Technology company VARTA and hearing aid manufacturer Eargo look back on a longstanding partnership. Their latest joint project: the Eargo 5 hearing aid with new functions and an even smaller design.

Eargo 5 is operated by a button cell based on lithium-ion technology, which, thanks to its high performance, enables future-oriented functions and properties of the hearing aid as well as a long runtime and fast charging. The rechargeable button cell has the highest energy density and can be charged within four hours. It will then deliver 16 hours of continuous power. The special design of the button cell is matched to the particular shape of the device so that it disappears invisibly in the ear when worn.

“We start every day with our vision of creating future battery solutions that enable an independent and fulfilling life in an inclusive society. With the development process for the Eargo 5, our engineers, technicians, and electrochemists have once again proven that we can develop batteries that meet even the most demanding requirements for the most modern consumer healthcare products,”

says Torsten Schmerer, General Manager Micro batteries, VARTA AG.

“VARTA has been a key partner for Eargo for over six years. With Eargo 5 functionality, it became obvious that we would need more energy density; the switch to lithium-ion not only allows this but also makes for a much more robust solution with faster, easier charging and a goal of supporting full runtime over several years. “

says Rory Pynenburg, Engineering Lead Power Systems at Eargo.

In the interests of sustainability, the cell is produced on a specially manufactured production line in Germany. The Eargo 5 can be controlled via an app and is based on the latest hearing aid technology.

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Varta and Allgau Batterie will in the future bring together their expertise for the rapidly growing market for application-specific configurable lithium-ion battery packs. In the future, the family-owned company from Bavaria will be able to include the Easyblade and Easyblock products from Varta’s Application-Specific Batteries product group in its portfolio and thus take care of all system integration issues, ranging from hardware, software and chargers to system communication and mechanical fit as well as battery design.

The Varta ASB product group are specially developed battery solutions for use in small and medium-sized vehicles such as driverless transport systems, AGVs, material handling systems, or forklift trucks. The lithium-ion batteries are rugged modular and expandable and can thus be perfectly adapted to applications such as logistics or agriculture.

Thanks to its broad experience in the field of lithium-ion batteries and its strong network in various major industries, Allgau Batterie is the perfect partner for Varta’s Application Specific Batteries Easyblock and Easyblade. Gordon Clemens, General Manager, Varta Power Pack Solutions:

“The cooperation with Allgau Batterie shows that we can offer battery solutions for a wide range of applications – and without long design-in times thanks to our modular systems. For us, this marks the start of several such partnerships in Europe and the USA, because we show that VARTA is the perfect partner for a quick implementation of projects where application-specific configurable batteries are required.”

Manuel Diepolder, CEO of Allgau Batterie and ALLithium, is also excited about the cooperation:

“With Varta, we gain a renowned partner that will help us to achieve our ambitious goals. Our companies complement each other perfectly: VARTA produces excellent cells and modules which we then configure and integrate as intelligent complete systems.”

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In the first quarter of 2021, Varta was able to increase group revenue by 2.9% to € 204.3 million compared to the same period of the previous year. The adjusted EBITDA rose by almost 16% to € 59.9 million.

“Varta has further increased its profitability. We are optimistic about the second half of the year. All segments continue to contribute to the growth of our company and were able to further increase the good results. The properties of our new lithium-ion round cells are met with great interest from customers. We are thus opening new and larger areas of business. In the meantime, we have also been able to win our first customer for our V4Drive in the automotive sector. Varta remains successful with its innovation strategy,”

says Herbert Schein, CEO of Varta AG.

In the second half of the year, in particular, Varta expects an increase in revenue and business results thanks to new customer orders in the area of True Wireless Stereo Headsets (TWS).

“In order to emphasize our focus on the successful business with our lithium-ion batteries, we have decided to rename our Microbatteries & Solutions segment to Lithium-Ion Solutions & Micro batteries,”

says Schein.

Armin Hessenberger, Chief Financial Officer (CFO) of Varta AG, adds:

“Varta is a thoroughly healthy company. Thanks to our further increased profitability and our low level of debt, we have the opportunity to continue investing heavily in the lithium-ion business and at the same time to pay our shareholders a dividend for the first time. The decision will be made at the general meeting next month.”

