AKASOL AG
Company Profile

AKASOL is a leading developer and manufacturer of mostly liquid-cooled and rechargeable high-performance lithium ion (“Li-Ion”) battery systems for a wide range of applications, such as buses, commercial vehicles, rail vehicles, marine, industrial vehicles and stationary applications. The Company was founded in 1990 as the not-for-profit organization Akasol e.V. and incorporated as Akasol Engineering GmbH in 2008.

Its founders, including current CEO and indirect majority shareholder Sven Schulz, renamed the Company to Akasol GmbH in 2012. The Company is based in Darmstadt and runs its main production facility in Langen, Germany. The facility currently has a total 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 currently produce battery systems per year for up to 3,000 fully electric buses or for up to 6,000 medium-sized commercial vehicles, depending on battery size. Based on its extensive experience in the field of high performance Li-Ion battery systems, AKASOL develops, tests, validates, manufactures and distributes rechargeable, functional and standardized Li-Ion battery modules including battery management system and thermal management features. The Company has become the strategic battery system supplier for leading manufacturers from its target industries, including 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.

AKASOL’s battery systems are highly flexible in terms of battery chemistry and battery cell format, which makes them suitable for a wide range of applications. With its On-Highway Segment the Company serves manufacturers of buses and commercial vehicles. The Off-Highway Segment focuses on battery systems and services for manufacturers or tier 1 suppliers of rail vehicles, industrial vehicles (e.g. construction, mining and logistics), marine applications as well as stationary applications for residential and professional installations. The Company has developed a multi-dimensional growth strategy based on three pillars: (1) organic growth in its main segments due to growing market potential, coupled with the expansion of production capacities in Germany and market entry into the US; (2) maintaining and expanding its technology leadership in e-mobility through sustained research and development efforts in order to expand the product portfolio and to increase the level of vertical integration into areas with value-add potential, including selective add-on acquisitions; and (3) delivering attractive returns through operating leverage while capitalizing on what the Company views to be their leading technology position and attractive client base, as well as maintaining an efficient organizational structure.

Company
Management Board

Sven Schulz

CEO

Sven Schulz is the Chief Executive Officer of AKASOL AG. Since 2001, Sven Schulz has been active in the automotive industry. As an industrial engineer, he is an excellent generalist in terms of technology. He completed his management training at the University of St. Gallen, where he holds an MBA. Mr. Schulz was co-founder and sole investor of AKASOL GmbH in 2008. Before he was appointed CEO of AKASOL AG in May 2018, he was Managing Director since the founding of AKASOL GmbH and has played a key role in the development of the company.

Carsten Bovenschen

CFO

Carsten Bovenschen is the Chief Financial Officer of AKASOL AG. He holds a degree in business administration from the Rheinisch-Westfälische Technische Hochschule Aachen. Most recently, he spent more than five years as Managing Director of Finance at SOLARWATT GmbH, a leading German producer of photovoltaic systems and supplier of stationary battery systems. Previously, Mr. Bovenschen was CFO of Roth & Rau AG, where he oversaw a move from the Entry Standard to the Prime Standard and the TecDAX. He is responsible for Finance, Investor Relations, Human Resources, Legal, IT and Organization.

Supervisory Board

DR. CHRISTOPH REIMNITZ

CHAIR

Dr. Christoph Reimnitz was appointed Chair of the Supervisory Board in May 2018. In addition to his position at AKASOL, Dr. Reimnitz currently is the Vice President Strategic Development at APR Energy.

DR. MARIE-LUISE WOLFF

DEPUTY CHAIR

Dr. Marie-Luise Wolff became Deputy Chair of the Supervisory Board in June 2018. In addition to her position at AKASOL, she is the Chair of the board of ENTEGA AG. Dr. Marie-Luise Wolff also is a member of several committees and associations, including TU Darmstadt Energy Center e.V., where she is a member of the Advisory Board.

DR. CHRISTIAN BRENNEKE

MEMBER OF THE SUPERVISORY BOARD

Dr. Christian Brenneke was appointed Member of the Supervisory Board in June 2018. In addition to his position at AKASOL, he is Chief Technology Officer at WABCO, a global supplier of technologies and services regarding safety, efficiency and connectivity of commercial vehicles.

Financial figures
Annual comparison

Financial figures in EUR thousand2016201720182019
Revenue13,44614,48321,58747,648
EBITDA1,9721,7452,557-3,152
Operating results (EBIT)1,3261,117-1,000-5,289
Financial result273246-137-13
Net profit715605-726-6,433
Total Equity1,0201,624101,795,1

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