Newsroom

Announcements

Here you will find an overview of our latest company news.

Press Release

ElringKlinger and Plastic Omnium partner in fuel cell technology to accelerate the development of hydrogen mobility

  • Creation of EKPO Fuel Cell Technologies, a leading joint venture for development and mass production of fuel cell stacks for CO2-neutral mobility
  • ElringKlinger will contribute its fuel cell business and know-how and Plastic Omnium will bring additional development capacity to accelerate growth
  • ElringKlinger will hold 60%, Plastic Omnium 40% of the new company
  • Plastic Omnium acquires ElringKlinger's Austrian subsidiary, specialized in integrated hydrogen systems, to complement its global hydrogen strategy

 

Dettingen/Paris, October 28, 2020 +++ Hydrogen will play a major role in tomorrow's sustainable mobility. Convinced of the promising future of this zero emission technology, ElringKlinger and Plastic Omnium, two automotive supplier leaders in their respective business areas, today agreed to take hydrogen-based fuel cell technology to the next level. To fulfil this objective, they will create EKPO Fuel Cell Technologies, a joint venture dedicated to fuel cell stack development, production and commercialization. EKPO Fuel Cell Technologies will offer its product portfolio to a broad range of customers including hydrogen systems integrators.

EKPO Fuel Cell Technologies will be owned 60% by ElringKlinger and 40% by Plastic Omnium. ElringKlinger will bring all of its assets related to fuel cells stacks, developed over more than 20 years. Assets include more than 150 employees, more than 150 patents, R&D and know-how, its fuel cell components business, and several high power density fuel cell stack platforms already marketed and manufactured at a facility located in Dettingen/Erms (Baden-Württemberg), where the joint venture will also be headquartered. The annual production capacity of initially up to 10,000 units in the joint venture will be progressively extended according to the order book.

Plastic Omnium will invest €100 million in the new company to support the acceleration of innovation, strongly develop the commercial pipeline and increase production capacities. The world leader in energy storage and emission reduction solutions will also contribute to the development of the JV through its global customer portfolio, its worldwide presence and its technological expertise in hydrogen storage and systems.

The CEOs of the two companies, Laurent Favre and Dr. Stefan Wolf, stated: "Plastic Omnium and ElringKlinger have been strongly investing over the years to develop their respective expertise in hydrogen technology. Both stock-listed with a family as anchor shareholder and sharing the same values, we are jointly building a leader in the development, design, production and marketing of fuel cell stacks and components for passenger cars, commercial vehicles, buses, trucks and other mobility applications. We aim to unlock the mass market potential for hydrogen and contribute to CO2-neutral mobility."

This industrial and technological partnership will allow EKPO Fuel Cell Technologies to develop further and faster with high ambitions. The 2030 market, backed by increasing government support, is currently estimated at annual production of between at least 2 and 3 million on-road vehicles. In particular, France and Germany recently announced investments of €7 billion and €9 billion respectively in hydrogen development. The creation of EKPO Fuel Cell Technologies is a demonstration of French and German cooperation and will be an important milestone in the development of hydrogen technologies to accelerate the ecological transition and establishment of a dedicated industrial sector that is competitive at a global level.

By 2030, EKPO Fuel Cell Technologies aims to reach a market share of 10 to 15% in the fuel cell technology business, representing revenues between €700 million and €1 billion. This target includes a global industrial footprint and is based on today's ability of a serial production of fuel stacks according to automotive standards.

The two partners today also signed an agreement on the acquisition by Plastic Omnium of ElringKlinger Fuelcell Systems Austria GmbH (EKAT), an Austrian subsidiary of ElringKlinger specialized in integrated hydrogen systems, for an enterprise value of €15 million. This acquisition strengthens Plastic Omnium's expertise in energy management and control in hydrogen systems ("balance of plant").

The two agreements are being submitted to the competition authorities and are subject to the usual legal requirements. They should be closed in Q1 2021.

Dr. Stefan Wolf, CEO of ElringKlinger, commented: "ElringKlinger has gained strong expertise in fuel cell technology over the past 20 years. Our stacks offer a high power density and have proven their capabilities even under adverse conditions. Now we are ready to leap forward into the age of hydrogen. Together with our partner Plastic Omnium, we will leverage our engineering and industrialization know-how to provide a portfolio of cost-competitive fuel cell solutions that match both our customers' high-performance needs and reliability requirements."