Lithium-Ion Solutions & Microbatteries segment grows by 2.7%

Revenue in the Lithium-Ion Solutions & Microbatteries segment rose from € 118.7 million to € 121.9 million in the 2021 financial year. This corresponds to revenue growth of 2.7% compared to the previous year. The development of the rechargeable lithium-ion cells for high-tech consumer products, especially for true wireless premium headphones (TWS), was as expected. The USD / EUR exchange rate development and the adjustment of prices in the non-strategic area of assembly, i.e. the tailoring of the battery arresters for the customer, had a negative effect. New customer projects will have an impact on sales and earnings in the second half of the year.

The Microbatteries and Power Pack Solutions product groups have developed very positively. When it comes to hearing aid batteries, Varta is benefiting from the increased demand for rechargeable lithium-ion cells. The high growth rate continues in the Power Pack Solutions business. The adjusted EBITDA rose from € 40.8 million to € 45.9 million (+12.5%), which corresponds to a disproportionate increase compared to the sales development. The increase in earnings is the result of further increases in productivity and efficiency. This results in an adjusted EBITDA margin of 37.6% in relation to sales, which corresponds to an improvement in the adjusted EBITDA margin of 3.3 percentage points compared to the previous year.

Household Batteries segment continues to develop positively, high demand for energy storage systems

The Household Batteries segment comprises the consumer batteries business and energy storage systems. Sales increased from € 79.7 million to € 82.4 million in the 2021 financial year. This corresponds to a sales growth of 3.4% compared to the previous year. Adjusted EBITDA rose from € 10.9 million to € 13.9 million (+27.5%), which corresponds to a disproportionate increase compared to the sales development.

By focusing on the branded business, the consumer batteries business has significantly improved its profitability compared to the same quarter of the previous year. The business with energy storage systems grew very dynamically in the financial year and doubled compared to the same quarter of the previous year and was thus able to gain additional market shares. The adjusted EBITDA margin is 16.9% in relation to sales, which corresponds to an improvement of 3.2 percentage points compared to the previous year and thus builds on the successful fourth quarter of 2020.

Outlook: new lithium-ion round cells open up new markets, start of the pilot line on schedule

The structural growth of the core markets, strong market position in these core markets as well as the continued high investments in the expansion of production capacities will lead to positive business development in 2021. This outlook is based on the assumption of constant exchange rates.

The company is still very well positioned in view of the ongoing Covid-19 pandemic and fluctuating infection rates. Production at the company’s own locations has been running without interruptions since the beginning of the pandemic, and there have been no effects on the supply chains.

The positive business development will accelerate in the second half of the year thanks to new customer projects and orders in the CoinPower area. In addition, the development of new lithium-ion round cells will open up further business areas. The construction of the pilot line for the new lithium-ion round cells in the 21700 format at the Ellwangen location is proceeding according to plan. Pilot production will start at the end of the year.

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VARTA and SoftBank Robotics Europe have been working together since 2012. The cooperation in the areas of product and project development as well as in technical design is now being continued and intensified in a new major project: Together, the two technology companies are developing a battery platform that will serve as a battery module suitable for emerging robotic applications at SoftBank Robotics Europe.

The start of the VARTA and Softbank Robotics collaboration was the development of the battery for the humanoid robot Pepper, which uses facial recognition and is able to engage with people through conversation and its touch screen. Pepper is used as an assistant in various industries and fields.

The platform’s batteries are to be used in the latest version of Pepper and in other emerging applications such as next-gen robotic platforms for new markets.

Gordon Clements, General Manager, Varta Solutions:

“The whole field of robotics will have a significant impact on our lives. VARTA was able to master the complex battery requirements for a humanoid robot like Pepper, translate them into a simple solution, and then deliver in volume manufacturing. Now we want to develop the technology further and make it applicable to the entire portfolio of Softbank Robotics. With the planned battery platform, we are creating the basis for many different autonomous and smart robotic applications that will make our lives easier and more comfortable – reducing SoftBank Robotics time to market and investment when realizing new robotic applications.”

