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Press Release

Contract of CEO Dr. Stefan Wolf extended ahead of schedule, guidance for 2022 suspended

  • Early extension of contract of CEO Dr. Stefan Wolf for a further four years
  • Appointment of Theo Becker to the Management Board revoked as of March 31, 2022
  • Dividend of EUR 0.15 proposed for the 2021 financial year
  • Guidance for current financial year suspended due to highly uncertain and volatile business environment, especially as a result of the Russia-Ukraine conflict


Dettingen/Erms (Germany), March 24, 2022 +++ The Supervisory Board of ElringKlinger AG (ISIN DE 0007856023 / WKN 785602) passed several resolutions at its meeting held on March 24, 2022. In addition to resolving on personnel-related issues, it approved the dividend proposal submitted by the Management Board.

The contract of CEO Dr. Stefan Wolf was extended ahead of schedule by an additional four years until January 31, 2027. Shortly before the end of the contractual term, Dr. Wolf will have reached the age of 65. The previous contract was scheduled to expire on January 31, 2023. Dr. Wolf has been CEO of ElringKlinger AG since 2006. The resolution passed by the Supervisory Board is aimed at ensuring continuity at the helm of the Group.

At the same time, the Supervisory Board decided to remove Management Board member Theo Becker from the Management Board as of March 31, 2022, after many years of service. Theo Becker joined the company in 1994 and was appointed to the Management Board in 2006. His contract was due to expire on January 31, 2023. The other board members will assume responsibility for the duties performed by Theo Becker. In this context, Thomas Jessulat will be responsible for the Purchasing & Supply Chain Management corporate unit as well as for the Battery Technology and Drivetrain business units. The corporate units Real Estate & Facility Management, Product Risk Management, and Tooling Technology will in future form an integral part of Reiner Drews' Management Board portfolio.

The revocation of Theo Becker's appointment at this point in time is intended to provide early clarity with regard to the upcoming post-covid phase and the next stage of the transformation process that lies ahead. The Management Board will thus return to its original size of three members. To ensure a smooth transition, Reiner Drews had been appointed to the Management Board prior to the 2018 coronavirus pandemic.

In addition, the Supervisory Board approved the proposal submitted by the Management Board for the payment of a dividend of EUR 0.15 per share in respect of the 2021 financial year just ended. Both boards will submit this proposal to the Annual General Meeting, which will be held in a virtual format on May 19, 2022, against the current backdrop of the pandemic.

In addition, the Management Board again discussed the company's outlook for the current 2022 financial year. Taking into account multiple influencing factors, against the backdrop of the sharp rise in commodity, energy, and transportation costs, and in view of an expected organic increase in revenue at market level, the Group had anticipated an EBIT margin for the current 2022 financial year that was projected to be positioned slightly below the level recorded in the previous year. Due to the outbreak of the Russia-Ukraine conflict, its intensity, and the uncertainties associated with both its future course and possible global repercussions, uncertainty is extremely high. If the Russian-Ukrainian conflict continues to have a lasting impact on value chains within the automotive sector and if the dispute were to result in a significant loss in revenue contributions, it would be impossible to rule out further additional effects on earnings. Overall, the Management Board has come to the conclusion that its original expectations, which will also be presented in the Annual Report, can no longer be maintained. Therefore, at this point in time, the Group is not in a position to provide a well-founded, reliable forecast for the 2022 financial year. The Management Board of ElringKlinger AG will closely monitor further developments and provide an outlook as soon as the general political and economic situation allows.

The Group will publish its full results and annual report for the 2021 financial year on March 29, 2022.

