Flash Battery’s record 2023 turnover

The year 2023 has been very positive in several market segments and this is reflected in companies’ financial reports for the past year.

One company that registered remarkable growth is the Italy-based manufacturer of lithium-ion batteries for industrial machinery and electric vehicles Flash Battery.

The company, founded in 2012, registered in its 11th year a turnover increase of 54% compared to the previous year, for a total of €34 million.

The company’s headcount reflected the results in sales growing by 36.7% to 108 units.

Flash Battery’s team in early 2024; the employees’ average age is under 35.

Marco Righi, co-founder and CEO of Flash Battery, said: “In the first two months of 2024 the number of employees has already risen to 115. For us this is one of the most significant indicators of our growth in both the domestic and international markets.”

The geographic distribution of the increased turnover saw the domestic market in Italy growing 54%, up to a value of €25.7 million; sales into international markets grew to €8.6 million, a 46% increase on 2022.

“The percentage of foreign turnover has risen from 21% to 25%, and in the coming years we will continue to invest heavily in an international expansion that is supported by important partnerships with powertrain system integrators in Germany, Benelux, the UK, Spain and France, with the aim of becoming one of the top players in the European market by 2025,” added Righi.

But there are more goods news for the Italian battery manufacturer, such as the €7-million short-term investment plan for the headquarters in Sant’Ilario D’Enza, near Reggio Emilia, and for a new production line.

“Since last year we have been significantly expanding our headquarters, which were inaugurated two and a half years ago, with a sharp increase in storage capacity and more importantly in the production line,” said Righi, adding that this expansion will allow the company to manage a series of processes internally, starting with the assembly of the lithium modules of the batteries, making it independent with respect to foreign suppliers.

“At the same time, we’ll continue to invest in research, development and innovation, which are crucial to the reliability, competitiveness and sustainability of our products,” he said.

Flash Battery is also working at its first sustainability report, supported by the Group Reporting Initiative, to provide an accounting of the impacts of the company’s work in terms of human resources, sustainability, environment and safety, to the markets and to the local community.