The Bulgarian battery manufacturer Monbat expects to have a working enterprise for the production of bipolar lead-acid batteries by the end of 2023 or the beginning of 2024.
The company announced its intentions to build a similar plant in 2019. It was then announced that he would be in Vratsa, but plans were thwarted by the pandemic, reports seenews. It was then announced that the planned investment will be for about BGN 40 million. That same year, Monbat said it had acquired licensing rights to the full suite of GreenSeal bipolar lead-acid battery technologies from the US Advanced Battery Concepts.
According to the executive director of the company Viktor Spiriev, tests of the prototypes are being made, which show good results.
“The technology will help significantly reduce lead in batteries, and give us a competitive advantage,” Spiriev was quoted as saying by seenews.
According to the CEO, Monbat is considering two directions in terms of funding for the implementation of its bipolar battery project – to seek support from the EU or a strategic investor.
The company intends to look for a strategic investor to continue the development of its project for the production of lithium-ion batteries, said Spiriev.
Monbat now manufactures lithium-ion batteries that are used in the industrial sector. At present, the company is mainly focused on the development of such batteries for the marine sector. The Bulgarian company also plans to study the possibilities for developing energy storage products.
Bulgaria’s Monbat buys Tunisian battery maker
The company’s profit grew by 77% in the first three months of the year
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The battery manufacturer expects an annual increase of just over 19% of its consolidated profit at the end of 2021 to 21.9m euros, Spiriev said. The expected growth for next year is at least 5%.
At the end of last month, Monbat announced that the consolidated profit, before taxation, increased by 74% in the first nine months of 2021, compared to the same period last year, reaching BGN 17.6 million. Sales revenues increased by 20% for the period.
For the group
Monbat is one of Europe’s leading battery manufacturers. The Monbat economic group operates in two main business segments – lead-acid batteries and lithium-ion cells and high-power systems. In our country Monbat has locations in Sofia, Dobrich and Montana. With a presence in more than 70 countries through more than 20 different applications and industries, the Monbat economic group is one of the most sustainable economic entities in the country.
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