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PRESS RELEASE: AKASOL AG: AKASOL increases its total output in the first quarter of 2020 and achieves important milestones for the expansion of production capacities

DGAP-News: AKASOL AG / Key word(s): Quarter Results
AKASOL AG: AKASOL increases its total output in the first quarter of 2020
and achieves important milestones for the expansion of production capacities

2020-05-25 / 07:30
The issuer is solely responsible for the content of this announcement.

*AKASOL increases its total output in the first quarter of 2020 and achieves
important milestones for the expansion of production capacities*

*- Total output increased by 22% compared to the previous year to EUR 12.9
million (Q1 2019: EUR 10.1 million)*

*- Production interruptions by major customers preserve Group revenue in the
first quarter at around EUR 8.0 million (Q1 2019: EUR 9.1 million)*

*- EBIT at EUR -2.4 million (Q1 2019: EUR 0.0 million) under conditions of
the COVID-19 pandemic within AKASOL's expectations*

*- Significant milestones achieved for significant expansion of production

*- Total order backlog remains stable at around EUR 2 billion through 2027 *

Darmstadt, Germany, May 25, 2020 - AKASOL AG ("AKASOL;" ISIN DE000A2JNWZ9),
a leading German developer and manufacturer of high-performance lithium-ion
battery systems for buses, commercial vehicles, rail vehicles, industrial
vehicles, ships and stationary applications, made further advances on its
path to expansion in the first quarter of 2020 and increased total output to
EUR 12.9 million in the first quarter of 2020, which was already noticeably
affected by the negative impact of the COVID-19 pandemic. Due to the
relatively high demand from existing and new customers despite the
coronavirus crisis, the order backlog was at a consistently high level of
around EUR 2 billion through 2027 as of the March 31, 2020, reporting date.
An important element was the placement of the major order with ALSTOM for
the supply of battery systems for the Coradia iLint, the world's first
fuel-cell-driven commuter train.

"With ALSTOM's order, we underscore our extensive expertise in the
development of high-performance battery systems which, in addition to their
use in all-electric vehicles, are also essential for alternative-drive
technologies such as hydrogen drives. We view our partnership with this
specialist for railway technology as clear confirmation that we are also an
important strategic partner for rail transport in the off-highway sector,
offering exactly the battery-system solutions for innovative and sustainable
eMobility concepts that the market expects," according to Sven Schulz, CEO
of AKASOL AG. Delivery of a total of 40 so-called powerpacks (steel frame
including several battery systems, cooling aggregate and other components)
for the Coradia iLint trains can be considered the first step toward tapping
the enormous market potential for AKASOL in the field of fuel-cell

In addition to the expansion of fuel-cell drives and the related growth in
the order backlog, AKASOL also made necessary progress toward establishing
the structures it will take to pave the way for the expected dynamic growth
in the first quarter of 2020. In the course of the first quarter, the
Company commissioned its second series production line for Li-ion battery
systems at its plant in Langen, Germany, six months earlier than originally
planned. With implementation of the second production line, AKASOL has
expanded its maximum annual production capacity in Langen to up to 800 MWh,
more than twice the capacity it had there in 2019. Moreover, during the
first months of the current year, the Company commissioned the delivery of
fully automated production facilities for its Gigafactory 1 at the new
location in Darmstadt, Germany, where the new AKASystem AKM CYC
ultra-high-energy battery systems will go into production as early as
mid-2021. "With up to 5GWh in total capacity at the new Gigafactory 1, we
are well positioned to deliver the battery systems our series customers have
ordered for the years ahead," Sven Schulz explains. In conjunction with the
series production location in Langen, AKASOL will have by far the greatest
capacity in Europe for the production of battery systems for commercial
vehicles. This, along with the gradual expansion of the Company's production
lines, underscores the increasing dynamism in the global market for
high-performance battery systems. "Thanks to the planned progress in
building the Gigafactory and the new headquarters in Darmstadt, in the first
quarter we achieved important milestones toward implementing our expansion

At EUR 8.0 million, Group revenue in the first three months of the 2020
financial year was lower than in the same quarter of the previous year (Q1
2019: EUR 9.1 million). "Our economic environment was already significantly
impacted by the negative effects of the COVID-19 pandemic in the first
quarter of 2020, beginning at the end of February. During this time, some of
our series customers suspended their operations interrupting production of
up to two months to contain the spread of the virus, so that AKASOL was no
longer able to deliver ordered systems to the customers for logistical
reasons, so no further revenues could be generated in March. Nevertheless,
in view of the historical effects of this crisis, we can still look back
with satisfaction on the first-quarter results," Carsten Bovenschen, CFO of
AKASOL AG, explains.

