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Press release

TESVOLT: Market"s reaction to situation in Ukraine - sharp increase in demand for energy storage systems

Wittenberg, 11 April 2022 - TESVOLT, one of the world"s leading producers of energy storage technology for the commercial and industrial sectors, is currently experiencing a sharp increase in the demand for energy storage systems that significantly exceed long-term growth trends. Against the backdrop of dramatic increases in oil and gas prices, TESVOLT"s order volume has seen a rapid increase over recent weeks and, in March 2022, peaked at 195% over that of the previous year.

Daniel Hannemann, TESVOLT CEO and co-founder: "The tragic events in Ukraine are showing just how much the industrial sector depends on Russian oil and gas. This vast surge in orders highlights that increasingly more companies are now looking to quickly and permanently reduce their dependency on fossil fuels. In order to do so, we need to effectively couple renewable energy generation systems with decentralised storage solutions."

Currently, demand for commercial energy storage systems has drastically surged, particularly from Western Europe. The move towards replacing fossil fuels with renewable energy and suitable storage systems is especially strong among medium-sized businesses. The key drivers behind this development are the high fuel prices and the expansion of the charging infrastructure.

Daniel Hannemann: "Efficient storage and use of renewable energy is the most important requirement for becoming independent of oil and gas in the long term - and for achieving the ecologically necessary energy transition. This has become increasingly more evident in recent weeks in the European economy, and it is now up to our sector to provide first-rate solutions for meeting this demand quickly and comprehensively. And this is precisely what we are investing in."

About TESVOLT


TESVOLT GmbH specialises in battery storage systems for commerce and industry. The innovative company produces intelligent lithium storage systems with power ratings from 30 kilowatt hours through to many megawatt hours. TESVOLT uses high-performance battery cells from Samsung SDI. TESVOLT manufactures its commercial storage system solutions in series production at Europe"s first gigafactory for commercial battery storage systems at its Wittenberg site and delivers them worldwide. TESVOLT has already implemented more than 3,000 storage system projects worldwide and employs almost 150 people. The company has already received several awards, including the German Entrepreneur Award in the "Rising Stars" category, the "TOP 100" award for innovation and the international award for rural electrification (ARE).

www.tesvolt.com

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