Laurent Favre, CEO of Plastic Omnium, said: "We are very pleased about this strategic alliance with ElringKlinger. It complements our positioning in the entire hydrogen value chain, bringing fuel cell stacks and components to large-scale production with EKPO Fuel Cell Technologies, and reinforces our expertise in hydrogen systems with EKAT. This is for us another major step toward hydrogen mobility, where we aim to be a world leader."

All information regarding the virtual press conference on the joint venture 'EKPO Fuel Cell Technologies' is available at www.elringklinger.com/ekpo

Learn more
Press Release

ElringKlinger fuel cell stacks for logistics centers and ports

  • Supply of three fuel cell stacks in total to be incorporated into various applications by system integrator zepp.solutions
  • Realized prototype in a Terberg terminal tractor used for container and material handling in ports and logistics centers as well as planned use in water taxi at Port of Rotterdam
  • More far-reaching collaboration covering supply of additional fuel cell stacks currently under negotiation

 

Dettingen/Erms (Germany), October 22, 2020 +++ Fuel cells provide the basis for emission-free propulsion in various fields of application. In those cases in which the requisite hydrogen is produced by wind, solar, or water power, the drive system that relies on such fuel cell technology can be considered completely climate-neutral. In this context, ElringKlinger AG has supplied three fuel cell stacks to Dutch system integrator zepp.solutions B.V. The high power density of ElringKlinger's fuel cell stacks proved a key factor with regard to the selection process and the potential areas of use. On the basis of these stacks, zepp.solutions is capable of developing an extremely compact and highly efficient fuel cell system for various heavy-duty applications.

The first stack supplied by ElringKlinger includes 260 cells and was tested and configured by zepp.solutions on a rig for the purpose of integrating it into fuel cell systems. As a next step, a passive hydrogen recirculation unit was also supplied by the company. Working on this basis, zepp.solutions then fitted its fuel cell system - including ElringKlinger's stack and recirculation unit - to a demonstration vehicle developed by the Dutch manufacturer Terberg Special Vehicles; it is used in a terminal tractor for container and material handling in ports and logistics centers.

A second ElringKlinger stack is to be used in the same area of application following the completion of tests by zepp.solutions with regard to downstream system integration. It, too, is to be deployed in a Terberg terminal tractor used for container and material handling in ports and logistics centers. Additionally, ElringKlinger has provided zepp.solutions with a fuel cell stack with 300 cells, including hydrogen recirculation unit. Subsequent to testing, this unit is to be fitted to a water taxi operated in the port of Rotterdam.

The two parties to the contract are looking to pursue their collaborative efforts based on their accomplishments to date and are currently engaged in negotiations with regard to additional fuel cell stacks of a new generation, which are to be supplied to zepp.solutions in the coming years for subsequent integration into fuel cell systems.

Fuel cell technology at ElringKlinger
ElringKlinger has been actively pursuing research and development in the area of fuel cell technology for around 20 years and serves the market as both a system and a component supplier. The compact stacks are based on proton-exchange membrane (PEM) technology and convert chemical into electrical energy using hydrogen and oxygen.

Fuel cell stacks are suitable above all for mobile applications with a long range and cyclical operation. Apart from vehicles such as buses and cars, PEMFC stacks can also be used for mobile industrial applications, e.g., in commercial vehicles and fork lift trucks. In addition, the hydrogen-based propulsion unit is also suitable for trains, ships, or aircraft.

ElringKlinger 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. In addition to the stack platform, a fuel cell system includes the control unit, the hydrogen pressure regulator, the air filter, the primary cooling circuit, and the power electronics. Interfaces to the customer system include the supply and exhaust air connection, the hydrogen supply at medium pressure level, and the removal of purge hydrogen and product water.

Learn more
Press Release

ElringKlinger builds on high power density of its fuel cell technology to target aviation market

  • Development of hydrogen propulsion system including fuel cells for aircraft in a strategic partnership with Airbus
  • ElringKlinger with non-controlling interest in a newly established company, majority stake held by Airbus
  • ElringKlinger provides access to technology and receives compensation in the low to mid double-digit million euro range
  • Joint goal of significant reduction in aviation emissions

 

Dettingen/Erms (Germany), October 14, 2020 +++ In view of the finite nature of fossil fuels and the consequences of global climate change, the aviation industry is also faced with the challenge of having to make mobility as climate-neutral as possible. With this in mind, ElringKlinger AG has entered into an agreement with Airbus for a long-term partnership within the area of fuel cell technology. Following the delivery of stacks and a customized test rig this summer, the agreement will see ElringKlinger and Airbus work together to initially develop and validate aviation-compatible fuel cell stacks in the coming years.

