EnerSys (NYSE: ENS), the global leader in stored energy
solutions for industrial applications, today announced that it has
entered into a non-binding Memorandum of Understanding with Verkor
SAS, a European leader in battery technology, to explore the
development of a lithium battery gigafactory in the United
States.
Under the Memorandum of Understanding, the companies are
developing plans, determining the optimal new factory location, and
evaluating various funding and operating structures for this
manufacturing facility. This new factory represents a long-term
opportunity that will enable growth for both companies and allow
EnerSys to optimize cell sizing in battery solutions for its
customers, providing independence from non-domestic cell
suppliers.
Verkor, based in France, is committed to providing high
performance, low-carbon, locally based battery cells and modules.
Verkor has developed a proven process for designing and
manufacturing electrodes, battery cells and modules. Verkor is
rapidly increasing its production capacity in France, with a 150
MWh per year pilot line in Grenoble (France) and a first
gigafactory of 16 GWh per year starting production in 2025, in
Dunkirk (France), serving major customers including the car
manufacturer Renault Group.
“Establishing a U.S. lithium-ion cell supply is a critical
element of our supply chain strategy,” said EnerSys President &
CEO David M. Shaffer. “EnerSys is accelerating the global clean
energy transition by significantly expanding our production of
lithium-ion batteries across a broad range of end markets and
applications. As we look at the best ways to meet the existing and
rapidly growing demand for lithium-ion batteries, highly efficient
local manufacturing is essential. This U.S. factory will help us
meet our customers’ needs, including those with specific
manufacturing requirements for domestic sourced batteries. With
Verkor’s expertise in lithium-ion electrode chemistry and
high-performance products, they are the ideal manufacturing partner
for us. We are particularly excited about the scale and flexibility
this factory will provide us, with both large production capacity
and the ability to create custom cells. Partnering with an
industrial expert such as Verkor de-risks and accelerates our
common ability to execute successfully on this project.”
Benoit Lemaignan, Co-Founder and CEO of Verkor, said, “While our
current effort is focused on the delivery of our Verkor Innovation
Centre in Grenoble (France) and our first gigafactory in Dunkirk
(France), it is important for us to explore our future growth in
other geographies and other markets. Expanding to North America
together with a well-established innovation leader like EnerSys is
a great way for us to fulfill our primary mission, ie. to further
accelerate the energy transition with low carbon high performance
batteries and expand Verkor's product line-up into the industrial
mobility applications.”
Shaffer added, “We expect our current U.S. battery production to
continue to yield credits through the Inflation Reduction Act that
will help us fund this important manufacturing facility. EnerSys’
eligibility for the IRA incentives reinforces the critical nature
of the products and services we provide. In turn, we expect our
future production of lithium batteries in the U.S. will enable
further benefit from the incentives of the IRA.”
About EnerSys
EnerSys is the global leader in stored energy solutions for
industrial applications, manufactures and distributes energy
systems solutions and motive power batteries, specialty batteries,
battery chargers, power equipment, battery accessories and outdoor
equipment enclosure solutions to customers worldwide. Energy
Systems, which combine enclosures, power conversion, power
distribution and energy storage, are used in the telecommunication,
broadband and utility industries, uninterruptible power supplies,
and numerous applications requiring stored energy solutions. Motive
power batteries and chargers are utilized in electric forklift
trucks and other industrial electric powered vehicles. Specialty
batteries are used in aerospace and defense applications, large
over-the-road trucks, premium automotive, medical and security
systems applications. EnerSys also provides aftermarket and
customer support services to its customers in over 100 countries
through its sales and manufacturing locations around the world.
With the NorthStar acquisition, EnerSys has solidified its position
as the market leader for premium Thin Plate Pure Lead batteries
which are sold across all three lines of business. More information
regarding EnerSys can be found at www.enersys.com.
About Verkor
Founded in July 2020, Verkor is a French industrial company
based in Grenoble (France). Supported by the EIT InnoEnergy, IDEC
Group, Schneider Electric, Capgemini, Renault Group, EQT Ventures,
Arkema, Tokai COBEX, the FMET managed by Demeter,
Sibanye-Stillwater, Plastic Omnium and Bpifrance. The company is
accelerating the production of low-carbon batteries in France and
Europe to meet the growing demand for electric vehicles, electric
mobility in general and stationary storage in Europe.
