Motive power battery maker records sharp jump in salesSingaporean battery and energy storage solutions provider Leoch Battery has recorded a 10.5% increase in its motive power business for the six months to 30 June 2024, according to the company’s Interim Report.
Leoch’s motive power battery business accounted for 9.1% of the group’s total sales for the six months to 30 June 2024 with sales amounting to USD97.4 million.
Leoch Battery’s total sales for the period were USD444.6 million, a y-o-y jump of 9.9%.
“In industrial settings, our motive power batteries (including both our lead-acid and lithium types), are widely used in forklifts, material handling equipment and other heavy machineries, due to their durability and cost-effectiveness,” Leoch says in its report.
“The group’s growth in this segment has accelerated, particularly as industries continue to automate and expand their operations. The versatility of lead-acid and lithium batteries in powering a range of industrial equipment ensures a sustained demand from the market.”