ElringKlinger will provide the newly established company with access to technology relevant to hydrogen-powered fuel cells, while in turn receiving compensation in the low to mid double-digit million euro range. A major part of the aforementioned compensation is payable as of closing scheduled for the end of 2020. Additionally, ElringKlinger will supply the newly established joint company with certain components needed for development activities. Relevant financial details will be included in ElringKlinger's 2020 financial statements.

This Partnership Agreement follows the recent unveiling of Airbus' ZEROe concept aircraft. Hydrogen technology is key to Airbus' ambition to develop the world's first zero-emission commercial aircraft by 2035. Airbus is exploring a variety of configurations and hydrogen technologies including the use of hydrogen fuel cells to create electrical power.

Airbus conducted an extensive analysis of the fuel cell stack market prior to the agreement. As part of the international selection process, ElringKlinger's best-in-class performance proved decisive. The high power density of its stacks and its extensive expertise with regard to industrialization processes, proved key differentiators.

ElringKlinger will hold a non-controlling interest in the newly established company, while the majority stake will be held by Airbus. Both parties have agreed not to disclose further details of the Partnership Agreement. The closing of the transaction and the creation of the joint company is subject to customary regulatory clearances in various jurisdictions.

Dr. Stefan Wolf, CEO of ElringKlinger AG, commented: "The fact that Airbus opted in favor of ElringKlinger as a technology partner points to the performance capabilities of our fuel cell technology. In the aviation industry, in particular, the power density of stacks is of primary importance. At the same time, other high-tech performance criteria such as service life or operational parameters such as operating temperature or operating humidity must be met in an aviation-specific manner."

A power output was defined as the target for the fuel cell stacks supplied by ElringKlinger during a pre-contractual stage. As part of extensive tests, this target was exceeded by an impressive 15 %. At the heart of the high power density of the ElringKlinger stack is the use of metallic bipolar plates as well as specially designed membrane electrode assembly (MEA) sealing solutions.

New power generation technologies for the aviation sector
A pure battery-powered propulsion unit quickly reaches its limits for certain applications in the aviation sector, such as over longer distances or for larger aircraft, due to the limited power capacity at a given weight. Fuel cells, on the other hand, represent a powerful alternative because they generate the required energy efficiently on board. "All in all, fuel cells can reduce emissions in aviation by a considerable margin. This is just one of the reasons why there is significant market potential for our technology, which confirms our strategic path of the last two decades. We as a Group will of course continue to pursue the route charted so far," Dr. Wolf continued.

Fuel cell technology at ElringKlinger
ElringKlinger has been actively pursuing research and development in the area of fuel cell technology for around 20 years and serves the market as both a system and a component supplier. The compact stacks are based on proton-exchange membrane (PEM) technology and convert chemical energy into electrical energy using hydrogen and oxygen. A completely climate-neutral drive is possible with fuel cells if the required hydrogen is produced by wind, solar or hydro power.

Fuel cell stacks are suitable above all for mobile applications with a long range and cyclical operation. Apart from vehicles such as buses and cars, PEMFC stacks can also be used for mobile industrial applications, e.g., in commercial vehicles and fork lift trucks. In addition, the hydrogen-based propulsion unit is also suitable for trains, ships, or aircraft.

ElringKlinger stacks can be integrated within customer systems and, as an option, they can be equipped with peripheral components and system functionalities integrated into the media module. These features enable considerable simplification and cost reduction with regard to the fuel cell system.

Learn more
Press Release

Q2 2020: ElringKlinger with positive operating free cash flow

  • Operating free cash flow in positive territory at EUR 25.8 million despite COVID-19 economic crisis; net debt scaled back by EUR 120.0 million or 17.1% within twelve months
  • Revenue down by 41.9% to EUR 252.2 million in second quarter, organically by 40.5% - Global automobile production slumps by 44.5%
  • EBIT at EUR -32.4 million in second quarter of 2020 and EUR -16.4 million in first half
  • CEO Dr. Stefan Wolf: "Even against the backdrop of the corona crisis, we were able to continue on our chosen path: we achieved positive operating cash flow and further reduced net debt."

 

Dettingen/Erms (Germany), August 7, 2020 +++ The second quarter of 2020 was dominated by the coronavirus pandemic, particularly in Europe and in North and South America. Social-distancing measures were introduced as early as March, factories had to interrupt production, schools and kindergartens were forced to close - public life came to a standstill. This also precipitated a slump in demand within the automotive industry. While vehicle production in Europe was gradually ramped up again from the end of April, North America had to wait until May before it saw a resumption in manufacturing. Nevertheless, the recovery there proved more dynamic compared to that seen in Europe. China, the largest automotive market, was only marginally affected by the pandemic in the second quarter of 2020 and only in certain regions.