Verkor is developing an attractive business model in terms of
agility, sustainability, and governance, thereby attracting the
best talent. A strong and agile team continues to grow to meet new
challenges. The Verkor-led project is unifying, bringing together
the best partners to locate the entire value chain in Europe,
ensuring optimal use of skills and resources. Thanks to these
strengths, Verkor will open its fully digital 4.0 pilot line in
2023. A model of excellence, competitiveness and resource
utilisation, this innovation will be integrated into the
gigafactory planned for 2025. More information www.verkor.com
Sustainability
Sustainability at EnerSys is about more than just the benefits
and impacts of our products. Our commitment to sustainability
encompasses many important environmental, social and governance
issues. Sustainability is a fundamental part of how we manage our
own operations. Minimizing our environmental footprint is a
priority. Sustainability is our commitment to our employees, our
customers and the communities we serve. Our products facilitate
positive environmental, social and economic impacts around the
world. To learn more visit:
https://www.enersys.com/en/about-us/sustainability/.
Caution Concerning Forward-Looking Statements
This press release, and oral statements made regarding the
subjects of this release, contains forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, or the Reform Act, which may include, but are not limited
to, statements regarding EnerSys’ earnings estimates, intention to
pay quarterly cash dividends, return capital to stockholders,
plans, objectives, expectations and intentions, statements relating
to the non-binding memorandum of understanding between EnerSys and
Verkor and other statements contained in this press release that
are not historical facts, including statements identified by words
such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,”
“anticipate,” “will,” and similar expressions. All statements
addressing operating performance, events, or developments that
EnerSys expects or anticipates will occur in the future, including
statements relating to sales growth, earnings or earnings per share
growth, order intake, backlog, payment of future cash dividends,
commodity prices, execution of its stock buy back program, judicial
or regulatory proceedings, market share and the development of a
lithium battery gigafactory pursuant to the memorandum of
understanding or otherwise, as well as statements expressing
optimism or pessimism about future operating results or benefits
from its cash dividend, its stock buy back programs, adverse
developments with respect to the economic conditions in the U.S. in
the markets in which we operate, the memorandum of understanding
and other uncertainties, including the impact of supply chain
disruptions, interest rate changes, inflationary pressures,
geopolitical and other developments and labor shortages on the
economic recovery and our business are forward-looking statements
within the meaning of the Reform Act.
The forward-looking statements are based on management's current
views and assumptions regarding future events and operating
performance, and are inherently subject to significant business,
economic, and competitive uncertainties and contingencies and
changes in circumstances, many of which are beyond the Company’s
control. The statements in this press release are made as of the
date of this press release, even if subsequently made available by
EnerSys on its website or otherwise. EnerSys does not undertake any
obligation to update or revise these statements to reflect events
or circumstances occurring after the date of this press
release.
Although EnerSys does not make forward-looking statements unless
it believes it has a reasonable basis for doing so, EnerSys cannot
guarantee their accuracy. There is no certainty that any
transaction will occur on the proposed terms, within any particular
timeframe, or at all. Risks include uncertainties regarding the
outcome of discussions between EnerSys and Verkor with respect to
the memorandum of understanding, including the possibility that the
parties may not agree to pursue the development of a lithium
battery gigafactory or such development may be materially different
from the memorandum of understanding described herein; the ability
to consummate the proposed development or achieve the expected
benefits; uncertainties with respect to governmental and other
third party approvals; potential regulatory or closing delays; the
industry and market reaction to the memorandum of understanding;
and changes in the overall economic conditions. The foregoing
factors, among others, could cause actual results to differ
materially from those described in these forward-looking
statements. For a list of other factors which could affect EnerSys’
results, including the proposed development, see EnerSys’ filings
with the Securities and Exchange Commission, including “Item 7.
Management's Discussion and Analysis of Financial Condition and
Results of Operations,” and “Forward-Looking Statements,” set forth
in EnerSys’ Annual Report on Form 10-K for the fiscal year ended
March 31, 2023. No undue reliance should be placed on any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230613054168/en/
Lisa Hartman Investor Relations and Financial Media EnerSys
610-236-4040 E-mail: investorrelations@enersys.com
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