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PRESS RELEASE: AKASOL AG: Serial production, prototype and sample construction continue

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DGAP-News: AKASOL AG / Key word(s): Strategic Company Decision/Miscellaneous
AKASOL AG: Serial production, prototype and sample construction continue

2020-03-25 / 07:30
The issuer is solely responsible for the content of this announcement.

*AKASOL AG: Serial production, prototype and sample construction continue*

Darmstadt/Langen, March 25, 2020 - AKASOL AG ("AKASOL"; the "Company"; ISIN
DE000A2JNWZ9), a leading German developer and manufacturer of
high-performance lithium-ion battery systems, will maintain its serial
production as well as prototype and sample construction for the time being,
despite the current corona crisis, with stricter hygienic and health safety
precautions for employees. Even if some of the Company's serial customers
have set up breaks due to the current COVID-19 developments and will not
produce any vehicles in the next few weeks, the AKASOL Management Board
anticipates a considerable catch-up effect after the crisis due to unchanged
forecasts and vehicle orders from its customers.

"Despite the interruptions in production at our customers' plants, the
quantities announced for 2020 have not yet been revised so far but have for
the most part been confirmed. Against this background, we have decided for
the time being to maintain serial production as well as prototype and sample
construction and to pre-produce our battery systems and necessary
accessories in the coming weeks in order to be able to deliver these
products quickly after customer plants have restarted", explains Sven
Schulz, CEO of AKASOL AG. Thus, AKASOL will remain a reliable partner for
its customers even during the current corona crisis, ensuring that the
backlog in the production capacity of the customers expected after the end
of the crisis can be fulfilled as planned. "By maintaining serial production
under increased health safety precautions as well as strict hygiene
regulations, we can initially continue to guarantee employment at the
Company's production sites", commented Carsten Bovenschen, CFO of AKASOL AG.

Due to the currently guaranteed availability of components in its own supply
chain, AKASOL AG will be able to maintain its own production for the coming
months. Customer development projects will also be continued: Shortly before
the break in production, customers placed development orders with the
Company for new and ongoing projects. Sven Schulz explains: "For us it is a
clear and positive sign that our customers are sticking to their
electrification strategy even in the current extremely challenging
environment and are investing in the further development of the business
relationship with AKASOL. Our development teams are currently able to work
from home without major restrictions and in the laboratories of our sites
with appropriate hygiene standards. This allows us to ensure for ourselves
and our customers that we will use the time during the current corona crisis
efficiently to further expand our technological leadership for Li-ion
battery systems in commercial vehicles. Our customers will benefit massively
from this after the crisis, as they will not be disadvantaged in terms of
electromobility compared to the international competition".

The AKASOL Management Board currently assumes that the customer plant
closures will continue until the end of April. However, not all customer
plants are currently closed. In particular, a large plant of a major serial
customer in Poland is still open, where AKASOL AG continues to supply
battery systems.

*Contact:*

AKASOL AG, Isabel Heinen

Phone: +49 (0) 6151 800500-193

E-Mail: 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 have been traded on the
Prime Standard segment of the Frankfurt Stock Exchange since 29 June 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 produce battery systems for up to 3,000 fully electric buses or for up
to 6,000 medium-sized commercial vehicles per year from 2020, 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 words
such as "may", "will", "should", "plan", "expect", "anticipate", "estimate",
"believe", "intend", "aim" 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.

2020-03-25 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
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, Hamburg, Munich,
Stuttgart, Tradegate Exchange
EQS News ID: 1006189

End of News DGAP News Service

1006189 2020-03-25



(END) Dow Jones Newswires

March 25, 2020 02:30 ET ( 06:30 GMT)
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