Leclanché SA, a global energy storage leader specializing in heavy-duty batteries for Marine and Rail, announced that Pinnacle International Capital Limited has successfully completed its legal, financial, and technical due diligence, marking a key step toward their strategic partnership.
Pinnacle will conduct an engineering review to optimize the business plan and investment. Meanwhile, Leclanché will address identified due diligence items to strengthen the partnership’s foundation.
Pinnacle’s investment will support Leclanché’s operations and expand its Willstätt production facility to 2 GWh/yr, with additional funding for a new 2 GWh/yr facility in the Middle East, driving sustainable growth.
Originally announced in June 2024, the partnership evolved from a binding term sheet to a framework agreement. It includes a 50/50 JV between Leclanché and Pinnacle to oversee mass battery production. The JV will establish two 2 GWh/yr production facilities—one in Willstätt, Germany, and one in the Middle East—boosting Leclanché’s manufacturing capacity to meet rising battery market demand.
Strategic Partnership Milestones
The JV initially proposed up to CHF 360 million to support Leclanché’s expansion, including a 2 GWh/yr facility in Willstätt and a new 2 GWh/yr plant in the Middle East. The final investment amount, structure, and timeline will be determined after the engineering review.
Pinnacle will contribute 50% of JV shares to Leclanché in exchange for newly issued Leclanché shares, representing up to 40% ownership. It also has the option to acquire up to 30% of SEF-LUX for CHF 240 million, potentially increasing its stake to 70%.
The JV will establish two advanced 2 GWh/yr battery plants—one in Germany and one in the Middle East—to meet rising market demand. It will fund plant operations and expansion.
Leclanché’s current leadership team will manage the JV, ensuring continuity. Both partners are committed to building cutting-edge facilities for Europe and the Middle East. Leclanché is also arranging bridge financing to sustain operations until Pinnacle’s funding is available.
This partnership enables Leclanché to execute its growth strategy, with Pinnacle reinforcing its commitment to the global green energy transition.
Lex Bentner, Chairman of Leclanché, said that the partnership marks an exciting new chapter. He thanked the company’s majority shareholder for their support and looks forward to collaborating with Pinnacle to drive future success.
Pierre Blanc, CEO of Leclanché, said that completing due diligence is a key step forward. The partnership will accelerate growth, providing the resources needed to scale globally and advance the company’s vision of sustainable energy.