 

“Thanks to its expertise and its successes built in different market applications, VARTA together with SoftBank Robotics Europe teams are working on the definition of our battery for our next generation robotics platform with the constant goals of accelerating the time-to-market, proposed the good cost structure by never compromising performance and feature set. This state-of-the-art architecture allows SoftBank Robotics Europe to use the same battery as a global asset for different projects and products. VARTA’s team connects us to a complete ecosystem made of WW manufacturing capabilities and partners,”

says Xavier Lacherade, COO of SoftBank Robotics Europe.

The platform’s batteries will be produced at VARTA’s highly automated production facility at the VARTA site in Brasov, Romania. With more than ten years of experience on high-tech production lines, around two million individual battery formats and solutions are manufactured annually for major customers and OEMs.

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In this context, adjusted Ebitda improved by around € 150m. The guidance, which had already been raised twice in the previous year, has once again been exceeded. The technology company based in Ellwangen (Baden-Württemberg/Germany) is also very optimistic for the current fiscal year. VARTA AG’s Market Results and Cylindrical Lithium-ion Cell Announcement’s revenue and profit will increase further on the back of an anticipated strong second half of the year. At yearend at the Ellwangen site, a high-performance lithium-ion round cell in 21700 format will be manufactured on a pilot production line. These cells offer advantages for applications such as power tools but can also be used for concepts in the automotive sector.

As previously announced, the Executive Board has resolved to make dividend payments totaling around € 100m to shareholders. The dividend totals € 2.48 per share, although approval from the Annual General Meeting in June is still pending. Herbert Schein, CEO of VARTA AG:

“We are proud of a historic fiscal year – the best so far in the 135 years of our company’s history. We recorded growth of 140% in the prior year, while organic revenue growth alone amounted to just below 50%. Growth for organic Ebitda totaled just below 100%. All business segments have exceeded their previous year’s successes once again. We will also continue on our growth path this year. With the new lithium-ion round cells, which will be manufactured on a pilot production line at the end of the year, we are seeking to tap into new business areas. Our cylindrical high-performance lithium-ion cells are another big step for VARTA following on from the success of CoinPower.”

Armin Hessenberger, Chief Financial Officer (CFO) of VARTA AG, adds:

“VARTA AG has an equity ratio of 44% and is starting 2021 practically debt-free following a massive investment program (Net Debt to EBITDA ratio stood at 0.06% as at fiscal year-end 2020). VARTA AG is therefore well positioned for the next expansion steps.”

Group revenue rose by approximately 140% to around € 870m during fiscal year 2020. Excluding the first-time consolidation of VARTA Consumer, this growth stands at around 47%. By scaling the business model, growth in operating earnings outpaced that of revenue. Adjusted Ebitda increased by around 147% to approximately € 241m. Excluding the first-time consolidation of VARTA Consumer, this growth stands at around 92%. The adjusted Ebitda margin stands at around 27.7% (previous year: 26.9%)

Very strong growth for the “Microbatteries & Solutions” segment in fiscal year 2020

Revenue in the Microbatteries & Solutions segment increased very dynamically by 49% to approximately € 508m. By far the strongest revenue growth is again being recorded for rechargeable lithium-ion batteries for high-tech consumer products, particularly Premium True Wireless Stereo Headsets (TWS). This is a consequence of continued high customer demand in a market subject to highly dynamic growth. As leaders in technology and innovation, VARTA AG is growing significantly faster than the market as a whole.

VARTA has been able to further expand its market position in the rechargeable hearing aid segment. High growth has continued in its business with smart, modular energy solutions (Power Pack Solutions) due to the new customer projects that were initiated over the course of the prior year. Once again, there was a step-change improvement in adjusted Ebitda, rising on this occasion by 96% to approximately € 187m, comfortably exceeding revenue growth in the process. The adjusted Ebitda margin has markedly improved by approximately 8.8 percentage points and now amounts to 36.9% of revenue.

Household Batteries segment makes further positive contribution to growth

The Household Batteries segment encompasses Consumer Batteries in addition to the Energy Storage Solutions business. In the previous year, only the Energy Storage Solutions business was included in the segment reporting. The revenue share of Consumer Batteries amounts to 91% and has developed better than expected over the reporting period. Profitability improved over the course of the year by focusing on the brand business, while the Energy Storage Solutions business has seen very dynamic growth that outpaced the market.