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Press Release

EKPO supplies fuel cell stacks for intralogistics vehicles

  • EKPO develops and supplies fuel cell stacks for Globe Fuel Cell Systems
  • Agreement includes cooperation in the development and production of a fuel cell powertrain for intralogistics applications based on the NM5-evo Stacks of EKPO
  • EKPO will exclusively take over series production and industrialization of the stacks after the development phase, which is scheduled to start after the planned market entry of the Globe XLP powertrain in early 2023
  • Term of the development and supply contract of initially four years


Dettingen/Erms (Germany), March 02, 2022 +++ EKPO Fuel Cell Technologies GmbH (EKPO) and Globe Fuel Cell Systems GmbH (Globe) have agreed on a development and supply contract for fuel cell stacks for intralogistics vehicle powertrains. Within this cooperation, EKPO will contribute its know-how on stack related periphery, their interfaces and the parameters for maximum efficiency and durability. EKPO will then exclusively supply the stack modules for Globe's fuel cell system, starting from 2023.

"The agreement with Globe again demonstrates that our fuel cell stacks have a wide range of potential applications. EKPO already has the installed capacity to produce fuel cell stacks industrially, which is critical to support ambitious and fast projects such as Globe's", says Julien Etienne, Chief Commercial Officer at EKPO Fuel Cell Technologies. "Our stack modules offer the best combination of power density, compact design and light weight in the market. This package makes EKPO a reliable and innovative partner."

The contract partner Globe is a young German green tech company from Stuttgart, which emerged from Mercedes-Benz's innovation division in 2020.There they develop modular and digitally networked fuel cell units for a wide range of applications such as intralogistics, the marine sector or stationary applications. "The partnership with EKPO allows us to achieve even more quality and speed in the development of our XLP series for the intralogistics market", comments Steffen Bäuerle, Managing Director at Globe. "It is great to work with a partner like EKPO from the region and thus drive our GreenTech approach - Made in Germany - with which we accompany the industry into a CO₂-neutral future."

The EKPO NM5-evo PEM Stack platform meets the customer's stringent requirements for a durable, compact fuel cell stack design while maintaining high power density. EKPO's stack family, demonstrate market benchmark values of above 6.0 kW/l in the cell block. The stack design also enables the best basis for scaling and modularization, allowing Globe's fuel cell system to be designed with maximum flexibility and efficiency.

EKPO, through its parent company ElringKlinger, has been developing and researching fuel cell technology for over 20 years. The high-performance and compact stacks are based on proton exchange membrane (PEM) technology and convert chemical energy into electrical energy using hydrogen and oxygen.

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Press Release

ElringKlinger presents preliminary results for fiscal 2021: strong EBIT margin and further reduction in debt

  • Organic revenue growth of 10.1% to EUR 1,624 million in 2021
  • EBIT at EUR 102.0 million; EBIT margin at 6.3%, up on prior-year level of 1.9%
  • Operating free cash flow again well into positive territory at EUR 72.0 million
  • Net financial liabilities scaled down by a further EUR 90 million in 2021; net debt/EBITDA at 1.7


Dettingen/Erms (Germany), February 25, 2022 +++ Based on preliminary, unaudited figures for 2021, ElringKlinger AG put in a successful performance in the financial year just ended. Compared to the previous year, the Group managed to lift revenue by 9.7% to EUR 1,624.4 million. Assuming constant exchange rates, revenue growth in the last twelve months amounted to EUR 150.2 million or 10.1%. According to the data service IHS, global automobile production expanded by 3.4% in the same period. The key contributors to the Group's revenue growth at a regional level were the Rest of Europe (EUR +65.4 million) and Asia-Pacific (EUR +50.6 million), but also North America (EUR +26.0 million), while revenue generated in Germany was down slightly at EUR -8.9 million.

The efficiency enhancement program that ElringKlinger has been pursuing since 2019 was again reflected in improved earnings in the financial year just ended. The Group recorded earnings before interest and taxes (EBIT) of EUR 102.0 million (2020: EUR 27.7 million), which corresponds to a margin of 6.3% (2020: 1.9%). The EBIT margin was thus at the upper end of the Group's guidance range - raised in October 2021 - of around 6% for the financial year. Alongside non-cash impairments, the previous year's final quarter had included the recognition of proceeds from a fuel cell partnership of around EUR 25 million.

