Today, as companies seek to reduce their reliance on fossil fuels, especially due to the situation in Ukraine, their March orders are up 195% year-on-year, energy storage system provider Tesvolt said.
Germany-based Tesvolt, which mainly assembles industrial and commercial energy storage systems, said growth in March outpaced its previous growth trend.
Daniel Hannemann, CEO of Tesvolt, said: "The situation in Ukraine shows how reliant the industrial sector is on Russian oil and gas, and the surge in orders highlights that more and more companies are now looking to quickly and permanently reduce their reliance on fossil fuels."
Tesvolt said demand from Western Europe and mid-sized companies was particularly evident, with the main drivers being high fuel prices and increased charging infrastructure.
The company's growth figures for March were similar to its previous orders data, which it previously said saw a 170% increase in its new international orders in the first half of 2021.
An annual report by Bundesanzeiger showed that Tesvolt posted 24.3 million euros ($26.45 million) in revenue in 2020, an increase of 48.6%, and in September 2021 predicted that its 2023 turnover could exceed 100 million euros.
This equates to a compound annual growth rate of at least 60% between 2021 and 2023, and its international (outside Germany) turnover increased by 60% in the first half of 2021.
The company recently raised €40 million in funding for expansion, they recently struck a deal with Schaper Group to integrate their energy storage systems into a green hydrogen renewable electrolysis project, and they also supply Europe’s largest electric vehicle charging station Battery storage.
