World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTVarta AG, the German manufacturer of microbatteries and renewable energy storage systems, announced on Thursday it plans a EUR-200-million (USD 222m) initial public offering (IPO) in Frankfurt.
The Ellwangen-based group has two operating subsidiaries -- namely VARTA Microbattery GmbH, which makes microbatteries for hearing aid devices and other electronics, and VARTA Storage GmbH. The latter focuses on the development and installation of lithium-ion energy storage systems for residential and commercial customers. It sources the battery cells for these systems through third-party supply contracts.
The firm's energy storage system "Varta element" reached the market in mid-2016.
Varta says that renewable energy is one of its growth markets. The company wants to capture the opportunity created by the increasing number of solar photovoltaic (PV) installations around the world. It expects to spend a portion of the IPO proceeds on select acquisitions in the energy storage segment, while it will also use the funds to investment in a new large-scale, automated battery assembly plant for Power Pack Solutions for various end markets.
Presently, Swiss industrial technology group Montana Tech Components AG (MTC) is the sole owner of Varta. MTC is expected to make available an over-allotment option equal to 15% of the base offering.
Jefferies International Ltd and UniCredit Bank AG serve as the joint global coordinators and joint bookrunners for the IPO. It will consist of a public offering in Germany and Austria and private placements in other countries.
(EUR 1.0 = USD 1.107)
World set to install 593 GW of new solar in 2024 - Ember
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