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MarketScreener Homepage  >  Equities  >  Xetra  >  Akasol AG    ASL   DE000A2JNWZ9

AKASOL AG

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AKASOL AG: Expansion in fuel cell powertrains: AKASOL to Supply Battery Systems for Alstom's Hydrogen Trains

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01/13/2020 | 01:40am EDT

DGAP-News: AKASOL AG / Key word(s): Incoming Orders
AKASOL AG: Expansion in fuel cell powertrains: AKASOL to Supply Battery Systems for Alstom's Hydrogen Trains

13.01.2020 / 07:30
The issuer is solely responsible for the content of this announcement.


Expansion in fuel cell powertrains: AKASOL to Supply Battery Systems for Alstom's Hydrogen Trains

  • Alstom orders high-performance battery systems for over 40 new Coradia iLint hydrogen trains
  • High-performance battery systems combined with hydrogen propulsion enable emission-free railway travel
  • Fuel cell applications extend AKASOL's growth opportunities considerably

Darmstadt/Salzgitter, 13 January 2020 - AKASOL AG ("AKASOL"; the "Company"; ISIN DE000A2JNWZ9), a leading German developer and manufacturer of high-performance lithium-ion battery systems, is providing technology which will be used in serial production of the world's first fuel cell-powered train, manufactured by Alstom. The Company will supply battery systems for more than 40 Coradia iLint trains, which have been ordered from Alstom, a company specialized in railway technology, by the Lower Saxony Transit Authority and the Rhine/Main Regional Transport Association. With this major order in the low double-digit million euro range, AKASOL is expanding its operations in the area of fuel cell powertrains, as well as extending its customer base. The first battery systems (including heating and cooling equipment, cables and underfloor box) are scheduled for delivery in the second half of 2020, and all 40 systems are expected to be delivered by 2021.

Based in Darmstadt, the Company has been engaged in the development of train batteries for more than ten years. "The serial order from Alstom is the result of intensive and successful cooperation: from the testing phase until the Coradia iLint received official approval, we have made strategic use of our expertise in alternative propulsion technology for railway vehicles and developed it further together with our partner according to their specific requirements," said Sven Schulz, the CEO of AKASOL AG. The robust and high-performance AKASystem AKM POC battery systems from AKASOL provide the key dynamic storage component for the world's first hydrogen train, powered by electric engines, which has been making successful passenger trials in northern Germany since September 2018. Schulz went on to note that the order underscores the Company's extensive expertise in the development of high-performance battery systems, which are needed not only for use in battery-powered electric commercial vehicles but also in other alternative propulsion technologies, such as hydrogen fuel cell technology. "Considering the fact that nearly 40 percent of German rail infrastructure has no overhead power supply, mainly where installation and long-term maintenance are not profitable, the expanded focus on fuel cell applications represents an enormous market potential for AKASOL", Schulz continues.

Each Coradia iLint train is equipped with two high-performance battery systems with a total capacity of 220kWh. The electrical energy generated by braking is stored in AKASOL's systems and released to the electric engines when the train accelerates. "The combination of hydrogen fuel cells and our intelligent high-performance battery enables continuous storage of the electrical energy generated by the fuel cells as well as dynamic absorption of the high electrical power which is recuperated when braking. The systems not only provide the power needed for propulsion but also supply power for on-board systems like lighting and air conditioning," explained Schulz, pointing out that the battery system can be charged in a very short time thanks to its high 3C charging power and features high cycle life and effective thermal management.

The Coradia iLint has been conducting in successful passenger service between Cuxhaven and Buxtehude since September 2018. Since then, it has already traveled more than 150,000 kilometers safely, emission-free and silent, and its alternative propulsion technology will contribute to the energy transformation. AKASOL and Alstom are convinced that hydrogen fuel cell-based propulsion will prove to be another key driver, alongside pure electric vehicles, on the way towards an emission-free transportation system. Dr. Jörg Nikutta, Managing Director of Alstom in Germany and Austria, explains: "As a pioneer in the field of hydrogen fuel cell-powered trains, it was essential to have a strategic partner at our side who would support us with in-depth technological know-how from the development of the first prototypes through to serial production. We look forward to further cooperation."

"Hydrogen and fuel cells in combination with extremely powerful batteries offer a functional and cleaner alternative to diesel propulsion for non-electrified railways," stressed Olaf Lies (SPD), Lower Saxony's Minister for the Environment, Energy, Construction and Climate Protection. "Our decision to replace the entire diesel fleet in Bremervörde with Alstom's hydrogen trains makes us a trailblazer in the transportation revolution."

Aside from use in combination with fuel cells, AKASOL's battery system is also suitable for use in battery-powered electric trains on non-electrified tracks in which the battery is partially recharged with high electrical power while the train is stopped at a station. AKASOL is currently developing this technology together with major railway manufacturers in Germany, Europe, the US and Asia.

The Hessian Minister for Economics, Energy, Transportation and Housing, Tarek Al-Wazir (Green Party), declared as follows: "We are proud of the fact that by 2022 the Rhein-Main-Verkehrsverbund (RMV) will have the world's largest fleet of fuel cell passenger trains operating in the Taunus region, with the successful Coradia iLint as the result of a Europe-wide tender. The fuel cell propulsion enables an emission-free railway travel even on tracks which are not fully electrified. AKASOL's battery systems from Hesse are making a decisive contribution towards the energy transformation. Our efforts to promote innovation in recent years have gotten something rolling, in the truest sense of the word."

 

Contact:

AKASOL AG, Isabel Heinen

Phone: +49 (0) 6151 800500-193 I Email: isabel.heinen@akasol.com


About AKASOL

AKASOL is a leading German manufacturer of high-performance lithium-ion battery systems for buses, commercial vehicles, rail vehicles, industrial vehicles, ships and boats. With almost 30 years of experience AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for commercial applications. AKASOL AG's shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.

Based in Germany, AKASOL operates a production facility in Langen (Hesse) with an annual production capacity of up to 300 MWh, which will be expanded to 800 MWh by 2020. According to AKASOL, this is Europe's largest lithium-ion battery system production plant for commercial vehicles, which can currently produce battery systems per year for up to 1,500 fully electric buses or for up to 3,000 medium-sized commercial vehicles, depending on battery size. AKASOL systems are manufactured according to the requirements of the industry standards of leading OEM customers. Current customers include two of the world's leading commercial vehicle manufacturers, Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and several more. AKASOL has a technology-independent product portfolio. This allows the Company to use the best battery cells and battery chemistry according to the clients' individual needs.


DISCLAIMER

Statements contained herein may constitute "forward-looking statements." Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology.

Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.

This document does not constitute an offer or a recommendation to subscribe to or acquire securities of AKASOL AG. This announcement does not constitute an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America without registration or an exemption from registration in accordance with the current version of the U.S. Securities Act of 1933.



13.01.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: AKASOL AG
Landwehrstrasse 55
64293 Darmstadt
Germany
Phone: +49 6151/800 500
E-mail: info@akasol.com
Internet: www.akasol.com
ISIN: DE000A2JNWZ9
WKN: A2JNWZ
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 951655

 
End of News DGAP News Service

951655  13.01.2020 

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© EQS 2020

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Sales 2020 72,6 M 86,2 M 86,2 M
Net income 2020 -3,39 M -4,03 M -4,03 M
Net Debt 2020 3,27 M 3,88 M 3,88 M
P/E ratio 2020 -100x
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Capitalization 297 M 352 M 353 M
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Average target price 51,40 €
Last Close Price 49,03 €
Spread / Highest target 42,8%
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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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