Outlook: Innovative cells open up new business areas, further revenue growth and above-average profit increase expected

At the end of the year, VARTA will start manufacturing a new lithium-ion round cell in 21700 format on a pilot production line. These cells are characterized by very low internal resistance, which enables very rapid charging and discharging. They are therefore above all suited for applications requiring a high energy output. Application areas could include supplying electricity for tools requiring high levels of power and torque such as drills, grinding machines and other devices. However, the cells also offer advantages in new drive concepts in the automotive sector.

VARTA AG has benefited from a funding commitment totaling around € 300m as part of an Important Project of Common European Interest (IPCEI). The funds are to be put toward research and development in lithiumion technology and the development of new lithium-ion batteries.

The structural growth in the core markets, what they regard as their strong market position in these core markets and the planned expansion of production capacities for lithium-ion batteries will lead to positive business development in fiscal year 2021. The company is additionally very well positioned despite the ongoing COVID-19 pandemic. Production at their locations has been uninterrupted since the start of the pandemic, with supply chains unaffected as a result.

The group is anticipating high single-digit percentage organic revenue growth and a significant double-digit percentage profit increase for the current fiscal year. Revenue is expected to stand at around € 940m, above all boosted by strong growth in the second half-year. Above-average growth to up to 30% of revenue is anticipated for the relative margin of adjusted operating income. This equates to an increase of up to 2.5 percentage points and underscores VARTA AG’s earning power. The demand for rechargeable VARTA lithium-ion batteries for high-tech consumer products, above all TWS, remains very high.

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The Company had signaled at the previous year’s Annual General Meeting its intention to begin dividend payments. In light of an exceptional fiscal year, the Executive Board has resolved to make dividend payments totaling around €100m to its shareholders. The lion’s share of this payout consists of a special dividend to mark an extraordinarily successful fiscal year. The dividend amounts to around € 2.50 per share. The dividend recommendation remains subject to committee approval.

Following a year of record revenue results and the successful integration of the Household Batteries segment, Varta is today also presenting its new brand identity. With the claim “Empowering Independence”, moving forwards the Group is underlining its credentials as a technology company that will shape the future of battery technology to support a more independent life. Herbert Schein, CEO of Varta AG:

“We recorded growth of 140% in the prior year. Organic growth alone amounted to almost 50% – a historic result! All business segments have significantly surpassed the success of the previous year. Our small lithium-ion “CoinPower” batteries, for which demand on the market continues to be strong, remain growth drivers. Our strategy of capitalizing on the brand business with our household batteries has paid off. With our new brand identity, we want to consolidate these historic developments and successful reintegration. The modernized brand strengthens Varta as we move ahead into the future in which we will continue to grow and above all remain profitable.”

Armin Hessenberger, Chief Financial Officer (CFO) of Varta AG, adds:

“Our high profitability and solid equity base enable both further growth to be financed and high dividend payouts to our shareholders. We are looking ahead to 2021 with great optimism.”

Group revenue rose by approximately 140% to around € 870m during the fiscal year 2020. Excluding the first-time consolidation of Varta Consumer, this growth stands at around 47%. By scaling the business model, growth in operating earnings outpaced that of revenue. Adjusted EBITDA increased by around 145% to approximately € 239m. Excluding the first-time consolidation of the Consumer business, this growth amounts to around 90%. The adjusted EBITDA margin stands at around 27.5% (previous year: 26.9%).

Very strong growth for the “Micro batteries & Solutions” segment in the fiscal year 2020

Revenue in the Micro batteries & Solutions segment increased very dynamically by 49% to approximately € 508m. By far the strongest revenue growth is again being recorded for rechargeable lithium-ion batteries for high-tech consumer products, particularly Premium True Wireless Stereo Headsets (TWS).

This is a consequence of continued high customer demand in a market that is growing in volume by around 30% annually. As a leader in technology and innovation, Varta AG is growing significantly faster than the market as a whole and has established a highly successful business model. Varta has been able to further expand its market position in the rechargeable hearing aid segment. High growth has continued in its business with smart, modular energy solutions (Power Pack Solutions) due to the new customer projects that were initiated over the course of the prior year.

