Sunlight Group: revenues top $1bn, earnings up 141%

Sunlight Group: revenues top $1bn, earnings up 141%

Sunlight Group: revenues top $1bn, earnings up 141% 1024 768 Batteries International

May 10, 2024: Sunlight Group, the Greece-based international battery manufacturer, announced on May 1 its annual financial results for the year end of December 31, 2023. They show a third year of record operational and financial performance.

Revenues reached €1,087,7 million ($1,164 million) —  an increase from €416.5 million in the previous year and more than €120 million on a like-for-like basis,  Earnings were up 141%.

The number of staff has also soared — there were now 3,630 employees, marking a substantial increase of 2,075 individuals compared to the previous year. Over half of these were international hires with the largest increases coming from Germany and the US.

The growth, says the group, was propelled by the first-time consolidation of recently acquired businesses; a surge in sales driven primarily by volume, particularly in the North American market and heightened demand for its new energy solutions business.

Key profits — some 28% of the revenue in its motive power operations — was generated by lithium-ion sales. The US motive power business accounted for more than 20% of the power sales of the group and was forecast to continue to grow rapidly.

“In 2023, we embarked on an extensive series of M&A transactions, accelerating our innovation program, and achieving sustainable volume growth. At the same time, we expanded our customer base and entered in new applications which will play a key role in future sales and profitability generation,” said a company spokesperson.

The firm said it had a technology agnostic approach to energy storage with investments being made in both lead and lithium technologies.

Some  €124.4 million was allocated to CAPEX investments in 2023, with “a primary focus on expanding innovation and production capacities in lithium-ion technology as well as to expanding production capabilities in the lead-acid technology.”

The group said it was pleased with its investments in grid scale energy storage systems, alongside the development of lithium cells tailored for off-road industrial applications, marked by the establishment of a new production scale pilot line in Xanthi, Greece.

Lampros Bisalas, Sunlight CEO, said: “Our 2023 operating and financial results underscore our resilience and commitment to sustainable growth amid challenging economic conditions, with strategic investments driving robust performance across key metrics.

“Despite significant headwinds such as a declining motive power market due to increasing interest rates, financial uncertainty, macro-economic and geopolitical reasons, rising energy costs and substantial inflationary pressure across materials and labor costs, our organization is poised to pursue a leadership role, particularly in the EMEA, US and Southeast Asia-Oceania markets, where we operate a total of 16 plants and 35 sales and service facilities.”

Bisalas said Sunlight was embarking on a comprehensive reorganization aimed at “fostering greater flexibility and structural clarity in decision-making processes. This strategic move will empower us to pursue more ambitious targets with confidence, speed, and efficiency.”