Revenue and Workforce Grow by 50 Percent in 2023

FENECON posted another year of strong growth in 2023: revenue increased by around 50 percent to €140 million, while the workforce grew by around half to 300 employees. The Lower Bavarian manufacturer of energy storage and smart energy management systems is thus continuing its success streak of recent years. In 2024, the company aims to further expand its market share in particular. Increased demand for industrial energy storage systems

Increased Demand for Industrial Energy Storage Systems

In addition to the popular home storage solutions from the FENECON Home series, the commercial and industrial storage segment in particular enjoyed steadily increasing demand in 2023. One notable factor was the prestigious ees Award, which a panel of experts granted to the product FENECON Industrial Last year. This high-quality, intelligent industrial and solar farm storage system made in Germany comprises surplus vehicle batteries from German premium automotive manufacturers. It delivers an output of more than 700 kW and has a capacity of almost 1.3 MWh.

FERESTO Rental Storage Business Model Wins Award

The FERESTO rental storage business model was another award winner at ees 2023, receiving the EM-Power Award. This versatile rental storage system can be used to buffer costly peak loads, for example, or to bridge grid expansion periods as well as to quickly set up and expand charging parks. FERESTO customers do not have to shoulder high initial costs, nor worry about maintenance or disposal of the system at the end of its life.

FENECON Sweeps EY Entrepreneur Of The Year Awards

But not only the innovative products were honored. FENECON founder and Managing Director Franz-Josef Feilmeier received the coveted EY Entrepreneur Of The Year Award 2023 in the “Sustainability” category. This prestigious honor, presented by the auditing and consulting firm EY, recognizes the most passionate and innovative entrepreneurs and their courage, vision and 2/3 decisiveness: entrepreneurs who combine business success and social responsibility. FENECON also won the EY Entrepreneur of the Year Audience Award in the enterprise category – not least thanks to its innovative strength. And that’s not all: FENECON was further named “Innovator of the Year” in the medium-sized enterprise category of the TOP 100 innovation competition.

Internationalization Agenda

Following on from its successes of 2023, FENECON is now planning its internationalization in addition to expanding its market share. Alongside the German market, FENECON also aims to serve the USA with locally manufactured large storage systems in the future. Furthermore, production capacity is currently being ramped up at the CarBatteryReFactory in Iggensbach, Germany. This facility transforms new but obsolete electric vehicle batteries from German premium vehicle manufacturers into high-performance, sustainable industrial energy storage systems.

A Special Year for the Storage Industry

2023 was a special year for the storage industry. The initial extremely high demand for home storage despite high prices was followed by a slump in demand that coincided with a glut of new manufacturers and products. This is currently driving cutthroat consolidation, and is impacting particularly Asian manufacturers who lack deep roots in the market and who do not deliver important added value for customers such as simple, vendor-independent sector coupling and intelligent integration of dynamic grid power supply. As a result, prices for storage systems will continue to fall and strong, customer-oriented manufacturers in particular will be able to continue to grow. The robust growth in the commercial and large-scale storage segment has only just begun and it is driving the entire storage market forward,” states Franz-Josef Feilmeier, founder and Managing Director of FENECON.

For us as FENECON, 2023 was an extremely successful year, with strong revenues and a sustained increase in sales figures. We are also reaping the benefits of the numerous awards for our innovative strength as an employer brand, which enables us to recruit a great many highly qualified employees. We’re not experiencing any shortage of skilled workers right now and we’re proud of our ability to attract so many bright minds who are as passionate as we are about making the 100 percent energy transition a reality. For 2024, expanding our market share, increasing our domestic vertical integration and internationalization are the top priorities on our agenda.”