But Tropical Battery, which trades in automotive products, has other growth plans that the IPO proceeds are meant to fund. They include the addition of start-stop technology to its line of products, expansion and renovation of the Tropical Battery retail stores; expansion of parking space at its Grove Road, Kingston retail store, which has high traffic volumes; and finishing touches on the headquarters at Ferry, Kingston.
“The team considered a number of options, but ultimately arrived at the sale of equity in its parent company (Diverze Assets Inc) to assist Tropical Battery in increasing its working capital and to dedicate shareholder expertise and skills to the business on a full-time basis,” the prospectus read.
Tropical Battery was acquired by John Melville in 1967 from American businessman Tex Williams. The business is currently operated by brothers Marc Melville as chairman, Alexander Melville as managing director, and DanielMelville Jr as vice-president for sales and marketing, who are also directors of the board. Other directors include CFA charter holder Ricardo Hutchinson; chartered accountant Caryl Fenton, and attorney-at-law Marc Ramsay.
The three Melvilles are also directors of Dai Diverze, which is the parent company to Tropical Battery, as well as Chukka Caribbean Adventure Tours and real estate business Diverze Properties Limited.
Tropical Battery had a bad year in 2014, recording losses of $82 million, but the following four periods delivered solid results. For year ending September 2019, pre-tax profit amounted to $87 million, and the company wrapped the year with cash flow of $155 million.
Tropical Battery Company limited currently has nearly 1.14 billion shares in issue, post IPO, its issued capital will increase to 1.3 billion units, three quarters of which will be held by Dai Diverze.
Crystal Energy Storage LP and Baseload Power Corp. are proposing to build a lithium-ion battery energy storage system that will connect to nearby Hydro One infrastructure, with the goal of helping to address increasing energy demands throughout the province.
The proposal has ignited concerns from local residents about the potential safety and environmental impacts of hosting such a facility in a rural area, particularly the issue of what would happen in the event of a fire.
The proposal is the result of a directive from the Ontario government to the Independent Electricity System Operator (IESO), a not-for-profit entity which manages the province''s power system, to acquire 4,000 megawatts of new electricity generation, including at least 1,500 megawatts of energy storage capacity.
The project near Toledo would have a capacity of up to 300 megawatts, and will consist of "battery storage enclosures, electrical inverters, transformers, internal access roads, electrical and communication cabling, a compact transmission substation, and other necessary electrical and infrastructure components," according to the company.
The way it works, he said, is the battery systems are built into a series of shipping containers, and in a utility-scale project there can be between 50 or 100 of those containers. Inside one container, there are "many" battery modules.
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