Accelleron UK Ltd

The director presents their Strategic report for the year ended 31 December 2023. Principal activities and review of the business The Company was incorporated on 29 July 2021, as an indirect subsidiary of ABB Ltd, Zurich, Switzerland (ABB Ltd) in connection with the restructuring and potential divestment/spin-off of the turbocharging business of ABB Ltd. ABB Group (the “Group”) carved-out their turbocharging division (“Project Tornado”) (the “Tornado Carve- Out”) as a spin off from ABB Group. As part of the Tornado Carve-Out, the Company commences its transactional business, as at 1 February 2022 as part of the Accelleron group. Accelleron Industries AG ("Accelleron"), a global leader in high-power turbochargers for mission-critical applications, announces that its spin-off from ABB has been successfully completed. Accelleron’s shares are traded on Six Swiss Exchange in Zurich, under the ticker symbol "ACLN". Accelleron is headquartered in Baden, Switzerland and is active in 50 countries across the globe. Accelleron focus on growth strategy with an attractive cash generating profile. This will build upon Accelleron’s position as a market leader in heavy - duty turbocharging, supporting industries that are critical for modern life, including the marine, energy and rail/off - highway sectors. Principal activities of the Company are Overhaul of Turbochargers and Supply of Turbocharger Spare Parts. The Company is part of Accelleron which is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable, efficient and reliable power to the marine, energy, rail, and off-highway sectors. Through its innovative product offerings and research leadership, the Company accelerates the decarbonization of the industries it operates in. Accelleron has an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations across 50 countries worldwide. In the UK, the Company has 3 workshops based in Southampton, Telford and Aberdeen and a workforce of 33 people. The Company's business operates 24 hours a day, 365 days a year. The business segments that the Company covers in the UK are marine including offshore, power and a small amount of traction (1 - 2%). The business profile of the Accelleron can be found in detail on www.accelleron-industries.com. The loss for the financial year, after taxation, is £7,957,451 (For the period 29 July 2021 to 31 December 2022: Loss for £1,429,647) on revenue of £21,623,427 (For the period 29 July 2021 to 31 December 2022: £16,730,249) with loss before tax of £7,809,586 (For the period 29 July 2021 to 31 December 2022: Loss for £1,180,047). As set out on page 15 of the financial statements, the Company has net current liabilities of £3,521,308 (2022: £4,170,685 and net assets of £12,263,462 (2022: £20,121,354). The directors did not recommend and the Company has not declared or paid any dividend to its immediate parent company.