Nordex to supply 6.8-MW turbines for 68-MW German wind project
Sep 18, 2024 9:08 CESTGerman sports car maker Porsche (ETR:P911) is set to purchase a majority shareholding in Varta AG’s (ETR:VAR1) large-format lithium-ion round cells business, while also supporting the financial reorganisation of the battery maker.
Porsche will obtain a stake in Varta’s unit V4Drive Battery GmbH via a capital increase mainly through a contribution in kind. More specifically, V4Drive Battery will be given a plant for booster cells, which Porsche is currently building in the German town of Noerdlingen. The facility is scheduled to become operational in 2025.
Porsche has also committed EUR 30 million (USD 33.3m) to support Varta’s planned financial reorganisation.
The statement was made soon after Varta revealed a restructuring plan that foresees a decrease of its existing EUR-485-million debt by about EUR 285 million.
Under the plan, Varta’s share capital will be reduced to zero, allowing the compensation-free exit of the current shareholders and the company’s delisting.
Subsequently, Porsche and Varta’s current indirect majority shareholder, Michael Tojner (MT InvestCo), will support the battery maker, providing a total of EUR 60 million via a capital increase. As a result, MT InvestCo and Porsche will each control 32% of Varta. The senior lenders of the battery company will economically hold 36% of the equity.
(EUR 1 = USD 1.108)
Nordex to supply 6.8-MW turbines for 68-MW German wind project
Sep 18, 2024 9:08 CESTInfener to set up 20-MW green hydrogen hub in Germany
Sep 17, 2024 14:59 CESTAukera buys 46-MW solar-storage project in Germany
Sep 16, 2024 12:57 CESTGermany's Enapter plans EUR-8m capital increase
Sep 13, 2024 14:03 CESTInsolvent solar firm Fellensiek triggers strong interest
Sep 13, 2024 13:34 CESTVPI, Quantitas create 500-MW BESS partnership in Germany
Sep 13, 2024 13:00 CEST