Leclanché has recently signed an agreement with Enel Green Power, which is the renewables division of the Enel Group, and wind energy supplier Enertrag, to form a JV to construct a €17m battery storage plant in Cremzow, Germany, for completion by the end of 2018. The terms of the JV and the value of the contract to Leclanché have not been disclosed. Together with a smaller (2MW/4MWhr) project with NRStor in Canada and a 15MWhr project with swb in Germany, this 33MWh/22MW project represents 37% of the 140MWh of capacity we model for delivery in FY18, underpinning our estimates, which we leave unchanged.