Once again, there was a step-change improvement in adjusted EBITDA, rising on this occasion by 96% to approximately € 187m, comfortably exceeding revenue growth in the process. The adjusted EBITDA margin has markedly improved by approximately 8.9 percentage points and now amounts to 36.9% of revenue.

Household Batteries segment makes a further positive contribution to growth The Household

The batteries segment encompasses Consumer Batteries in addition to the energy storage solutions business. In the previous year, only the energy storage solutions business was included in the segment reporting. The revenue share of Consumer Batteries is around 90% and Consumer Batteries has developed better than expected during the reporting period. Profitability has improved during the year by focusing on the brand business, while the energy storage solutions business has seen very dynamic growth that outpaced the market.

The modernized brand profile reflects further development of the company

As a technology company, Varta is capitalizing on the consequent further development of its logo with the redesign of its brand identity. The distinctive “Varta beam”, a V-shaped ray of light that has always been part of the logo, has been retained as a key element, refined, and given elevated status within the new identity. The font has been modernized and reflects Varta’s realignment as a technology company. With its new brand claim “Empowering Independence”, Varta is placing an even greater focus on its customers and partners in addition to underlining its corporate vision: Varta Is defining the future of battery technology to empower more independent lives” The timing of the new brand identity is deliberate: one year after the successful reintegration of the Household Batteries segment and looking back on a year of historical business development.

Outlook: Further revenue growth and above-average profit increase expected

Varta AG is looking ahead to the fiscal year 2021 with great optimism. The structural growth in the core markets, what they regard as our strong market position in these core markets, and the planned expansion of production capacities for lithium-ion batteries will lead to positive business development in the fiscal year 2021. The company is additionally very well positioned despite the ongoing COVID-19 pandemic. Production at our own locations has been uninterrupted since the start of the pandemic, with supply chains being unaffected as well.

The Group is anticipating high organic revenue growth and a significant double-digit percentage profit increase for the current fiscal year. Revenue is expected to total around € 940m. Growth is above all expected in the second half of the year. Above-average growth to up to 30% of revenue is anticipated for the relative margin of adjusted operating income. This equates to an increase of up to 2.5 percentage points and underscores the Varta Group’s earning power. The demand for rechargeable Varta lithium-ion batteries for high-tech consumer products, above all TWS (True Wireless Stereo Headsets), remains very high. As a leader in technology and innovation, Varta is benefiting from the trend towards ever smaller and more powerful button cell batteries.

Varta AG has benefitted from a funding commitment totaling around € 300m as part of an Important Common Project of European Interest (ICPEI). The funds are to be put towards research and development in lithium-ion technology and the development of new lithium-ion batteries. In the fourth quarter of the year, Varta will start operating a pilot line for the automated production of larger battery formats at its Ellwangen site.

The audited financial statements for the fiscal year 2020 will be published on March 31, 2021.

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Senova, a German manufacturer of medical laboratory equipment for in vitro diagnostics, and ams, an Austrian sensor specialist, are developing a highly accurate antibody test for the SARS-CoV-2 virus. The power supply of the electronic disposable tests will be ensured with lithium button cells CR2032 from Varta. One primary cell will be installed in each test. The world’s most widely used cell is planned to be delivered in large quantities for the start of the production of the test strips.

“For Senova and ams, it is important to work with a manufacturer that sets standards in terms of quality and can ensure production and delivery capacities. We are happy that VARTA was able to convince them,”

says Philipp Miehlich, General Manager OEM Varta Microbattery.

For the antibody tests, the lateral flow technique already known from various early detection tests for example in the area of pregnancy and heart attacks was applied and further developed. Compared to other rapid tests, the producers promise ten-fold higher detection sensitivity. Another advantage of the electronic antibody tests is their decentralized use, for example in doctors’ offices. The test no longer has to be sent to a laboratory for evaluation.

