Battery maker Voltabox generated sales of 66.9 million euros in 2018, more than double from what the made in 2017. The company explains its success with orders for batteries for specialist vehicles such as forklifts and also plans to further expand into the business of light electric vehicles this year.
Voltabox continues to grow as the German battery system manufacturer has generated sales worth 66.9 million euros in 2018 according to preliminary figures. For the current fiscal year, Voltabox expects further sales growth of around 60-70 per cent to 105 to 115 million euros.
According to Voltabox, the forecast is based on exponentially increasing numbers of orders. In 2017, sales were still at 27.3 million euros, meaning that the sales volume increased by almost two thirds the following year.
The Germany company has made a string of strategic acquisitions. In June 2018, the Germans acquired the U.S. American company Navitas Systems, a specialist for battery systems in the intralogistics area. This provided Voltabox with their initial access to battery cell technology and the company announced back then its intention to expand into direct sales of its intralogistics solutions, said forklifts and the likes. Three months later, Voltabox bought Accurate Smart Battery Systems, that has been specialising in standardized and complex battery systems for LEVs such as pedelecs, e-bikes, golf trolleys and scooters. This year, the further integration of the two units is planned.
“As a result of the restructuring of our distribution in the intralogistics segment, which is so important for us, we have laid the groundwork for rapidly expanding our market position in the EU and North America through direct sales. In the current fiscal year, we will also generate significant revenue with battery packs for pedelecs and e-bikes for the first time,” says CEO Jürgen Pampel.
As far as the current figures are concerned, Voltabox says that expectations have been met. “As a result of the very positive business performance in the second half of the year, it was possible to achieve the revenue forecast that was raised to reflect the expected acquisition of a U.S. competitor, despite the cancellation of this transaction,” according to the company press release.
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Voltabox explains that the increasingly automated mass production of battery modules for use in forklifts and driverless transport vehicles was the main reason for the leap in growth. Battery systems for trolleybuses and, for the first time, a system for mining vehicles that have gone into serial production also made a noticeable contribution to sales.
Via direct marketing, Voltabox is now focusing specifically on the U.S. intralogistics market – above all American forklift truck manufacturers, battery dealers and major customers with the corresponding logistics infrastructure. By mid-2019, the existing portfolio will be expanded to include products for the American market that can be manufactured on existing automated systems, according to the company headquarters in Delbrück. The battery manufacturer estimates the associated costs at around 1 million dollars.
Additional reporting by Nora Manthey.