobs at 1400 E. 10 Mile Road at the former Hazel Park Raceway. The U.S. subsidiary Akasol Inc. has yet to sign a lease for the property, which also houses Amazon, Bridgewater Interiors and competing battery maker LG Chem, confirmed Susan Harvey, senior vice president for site developer Ashley Capital.

The state of Michigan is supporting the project with a $2.24 million grant, which the Michigan Strategic Fund board approved Tuesday. The city of Hazel Park will provide resources and job fair assistance for the project, the Michigan Economic Development Corp. said in a memo.

Akasol will supply lithium-ion batteries to customers that make on- and off-road vehicles from the Hazel Park plant, the memo said. The company is currently expanding operations in Germany by expanding production capacity to 800 megawatt hours from 300 megawatt hours by the first quarter 2020.

Akasol AG was founded in 2008 and went public in Germany in 2018. It employs 153 in Germany and has one employee in Michigan now. The company generated revenue of about $10 million in the first quarter of this year.

(c) 2019 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (EUR)
Sales 2019 58,4 M
EBIT 2019 3,46 M
Net income 2019 2,01 M
Finance 2019 29,9 M
Yield 2019 -
P/E ratio 2019 70,6x
P/E ratio 2020 29,7x
EV / Sales2019 3,70x
EV / Sales2020 1,98x
Capitalization 246 M
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Mean consensus BUY
Number of Analysts 7
Average target price 55,64  €
Last Close Price 40,30  €
Spread / Highest target 48,9%
Spread / Average Target 38,1%
Spread / Lowest Target 20,4%
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Managers
NameTitle
Sven Schulz Chief Executive Officer
Christoph Reimnitz Chairman-Supervisory Board
Carsten Bovenschen Chief Financial Officer
Marie-Luise Wolff-Hertwig Vice Chairman-Supervisory Board
Christian Brenneke Member-Supervisory Board
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