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Due to Corona, the premiere of the Future Battery Forum, “Battery Technologies 2025: Paths to Transformation“, will be held digitally. The management conference brings together the most important representatives of the battery technology value chain – from manufacturers to suppliers and users. It is intended to promote international, cross-sector exchange, generate new ideas, create synergies, and provide a platform for the discourse on the opportunities and challenges of the future. Already 1000 participants have registered for the event in December.

Rainer Hald, Chief Technology Officer Varta: Battery as a Strategic Component for the Future of Europe

With his lecture, Rainer Hald will look at the strategic component of the battery and its increasingly influential role in the technological future of Europe. Hald has been with Varta for 20 years. Under his leadership, the energy density and production of lithium-ion cells for wearables was significantly increased and expanded.

Gordon Clements, General Manager Solutions Varta: Quo Vadis? Technology and Market Outlook for Cell & Battery System Manufacturing in Europe

With his keynote, Gordon Clements gives an outlook for market and technology developments at European cell and battery system manufacturers. He shows how Varta intends to produce tailor-made energy solutions for a wide range of different device manufacturers in the future. Clements came to Varta in 2002 and serves as General Manager for Varta’s Solutions & Storage division.

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The objective of this collaboration is shared by both companies: providing end-to-end solutions allowing for a remote charging station where no connection to the electricity grid is necessary. This will be possible due to wireless solar or regenerative solutions, reducing user interaction during operation. When robots run out of battery, they will navigate to their charging trailers by themselves. Both Naïo and Varta aim to provide farmers with the possibility to make use of a robot for 24 hours without worrying about the power supply. This will be a major advantage, especially during the high farming season.

Varta sees agricultural robotics as an emerging growth market:

“Bringing our expertise and experience to ag robots means that Naïo Technologies as a market leader can focus on their core strength: making the combination of robotics and farming a full success. Varta will enable the robots to work more efficiently, as our power management solution will make charging faster, more flexible, and much easier, while our advanced battery technology will allow for higher performance,”

underlines Steve Saunders, Key Account Manager UK & France at Varta.

Two proofs of concept have been launched to test the feasibility of the solution: The first one will integrate Varta’s batteries in Oz, the first robot of Naïo Technologies dedicated to market gardeners and already used by more than 120 farmers. The robot is targeted to gain greater than 30% more autonomy. The second proof of concept consists of creating a solar charging station that can be used directly in the fields. These field charging stations will be a world-first for agricultural robotics.

“Thanks to our historical background in the agricultural robotics environment, we can easily exchange with Varta about the existing challenges from a user point of view. As for all our robots, our priority is to offer to the end-users, the farmers, an easy solution with the fewest possible constraints for their daily activities. Thanks to Varta’s renowned expertise, we are really excited to continue moving forward in this direction,”

concludes Gaëtan Severac, co-founder of Naïo Technologies.

The first prototype will be presented at the FIRA 2020, International Forum of Agricultural Robotics, taking place from 8^th to 10^th December 2020 on a digital platform.

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“Tomorrow’s agriculture must produce food more sustainably and with less effort. We are convinced that agricultural robotics can make a major contribution to this”,

Gordon Clements, General Manager of Varta Solutions, says.

“As there are a lot of start-ups active in this area that cannot afford to develop their own batteries, our business model is to offer everyone an ASB as a standard solution. This saves companies, among other things, the costs of design and certification. For those who are successful, we will later develop custom lithium-ion battery solutions”,

Clements says.

The lithium-ion pack “Easy Block” from VARTA is available in three versions. The rated power is between 16 and 51.2-ampere hours, the voltage between 12.8 and 38.4 volts, and they have rated energy of 614 to 655-watt hours. More than 2000 charging cycles are possible. The “Easy Blade” lithium-ion pack is available in three versions as well.

The rated output is between 30 and 60-ampere hours, the voltage between 24 and 48 volts, and they all have rated energy of 1,512-watt hours. More than 1000 charging cycles are possible.

Lithium-ion batteries offer several advantages over lead-acid solutions. They have a significantly longer service life and they can provide more energy on the same footprint. In addition, they can be charged faster. Lithium-ion batteries can also provide the power for faster lifting and heavier loads in a smaller form factor. Their use also reduces the head length in truck and pallet loading applications, which makes narrower aisles possible and increases storage space efficiency.

Source: Varta

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