Organic decline in revenue less pronounced than market downturn
ElringKlinger AG's key financials for the second quarter are to be judged within this context. Overall, the Group generated sales revenue of EUR 252.2 million, which constitutes a year-on-year decline of EUR 181.9 million or 41.9%. Taking into account changes in the scope of consolidation and assuming constant exchange rates, the decline amounted to EUR 175.9 million or 40.5%. Therefore, the Group's organic change in revenue in the second quarter was again better than the performance of the global automobile industry, which saw production output fall by 44.5% in the same period. Even when reviewing the first half of the year as a whole, the organic decline in revenue of 25.0% was less pronounced than the change recorded within the global market, which declined by 33.2%.

The spread of the coronavirus was also reflected in Group revenue in the individual regions during the second quarter: while the region covering Asia/Pacific, at EUR 62.7 million, saw a comparatively small decline of 13.3% compared with the same quarter of the previous year, revenue from sales in Germany and the Rest of Europe declined significantly, by -34.8% and -49.2% respectively. Stoppages of several weeks also caused revenues in the region encompassing North America to fall by 54.3%. Here, the market slumped by almost 70%.

Order situation against the backdrop of the corona crisis
The corona-related decline in demand in the second quarter can be seen to a similar extent in the order situation: adjusted for currency effects, order intake decreased by EUR 216.5 million or 15.2% to EUR 192.6 million. At EUR 929.4 million, order backlog was down by EUR 133.6 million or 12.6% compared to the same quarter of the previous year.

Earnings visibly influenced by corona crisis
The reduction in revenue was also reflected in earnings before interest and taxes (EBIT). At EUR -32.4 million, EBIT was EUR 42.6 million lower in the second quarter than in the same quarter of the previous year. As a result, the EBIT margin stood at -12.8%. In the first half of the year, EBIT was EUR -16.4 million, while the margin amounted to -2.5%. After taxes, the result for the period was EUR -35.5 million, which corresponds to earnings per share of EUR -0.53.

Dr. Stefan Wolf, CEO of ElringKlinger AG, commented as follows: "Despite the effects of the coronavirus pandemic, our figures for the first half of the year are to be seen as relatively robust. This is due in part to the measures swiftly taken by us in response to the coronavirus pandemic as well as our solid performance in the first quarter." Here, the Group had been able to achieve EBIT of EUR 16.0 million despite the COVID-19 effects in Asia and the slowing economy in Europe. "Overall, we are well on track when it comes to our program aimed at raising efficiency levels, despite the fact that the benefits are not being seen at all levels due to the corona crisis," said Dr. Wolf. "What is important, however, is that we were able to continue on our chosen path: we achieved positive operating cash flow and further reduced net debt."

Operating free cash flow in positive territory
The program aimed at raising efficiency levels was implemented back in 2019. The disciplined investment approach initiated by ElringKlinger was again pursued over the course of the first half of 2020. A total of EUR 22.7 million was invested in property, plant, and equipment and investment property during the first half of the year, EUR 10.4 million of which was invested in the course of the second quarter. This represents a ratio of 4.1% in relation to Group revenue in the second quarter and 3.5% in the first half of the year. Overall, the Group now expects a ratio below 5% (previously: below 7%) for the year as a whole.

Net working capital was also optimized: while the effects of trade receivables and trade payables almost balanced each other out, inventories were actively managed, resulting in a supporting effect for operating free cash flow. Despite negative earnings, operating free cash flow was thus in positive territory at EUR 23.6 million. As a result, net debt, which amounted to EUR 595.3 million at the end of 2019, was scaled back by EUR 15.4 million to EUR 579.9 million.

Major uncertainties for the year as a whole - Outlook confirmed
The economic impact of the coronavirus pandemic still cannot be accurately assessed, as the uncertainties are simply too pronounced at present. It is impossible to predict how quickly the demand-side situation in Europe will improve, nor is it possible to assess whether the economy in North America will develop at a sustainable level. In view of the rising number of COVID-19 cases in numerous countries, it is also difficult to predict whether there will be a further wave of infection necessitating protective measures. Due to these major uncertainties, providing a sufficiently reliable and accurate outlook for the year continues to be a challenge. Based on the information and estimates available at the time of reporting, ElringKlinger can confirm its annual guidance and anticipates that the change in revenue will be slightly better than the figure relating to global automobile production for the financial year as a whole. The latter is currently being estimated at -22% compared with the previous year. In terms of earnings, the Group is again anticipating an EBIT margin (earnings before interest and taxes relative to Group revenue) that is visibly lower than in the previous year.

