Successful year 2020


AKASOL AG: 2021 Virtual Annual General Meeting held

The AKASOL AG held its 2021 Annual General Meeting today, on Wednesday. The annual shareholder meeting was once again held as a virtual event in the second year of the COVID-19 pandemic. 90.53% of the share capital was represented.

CEO Sven Schulz and CFO Carsten Bovenschen informed the shareholders about the continued dynamic business development of AKASOL AG in fiscal year 2020. In an economic environment noticeably burdened by the negative effects of the COVID-19 pandemic, AKASOL succeeded in increasing its revenue in 2020 by 43% compared to the previous year to a total of EUR 68.3 million (2019: EUR 47.6 million). Further milestones in the past fiscal year included the increase in production capacities at the site in Langen, Hesse, and the commissioning of the first production line at the US site in Hazel Park, Michigan, USA, as well as the relocation to the new headquarters in the southwest of Darmstadt after a construction period of only 15 months. Connected to the new headquarters is Gigafactory 1, by far Europe’s most advanced, modern and largest series production facility for commercial vehicle battery systems.

The first three months of the current fiscal year 2021 were also characterized by both operational and strategic successes. Compared to the same quarter of the previous year, AKASOL was able to triple its revenue to EUR 24.1 million (Q1 2020: EUR 8.0 million). EBITDA was in positive territory at EUR 0.3 million (Q1 2020: EUR -1.7 million) and EBIT improved by EUR 1.1 million to EUR -1.3 million (Q1 2020: EUR -2.4 million). Furthermore, with the closing of BorgWarner's takeover offer to the shareholders of AKASOL AG, the takeover process was successfully completed at the beginning of June. BorgWarner has since become the largest shareholder of AKASOL AG and has held at least 89.08% of the shares since the transaction was completed on June 4, 2021. With BorgWarner as a strong partner, AKASOL considers itself well positioned to successfully implement the further dynamic growth expected for the future.

The Annual General Meeting expressed its confidence in the members of the Management Board and Supervisory Board and discharged them by a large majority.

As part of the Supervisory Board elections, Mr. Gerd Merkel, a former longstanding executive at BorgWarner in Germany and an independent human resources consultant, was elected as a member of the Supervisory Board to succeed Dr. Christian Brenneke, who resigned from office with effect from the end of the 2021 Annual General Meeting. Against the backdrop of the increased demands on the Supervisory Board’s control duties, it was also decided to expand the Supervisory Board from the previous three members to five. To fill the two newly created positions, two new members were elected to the Supervisory Board by the Annual General Meeting: Mr. Anthony Daniel Hensel, expert on corporate finance and compliance, and Mr. Wolfgang August Schneider, engineer. Both new members are long-serving and deserving former BorgWarner executives, who will accompany the further development of AKASOL AG, as well as support the cooperation with BorgWarner. The curricula vitae of the newly elected Supervisory Board members are published on AKASOL’s corporate website.

Other items on the agenda included the first-time approval of the new system of remuneration for Management Board members and the approval of the remuneration of the Supervisory Board members. In addition, BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt was appointed auditor for fiscal year 2021.

The detailed voting results for the individual agenda items are published on the website

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