Press release

Tesvolt: Strong business performance in first half of 2021 and booming international demand

- International turnover increases by around 60% in first half of 2021

- Increase of around 170% in new international orders - well above average

- Proportion of foreign sales already more than 40%

- Strong market position in Germany forms outstanding basis

- 2023: three-figure million euro turnover expected for the first time

Wittenberg, 7 September 2021 - Tesvolt GmbH, one of the world's leading companies in technology for commercial and industrial applications in the field of energy storage, is able to report a strong business performance for the first half of 2021. Alongside high demand in Germany for energy storage system solutions, international business is a key engine for growth. In addition to expanding its position in numerous existing markets, Tesvolt has extended into new regions. This underlines Tesvolt's status as a global player in the worldwide transition to sustainable energy. The average project volume also continued to increase markedly in the first half of 2021.

Tesvolt's growing global success is evidenced by the rise in international turnover in the first half of 2021 - around 60% more than the same period last year. The number of new orders increased by an even greater margin, with a rise of around 170% in the first half of the year, having picked up significantly in the second quarter when order volumes were around 300% greater than in the same period last year. Foreign sales represented more than 40% of total turnover by midyear 2021.

Tesvolt is further accelerating its international expansion into the rest of 2021 and beyond. Tesvolt expects to further expand its market share, with its share of the core segment of commercial energy storage systems already at around 20% in Europe. There were similar outcomes in the Latin American and South African markets, where the company has already managed to capture a double- digit market share with help from strategic partnerships and its own branch offices. Tesvolt also expanded and increased its market share in numerous other existing markets, such as Australia.

Building on its strong market position as a global specialist in commercial energy storage systems, its efficient, highly digitalised international customer outreach and increasing demand levels, Tesvolt is also directing its attention to other markets. It also plans to enter the North American market next year. With its outstanding and continually expanding product range and a market share of around 50% in its core segment of 30 kWh to 1 MWh commercial energy storage systems in the German market, Tesvolt is in an excellent position to continue its international expansion.

With the positive business performance of the first half of the year and above all the marked rise in new orders, Tesvolt is also optimistic about the rest of the year. In the 2023 financial year, turnover is likely to exceed 100 million euros for the first time.

Daniel Hannemann, founder and Commercial Director at Tesvolt: "We are very happy with our progress in 2021 so far. We were able to significantly increase our turnover in the first half of the year. The incredibly high number of new orders in particular shows that the dynamic of this development will keep gaining momentum. We are turning our leading position in technology for commercial energy storage systems into financial success. Tesvolt has long been a global player in the energy transition. We are expanding into new markets and increasing our share of the international market. 2021 as a whole will be a very strong year for Tesvolt and we are aiming to push our turnover through over the 100 million euro mark in 2023. Of course we also benefit from the fact that as a leading specialist in commercial energy storage systems, we occupy a key area of the energy transition."

About Tesvolt

Tesvolt specialises in battery storage systems for commerce and industry. The innovative company produces intelligent lithium storage systems with prismatic battery cells from Samsung SDI based on nickel manganese cobalt oxide. Tesvolt manufactures its commercial storage system solutions in series production at Europe's first gigafactory for commercial battery storage systems at their Wittenberg site and delivers them worldwide. Tesvolt has already implemented more than 2,200 storage system projects and employs more than 100 people. The young company has already received several awards, including the German Entrepreneur Award in the "Rising Stars" category, the "TOP 100" award for innovation and the international award for rural electrification (ARE).

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