Voltabox to focus on Europe - looking to sell US subsidiary
Due to extraordinary material expenses resulting from the use of discontinued technologies, Voltabox says that its EBITDA will be approximately EUR 16.1 million lower than previously expected.
This effect is due to the utilisation of old cell technologies below book value in the second half of 2020. Initially, these expenses were reported as impairment losses and were therefore not included in the EBITDA. The originally expected EBITDA of EUR -8.1 million – now adjusted for these cost of materials – results in an unadjusted EBITDA of EUR -24.2 million, the company reports in a short update. In order to further stabilise the earnings situation, the Management Board has also decided to initiate a sales process for the loss-making US subsidiary Voltabox of North America, Inc. and its subsidiary Voltabox of Texas, Inc. Voltabox will therefore focus on its industrial business in Europe in the future. The company is expected to license out its business with automotive customers completely and exclusively to paragon GmbH & Co. KGaA.