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2021 - A year of transition for Anodox

2021 - A year of transition for Anodox

In the second semester of 2021 a new HQ location was secured and significant new business was won to deliver batteries to two exciting automotive projects.

The results are proof positive that progress is being made. Therefore, Anodox has decided to accelerate the transformation by expanding its horizons and increasing its success in the delivery of energy solutions for mobile (e.g. city cars, trucks, e-racing) and stationary (e.g. off-grid living, data centres, electricity grid).

In particular, the strategic portfolio review of non-core assets has been completed and management is communicating its conclusions to the team, so as to move to execution swiftly. Negotiations with supply chain partners regarding the necessary supply of cells have concluded successfully. This provides a solid foundation for future growth.

Following the appointment of Helena Tsouknidas as CFO, Anodox has completed a full accounting review of its business supported by external advisors including NovAzure. This work is being finalized and at this stage is ready to be included in summary form within investor prospectuses. The completion of this process is targeted to be achieved by the middle of Q1 2022.

A key milestone for Anodox was completing the purchase of a new headquarters and manufacturing facility in Partille, a suburb of Gothenburg. Just a short drive from Volvo HQ, Geely Innovation Center and the important Chalmers Innovation Center, the new location has a strategic place in Northern Europe’s automotive sector.

Anodox moved into the new facility in September 2021 and will have completed renovations by the end of Q1 2022. The facility will finally expand to 4000-6000 sqm. The property includes industrial space that will provide a permanent home for Anodox’s laboratory and testing, alongside flexible manufacturing capabilities for better throughput, quality and cost effectiveness of 48V batteries. There will also be more office space to accommodate additions in design, engineering and other support areas.

Theo Zannakis, Chairman and CEO said:

The acquisition and expansion this new facility provides a critical foundation as Anodox continues to further enhance its industry-leading technology and scales to meet the growing needs of the automotive and other markets for energy solutions.

Tom Walsh, board member and CSO, said:

Order growth demands a new strategy for space optimization, and we are grateful to have found a great location to meet our expected growth trajectory.

The work setting in the Anodox headquarters is characterized by functional offices in connection with many attractive collaboration and meeting areas. This promotes cooperation in the highly dynamic environment of electromobility even more. The sustainable and appealing work environment is inspired by the firm’s Swedish origins and serves Anodox's innovative ways of working well.

Since sustainability is one of the most important pillars of Anodox’s mission, the firm has plans to build a solar power system onto the roof of the new HQ and the parking lot will be equipped with state of the art charging points for electric vehicles.

Anodox is a globally oriented company firmly rooted in the automotive eco-system in and around Gothenburg. The firm has set its sights on making history as a global player and innovation driver in the rapidly growing market for electromobility. The investment in the new facilities underlines Anodox’s commitment to quickly executing a pivot whilst laying the groundwork for long-term accelerated growth.

After a year of transition in 2021, Anodox expects to improve on all its KPIs in 2022 and maintain its mid-term targets of establishing pan-European sales and production capabilities.