European Batteries Raises 13,7 Million Euro
Finnish Industry Investment, Fennia Group, EM Group and private investors have subscribed for European Batteries Ltd shares worth 13,7 million euros in connection with a directed share issue organised by the company. European Batteries develops and manufactures large, rechargeable lithium-ion based prismatic cells and battery systems. The batteries are used as an energy source in large electric and hybrid vehicles, such as buses and delivery vans, and heavy industrial machines and ships. Large lithium-ion battery systems provide an efficient solution for reserve power systems and large scale energy storage systems.
The current round of financing enables the company to move from early-stage production to industrial production. It also provides the necessary resources for building up an international clientele and partnership network. Jukka Koskinen, CEO of European Batteries comments: “The company is pleased to get new investors on board to develop a Finnish growth company in a new sector and developing market”.
Eeva Grannenfelt, Investment Director at Pension Fennia comments: “European Batteries is a significant growth company in Finland and in the Nordic countries as a whole. Fennia Group wants to be involved in financing Finnish entrepreneurship and employment. An innovative future-oriented company is exactly what a responsible investor wants in its investment portfolio”.
Juha Marjosola, CEO of Finnish Industry Investment comments: “We expect the battery systems market to grow as the demand for electric vehicles and other clean technologies accelerates. European Batteries is a significant industrial project in the field of new clean technologies. It is the first of its kind in Europe and offers a challenging development task in the high-risk technology field”.
EM Group has been one of the main shareholders of European Batteries since 2009. Timo Miettinen, Chairman of the Board of EM Group comments: “Our subsidiary Ensto develops charging systems and other cleantech and energy-saving electrical power solutions. Large lithium-ion batteries are an important aspect of the current energy revolution. This is why the investment in European Batteries is important for us”.
European Batteries currently employs some 70 people in Espoo, Tuusula and Varkaus in Finland. The company started the production of prismatic cells and battery systems in its Varkaus manufacturing unit in autumn 2010. The expected turnover for 2011 is approximately 15 million euros.
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