VARTA AG adjusts revenue forecast for 2024 due to further slowdown in the energy storage market

Based on current business developments in the first half of 2024, VARTA AG is revising its revenue forecast for fiscal year 2024 issued on August 11, 2023. The Ellwangen-based technology company now expects revenue between € 820 million and € 870 million (previous forecast: at least € 900 million).


The reason for the adjustment is a further significant deterioration in the market environment for energy storage systems, especially in the second quarter of the current year. In addition to a noticeable decline in overall market demand, the market segment for AC (alternating current) energy storage systems in particular, which VARTA serves with its existing product line, is currently losing market share in the domestic market. Delays in connection with the product launch of the DC (direct current)-coupled high-voltage storage system VARTA.wall, with which VARTA plans to enter the largest market segment of the energy storage market in terms of volume (DC storage systems), are also having a negative impact on revenue development in 2024 and contribute to the wide forecast range.

About VARTA AG in Ellwangen

VARTA AG manufactures and markets a comprehensive range of batteries, from microbatteries and household batteries to energy storage systems and customized battery solutions for a wide range of industrial and commercial applications. Through intensive research and development, VARTA AG sets global standards in lithium-ion technology and microbatteries and is recognized as an innovation leader in key growth markets, particularly in lithium-ion cells and primary hearing aid batteries. With over 3,500 employees, five production and manufacturing facilities in Europe and Asia, and sales locations in Europe, Asia and the USA, VARTA AG's operating companies are now active in more than 100 countries.
Based on years of technological experience, VARTA AG has comprehensive expertise across the entire development and production process for battery solutions. VARTA AG can develop almost any customer- or application-specific battery architecture and acts as a strong sparring partner for industry, SMEs and OEMs in the early engineering and design phases. In addition to this in-depth development and integration expertise, VARTA AG has mastered the scalable industrial series production of sophisticated battery solutions, combining technological innovation with a high degree of vertical integration and global delivery capability.

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