Dr. Stefan Wolf, CEO of ElringKlinger AG, commented: "We are very satisfied with the 2021 financial year. Despite difficult underlying conditions such as semiconductor bottlenecks, supply chain problems, raw material shortages, and the coronavirus pandemic, we again significantly outpaced market growth in terms of revenue. Our earnings performance improved markedly, with an EBIT margin of 6.3%. Overall, we have thus fully achieved the goals of our three-year Management Board program - and even exceeded them in many areas. ElringKlinger is strongly positioned for the next stage of transformation that is now coming up."

The Management Board implemented the global efficiency enhancement program with the aim of strengthening profitability, consistently improving cash flow, and significantly reducing net financial liabilities. After a further reduction of EUR 90 million in 2021, the net debt ratio, i.e., net financial liabilities in relation to EBITDA, was 1.7 at the end of the financial year. This figure had been as high as 4.7 when the program was initiated in the first quarter of 2019.

In addition, numerous measures were implemented for the purpose of streamlining costs, optimizing net working capital, and ensuring the consistent generation of operating free cash flow, which amounted to EUR 72.0 million in the financial year just ended. At the same time, the Group continued to pursue a disciplined and focused investment approach, investing 4.3% of revenue in 2021 (2020: 3.9%) primarily in new drive technologies and lightweighting. In total, the Group has generated operating free cash flow of EUR 412.5 million over the last three years and more than halved net financial debt from EUR 795.5 million as of March 31, 2019, to EUR 369.2 million at the end of 2021.

The Group will present its full, audited results for the financial year just ended as well as its outlook for the current financial year as part of its 2021 annual report to be published on March 29, 2022.

Preliminary, unaudited figures for FY 2021 and Q4 2021

in Mio. EuroFY 2021FY 2020∆ abs.∆ rel.Q4 2021Q4 2020∆ abs.∆ rel.
of which FX effects  -6.2-0.4%  +6.4+1.4%
of which M&A  +0.0+0.0%  +0.0+0.0%
of which organic  +150.2+10.1%  -51.1-11.3%
EBIT-Marge (in %)6.31.9+4.4PP-0.95.6-4.7-
Investments (in property, plant, equipment
and investment property)
Operating free cash flow72.0164.7-92.7-56.3%-1.762.4-64.1->100%
Net working capital402.2402.8-0.6-0.1%    
Net Working Capital-Quote (in %)24.827.2-2.4PP-    
Net financial debt369.2458.8-89.6-19.5%    
Net financial debt/EBITDA1.72.5-0.8-32.0%    
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Press Release

Change in management at EKPO Fuel Cell Technologies

  • Armin Diez, formerly one of the three General Managers at EKPO Fuel Cell Technologies, left the company at his own request and for personal reasons as of December 31, 2021
  • Stefan Schmid, Chairman of the Management Board at ElringKlinger Kunststofftechnik GmbH, was appointed as his successor effective from February 1, 2022
  • Following the appointment of Stefan Schmid, the EKPO board of management that includes the two other general managers Dr. Gernot Stellberger and Julien Etienne is once again complete


Dettingen/Erms (Germany), February 21, 2022 +++ After more than 30 years with the ElringKlinger Group and on the board of management of EKPO Fuel Cell Technologies GmbH (EKPO), Armin Diez left the company at his own request and for personal reasons as of December 31, 2021. Having joined the ElringKlinger Group in 1990, he managed the Research and Development department of the Cylinder-head Gaskets division from 1999 onward. In 2005, he was appointed head of this division, while also assuming responsibility for Battery Technology as from 2011. In 2016, he was also entrusted with the management of the Fuel Cell Technology division, while relinquishing responsibility for the Cylinder-head Gaskets division. Upon the inception of EKPO in March 2021, he became one of three general managers of this entity.