Key financials for the second quarter and first half of 2020

in EUR mH1 2020H1 2019∆ abs.∆ rel.Q2 2020Q2 2019∆ abs.∆ rel.
Order intake547.5918.1-370.6-40.4%192.6419.8-227.2-54.1%
Order backlog929.41,063.0-133.6-12.6%929.41,063.0-133.6-12.6%
Revenue648.4875.2-226.8-25.9%252.2434.1-181.9-41.9%
of which currency  -5.4-0.6%  -4.9-1.1%
of which M&A  -2.2-0.3%  -1.1-0.3%
of which organic  -219.2-25.0%  -175.9-40.5%
EBITDA44.973.8-28.9-39.2%-0.939.0-39.9>-100%
EBIT-16.416.6-33.0>-100%-32.410.2-42.6>-100%
EBIT margin (in %)-2.51.9-4.4PP--12.82.3-15.1PP-
Net finance cost-16.1-9.7-6.4-66.1%-6.3-8.7 +2.4+66.1%
Profit before taxes-32.56.9-39.4>-100%-38.71.5-40.2>-100%
Taxes on income1.416.7-15.3-91.6%-3.110.2-13.3>-100%
Net income
(after non-controlling
interests)
-33.5-10.1-23.4>-100%-35.5-8.6-26.9>-100%
Earnings per share (in EUR)-0.53-0.16-0.37>-100%-0.56-0.14-0.42>-100%
Investments (in property,
plant, and equipment
and investment property)
22.749.5-26.8-54.1%10.420.7-10.3-49.8%
Operating free cash flow23.679.3-55.6-70.1%25.898.6-72.8-73.8%
Net working capital417.4498.9-81.5-16.3%    
Equity ratio (in %)40.540.7-0.2PP-    
Net financial liabilities579.9699.9-120.0-17.1%    
Employees (as of June 30)9,99110,411-420-4.0%    
Learn more
Press Release

ElringKlinger nominates Langer as Supplier of the Year 2019

Dettingen/Erms, Illmensee (Germany) +++ ElringKlinger AG has nominated Langer GmbH & Co. KG as Supplier of the Year 2019 within the components segment. Following a win in the previous year, Langer was thus able to secure the award for the second time in succession. The award ceremony took place at Langer's headquarters in Illmensee.

Langer has been supplying plastic injection molded parts to ElringKlinger since 2012, which are used in the production of lightweight components at the automotive supplier based in Dettingen/Erms. Over the past few years, ElringKlinger has developed into one of the most important customers of the Illmensee based company. In the meantime, ten sites of the ElringKlinger Group worldwide are supplied with components made by Langer.

ElringKlinger works with a total of over 2,000 suppliers. In order to ensure a systematic evaluation of its suppliers, the Group defined various criteria and weighted them appropriately in a scoring model. "Outstanding characteristics with regard to quality, adherence to deadlines, technology and service are among the most important requirements we place on our suppliers. And, of course, price always plays a role," said Bernd Weckenmann, Vice President Purchasing at ElringKlinger AG.

First-class performance
The performance of the overall winner was once again convincing: Overall, Langer was able to achieve a supplier rating of 90 %. "We took a close look at our suppliers, their reliability and quality. We came to the conclusion that Langer deserved to take first place again," added Weckenmann at the presentation of the award. He also drew the attention of those present to the fact that this was the first time that ElringKlinger had presented one of its supplier awards to the same company for two consecutive years.

Ralf Doll, Managing Director of Langer GmbH & Co. KG, was all the more pleased and thanked the staff for their work: "This award demonstrates the commitment of each individual and the entire team. At the same time, he also thanked ElringKlinger for the confidence placed in the company. "We take this prize as an incentive to strive for a third time in a row," continued Doll.

Learn more
ElringKlinger nominates Langer as Supplier of the Year 2019
Social Media
Instagram
Facebook
X
LinkedIn
Xing

Instagram

Everything you need to know about training, studies, careers and working at ElringKlinger.

To Instagram

Facebook

Visit us on Facebook and learn more about our company and our employees.

To Facebook

X

Follow us on X and stay up to date on the latest company news.

To X

LinkedIn

Follow us on LinkedIn and stay up to date on the latest company news.

To LinkedIn

Xing

Follow us on Xing and stay up to date on the latest company news.

To Xing

Instagram
Facebook
X
LinkedIn
Xing