Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 14, 2024

EnerSys

(Exact name of registrant as specified in its charter)

Commission File Number: 1-32253



Delaware						23-3058564
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)

2366 Bernville Road, Reading, Pennsylvania 19605

(Address of principal executive offices, including zip code)

(610) 208-1991

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ENS

New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).


Emerging growth company			☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Item 7.01 Regulation FD Disclosure.

On February 14, 2024, EnerSys issued a press release, which is attached as Exhibit 99.1 hereto.

The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


99.1			Press Release dated February 14, 2024 A nnouncing South Carolina for Lithium Battery Production Site
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		EnerSys

Date: February 14, 2024	By:	/s/ Andrea J. Funk
		Andrea J. Funk
		Chief Financial Officer

Exhibit 99.1

ENERSYS SELECTS GREENVILLE, SOUTH CAROLINA TO ADVANCE ITS LITHIUM BATTERY PRODUCTION IN THE UNITED STATES

READING, PA, USA, February 14, 2024 - EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, has announced that it has selected Greenville, South Carolina to develop a lithium-ion cell gigafactory to advance battery production in the United States. This new factory represents a long-term opportunity that will enable growth and allow EnerSys to optimize cell sizing in battery solutions for its customers, providing independence from non-domestic cell suppliers.

EnerSys has applied for a comprehensive incentive package through South Carolina and Greenville County valued at approximately $200 million, which includes a combination of short-term and long-term incentives. The Company intends to use a portion of these proceeds, along with the Inflation Reduction Act (IRA) IRC 45X tax benefits and potential additional federal funding, to make a $500 million investment with the potential to create 500 high-quality new jobs.

EnerSys is evaluating the development of a 500,000 square foot state-of the-art manufacturing facility on approximately 140 acres in the Augusta Grove business park in Greenville. The operation, which would be the company’s second in South Carolina, would manufacture various form factors of lithium-ion cells for commercial, industrial and defense applications, with a production capacity of four gigawatt hours (GWh) per year.

“We recognize Greenville as an emerging hub for high-tech companies with an attractive talent pool in a thriving community. EnerSys is accelerating the global clean energy transition by significantly expanding our production of lithium-ion batteries across a broad range of end markets and applications. With the support of South Carolina and Greenville County, this factory will help us meet our customers’ needs, including those with specific manufacturing requirements for domestic sourced batteries,” said EnerSys President & CEO David M. Shaffer.

“Congratulations to EnerSys and Greenville County on a partnership that brings new opportunities to South Carolina. The Upstate is set for significant transformation with an extraordinary $500 million investment, accompanied by the creation of 500 new jobs. This investment will shape the region's future, fostering sustained prosperity for South Carolina in the years ahead,” said Gov. Henry McMaster.

“We are pleased that EnerSys chose South Carolina to increase its statewide presence and host such a large operation. Our pro-business climate and prepared workforce make it possible for companies to start, grow and thrive in a place they enjoy calling home,” said Secretary of Commerce Harry M. Lightsey III.

“Greenville County is proud to welcome EnerSys to South Carolina’s Upstate. Although growing, this community maintains a reputation for serving and helping one another. We look forward to including EnerSys and its team members in our Greenville family as we evolve into a long-lasting and successful partnership,” said Chairman of the House of Representatives Ways and Means Committee Bruce Bannister.

“Greenville welcomes EnerSys to our county and is grateful to its team for selecting our community to expand its technological capabilities. The company's investment is a testament to Greenville's diverse and robust manufacturing environment and highly skilled workforce,” said Greenville County Council Chairman Dan Tripp.

This latest development comes after EnerSys announced on June 14, 2023, that it had entered into a non-binding Memorandum of Understanding (MOU) with Verkor SAS, a European leader in battery technology, to explore the development of a lithium battery gigafactory in the United States.

The Company is targeting construction to begin in early 2025 and operations to be online in late 2027.

The transaction, among other things, is subject to customary closing conditions, final Board approval, regulatory and incentive approvals.

About EnerSys:

EnerSys is the global leader in stored energy solutions for industrial applications, designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. More information regarding EnerSys can be found at www.enersys.com.

Sustainability

Sustainability at EnerSys is about more than just the benefits and impacts of our products. Our commitment to sustainability encompasses many important environmental, social and governance issues. Sustainability is a fundamental part of how we manage our own operations. Minimizing our environmental footprint is a priority. Sustainability is our commitment to our employees, our customers and the communities we serve. Our products facilitate positive environmental, social and economic impacts around the world. To learn more visit: https://www.enersys.com/en/about-us/sustainability/.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events or developments that EnerSys expects or anticipates will occur in the future, including statements relating to the level of investment, the number of jobs created, the likelihood of obtaining or satisfying the remaining conditions to completing the investment and gigafactory, and the benefits from developing and operating such gigafactory, are forward-looking statements. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance and are inherently subject to risks and uncertainties. The statements in this press release are made as of the date of this press release. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2023. No undue reliance should be placed on any forward-looking statements.

CONTACT

Lisa Hartman

VP, Investor Relations and Corporate Communications

EnerSys

610-236-4040

E-mail: investorrelations@enersys.com

Cover Page	Aug. 10, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 14, 2024
Entity Registrant Name	EnerSys
Entity File Number	1-32253
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-3058564
Entity Address, Address Line One	2366 Bernville Road
Entity Address, City or Town	Reading
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19605
City Area Code	610
Local Phone Number	208-1991
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ENS
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001289308
Amendment Flag	false