Dr. Stefan Wolf, Chairman of the Supervisory Board of EKPO, said: "I would like to express my tremendous gratitude and appreciation to Armin Diez for his many years of commitment and his exceptional accomplishments. He brought his extensive knowledge and experience to bear in spearheading ElringKlinger's fundamental advances in battery technology and its fuel cell business. Most recently, he played a pivotal role during the founding stages of EKPO Fuel Cell Technologies in his capacity as General Manager. At the same time, I am delighted that we have found an experienced successor in Stefan Schmid, who leads ElringKlinger Kunststofftechnik in a highly accomplished manner as Chairman of the Management Board. With Stefan Schmid succeeding Armin Diez, EKPO continues to be very well positioned as it pursues its ambitions of further industrialization and the sustained cultivation of the global fuel cell market."

Stefan Schmid, born in 1965, can draw on many years of management experience and has been with the ElringKlinger Group since 2003. Having initially overseen production in what is now the Lightweighting/Elastomer Technology business unit, the qualified chemical engineer took over as Chairman of the Management Board of ElringKlinger Kunststofftechnik GmbH in 2012, where he is responsible for Production, IT, and Human Resources. During this time, the Stuttgart-born manager succeeded in expanding the Group's high-growth plastics business at a global level and implemented industrial-scale production both domestically and internationally.

The area of responsibility of Stefan Schmid, who took up his new post at EKPO on February 1, 2022, includes Production and IT as well as Quality and Sustainability Management. He thus joins the executive management team consisting of Dr. Gernot Stellberger, who is responsible for Strategy, Finance, Purchasing, Human Resources, and Advanced Development, and Julien Etienne, who oversees Sales, Marketing, Programs, and Product Engineering.

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Press Release

EKPO Fuel Cell Technologies receives follow-up order for fuel cell applications in commercial aviation sector

  • Another order from Aerostack GmbH, the joint venture of Airbus and ElringKlinger, to further develop fuel cell technology
  • Contract covers development services as well as delivery of stack components and prototypes
  • With its benchmark performance characteristics, EKPO's NM12 stack technology serves as the baseline platform for the development of bespoke aerospace products


Dettingen/Erms (Germany), February 3, 2022 +++ EKPO Fuel Cell Technologies GmbH (EKPO) has received another large order from Aerostack GmbH, the joint venture of Airbus and ElringKlinger. As a follow-up order to the successful cooperation to date, this contract confirms EKPO as a significant development partner. Over the next two years, EKPO will provide development services and deliver fuel cell stacks optimized for aerospace applications. The stacks, based on the NM12 platform, will be integrated into the customer's further development, aiming to use fuel cell power for the commercial aerospace sector.

Julien Etienne, Chief Commercial Officer of EKPO, comments: "This order and the entire partnership with Aerostack demonstrate not only the wide range of applications of fuel cells, but also the technological leadership of EKPO. As the logical next step in our cooperation with Aerostack, we will provide stack components, prototypes and industrial development services to optimize the performance of Aerostack's first stack generation. Through this project, EKPO will further expand its unique know-how in key components, such as the bipolar plates and sealing technology. In return, this innovation will flow into our next generation of stacks, allowing us to bring even more attractive and performant products to market in the future."

The NM12 stack family is the most powerful of EKPO's portfolio with an output of up to 205 kWel and benchmark power density of above 6.0 kW/l. The scalable and modular stack design offers the best possible basis to suit a wide range of applications with maximum flexibility and efficiency. This platform was the ideal starting point to address the unique performance expectations of aviation.

Through its parent company ElringKlinger, EKPO has been actively pursuing fuel cell research and development for around 20 years. The compact stacks are based on proton-exchange membrane (PEM) technology and convert chemical into electrical energy using hydrogen and oxygen. EKPO offers stacks in various configurations for integration into customer systems. Stacks with peripheral components and system functionalities integrated into the media module are also available as an option. These features enable considerable simplification and cost reduction with regard to the fuel cell system. Drawing on the system solutions of its parent company Plastic Omnium, EKPO can cover the entire value chain of a hydrogen-based fuel cell drive. EKPO has an initial production capacity of up to 10,000 stacks per year already installed in its Dettingen/Erms plant, and which will be gradually expanded in line with its order intake.

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