Assuming a gradual normalization of the economic environment, the AKASOL
Management Board expects to see positive business performance for the
remainder of the year and a significant recovery in business during the
second half of the year. "Based on the full-year forecasts that were largely
confirmed to us when our customers' operations were suspended, and based on
the vehicle orders from our customers as well as the recently concluded
development orders, we currently expect to see quite significant catch-up
effects after the crisis and especially in the second half of 2020. As a
result, we ourselves have not yet called for any interruption in our own
production," Carsten Bovenschen points out. The increase in total output, to
EUR 12.9 million in the first quarter of 2020 (Q1 2019: EUR 10.1 million),
reflects the inventory production of battery systems. "Against the backdrop
of our high order backlog, our customers' release timelines, and without
losing sight of our own working capital, we have, in spite of the
challenging framework conditions surrounding the COVID-19 pandemic, done
everything in our power to be in a position to quickly supply our customers
with our high-performance Li-ion battery systems over the course of the
year," Carsten Bovenschen added.

Earnings before interest and taxes (EBIT) for the first quarter of 2020
totaled to around EUR -2.4?million (Q1 2019: EUR 0.0 million). The decline
compared to the prior-year quarter is attributable, on the one hand, to the
reduced level of revenue. On the other hand, it also reflects a higher cost
of materials from the expanded production discernible in the increase in
total output, along with higher expenses toward the planned increase in
human resources in anticipation of dynamic growth.

While the first steps have been taken in Germany and other European
countries in recent weeks to ease the severe lockdown restrictions in place,
the current COVID-19 pandemic is unlikely to be over with in the foreseeable
future. It may therefore have a significant impact on the business
activities of the AKASOL Group in the future and may also be reflected, for
example, in production stoppages, a drop in orders and material backlogs
within the supply chain. Developments such as these cannot be foreseen at
this point in time, but given the very low level of visibility at the
moment, it is also not possible to quantify any impacts on AKASOL's net
assets, financial position and results of operations, or to make a reliable
forecast for the current financial year. AKASOL will promptly present such a
forecast as soon as the impact of COVID-19 can be considered with sufficient

The quarterly report for the first quarter of 2020 is available for download
online at https://www.akasol.com/en/quarterly-reports [1].


AKASOL AG, Isabel Heinen

Telephone: +49 (0) 6103 48567-26

e-mail: isabel.heinen@akasol.com

*About AKASOL*

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

With headquarters in Germany, AKASOL operates a production plant in Langen
(in the German state of Hesse), where its production capacity of up to 300
MWh per year is set to expanded to up to 800 MWh by 2020. Based on
information available to AKASOL, this is Europe's largest facility to
produce lithium-ion battery systems for use in commercial vehicles. From
2020 onwards, each year, it will be able to produce battery systems for up
to 3,000 fully electric buses, or for up to 6,000 medium-sized commercial
vehicles, depending on the battery size.

AKASOL systems are manufactured to the industry standards of leading OEM
customers. Its current customers include two of the world's leading
manufacturers of commercial vehicles, Alstom, Bombardier, Rolls-Royce Power
Systems (MTU Friedrichshafen) and many more. The AKASOL product portfolio is
technology independent. This way, working based on individual customer
requirements, the Company can use the best battery cells and the best
battery chemistry.


Statements contained herein could be deemed to constitute what are referred
to as "forward-looking statements." Forward-looking statements are
identifiable by the use of words such as "could," "will," "should," "plans,"

(MORE TO FOLLOW) Dow Jones Newswires

May 25, 2020 01:30 ET ( 05:30 GMT)

"expects," "anticipates," "estimates," "believes," "intends," "envisages,"
"aims" or the negative form of these terms, or corresponding modifications
and comparable terms.

Based on current expectations, forward-looking statements involve a number
of known and unknown risks, uncertainties and other factors as a result of
which actual results, degrees of capacity utilization, developments and
successes on the part of the Group, or on the part of the branch of industry
in which it operates, might turn out to be materially different from the
results contained or implied herein. The faith placed in forward-looking
statements should not be unreasonably high. The Group will not update or
review any forward-looking statements published herein considering new
information, future events or for any other reason.

2020-05-25 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
Phone: +49 6151/800 500
E-mail: info@akasol.com
Internet: www.akasol.com
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
EQS News ID: 1054115

End of News DGAP News Service

1054115 2020-05-25

1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=ef2b320f337447393f4d290eaeee9044&application_id=1054115&site_id=vwd&application_name=news

(END) Dow Jones Newswires

May 25, 2020 01:30 ET ( 05:30 GMT)

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