November 18, 2021: Plans to open a bipolar lead battery plant in northwest Bulgaria that were derailed for two years because of the coronavirus lockdowns will go ahead, battery maker Monbat said on November 9.
The factory will produce bipolar batteries using the GreenSeal technology licensed to it by Advanced Battery Concepts in 2019.
The 2.4GWh factory in Vratsa was announced in 2019, but has so far not been able to go ahead, although tests of prototypes of the batteries have been completed successfully, according to a statement issued by SeeNews and written by Monbat.
“This technology would help us significantly reduce lead in batteries, be more cost-competitive and achieve a higher margin,” it quotes former chief financial officer Viktor Spiriev, who became CEO in August, as saying.
The firm will consider two kinds of financing to fund the bipolar battery plant — EU support, or a ‘strategic investor’, it said.
Monbat also produces lithium-ion batteries, mainly in the marine sector, but says it plans to look at developing energy storage products as well.
“The lithium-ion division is one option for the development of such products and the other option is the bipolar technology,” said Spiriev, who is quoted as saying he expects an increase of at least 5% in earnings before interest, taxes, depreciation and amortization.