Pinnacle International Advances Partnership with Leclanche for Energy Storage Ventures

Credit: Ads-Tec

UK private equity firm is moving forward with a due diligence process regarding a strategic partnership with Swiss solutions provider SA. The collaboration aims to establish a joint venture and construct two production facilities, each with a capacity of 2 GWh.

Leclanche announced on Wednesday that the due diligence process is progressing smoothly. The partnership stems from a framework agreement signed in July, which secures financing for Leclanche's expansion plans, including the development of a 2 GWh plant in Germany and another 2 GWh facility in the Middle East.

Under the terms of the agreement, Pinnacle will invest CHF 360 million (USD 424.6 million/EUR 381.4 million) into the joint venture. Leclanche will contribute a 50% stake in the joint entity through a contribution in kind, which will result in Pinnacle acquiring a 40% shareholding in the Swiss company. Additionally, Pinnacle will have the option to purchase up to a 30% additional stake in Leclanche for a maximum of CHF 240 million.

Leclanche stated that this planned partnership represents a significant capital injection that will strengthen its financial foundation and accelerate growth. As of 10:55 CET on Wednesday, shares in Leclanche were trading 8.04% higher at CHF 0.18 in Zurich.

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