Elhim Iskra, foreign partners set up energy storage systems unit

Elhim Iskra holds a 50% stake in the new company, Elhim New Energy Technology, having invested 100,000 levs ($55,496/51,129 euro) in it, while Huaxing New Energy and Yong Wang own 24.9% and 25.1%, respectively, the car battery maker said in a bourse filing last week.

Elhim Iskra aims to expand its energy storage battery range to meet market demand, including through its participation in Elhim New Energy Technology, given the ongoing uncertainty regarding the availability and price of conventional energy carriers in Bulgaria and Europe and the efforts towards a green transition.

The company has already developed modular energy storage and power supply solutions to ensure the safety and continuity of critical industrial processes and electrical equipment while facilitating the integration of renewable energy sources. These systems have short implementation times, cost-effective and reliable charging infrastructure, and a recycling rate of over 98%, Elhim Iskra said.

Elhim New Energy Technology is based in the southern city of Pazardzhik.

Shares in Elhim Iskra last traded on April 24 when they closed at 0.74 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)