Durrant Pate/ Contributor

Tropical Battery is announcing the successful completion of its Additional Public Offering (APO) and its graduation to the Main Market of the Jamaica Stock Exchange (JSE). 

This milestone comes as the company celebrates 75 years of continuous operations, a testament to its resilience, adaptability and vision for the future. Since listing on the Junior Market of the JSE in 2020, Tropical Battery has tripled its revenues, expanded into international markets and diversified its business through acquisitions and strategic partnerships.

These achievements highlight the company’s evolution into a regional energy solutions leader, committed to innovation, shareholder value and long-term growth. Looking ahead, the company remains committed to executing disciplined strategies to strengthen its balance sheet, advance renewable energy solutions and expand its footprint across the Caribbean and the Americas.

APO fell short of target

The graduation to the Main Market marks a new chapter in Tropical Battery’s journey. However, CEO Alexander Melville is admitting that the APO fell short of its J$1.79-billion target.

“Although the APO did not raise the full amount we originally targeted, such raise (as hoped for) was always just one element of our balance sheet realignment strategy. We had already prepared a broader set of measures to strengthen the balance sheet and keep us firmly on track with our growth plans. As a result, a decision was taken to accept the subscriptions under the APO, for the benefit of the company. 

He thanked investors, who participated in the APO, for helping the management to position the company for the exciting opportunities that lie ahead” 

Expanding into new markets 

A cornerstone of Tropical Battery’s growth strategy has been its international expansion. The acquisition of Rose Batteries, a Silicon Valley-based custom battery pack manufacturer, along with an investment in Kaya Energy Group, a regional renewable energy solutions provider, has significantly diversified the company’s energy storage portfolio. 

“In just a short time, we have tripled our revenues, expanded internationally and built a stronger, more resilient company,” declared Melville, who added, “our graduation to the Main Market reflects the strength of our 75-year history, the confidence of our investors and the opportunities ahead as we expand across the region and into the US market.” 

Tropical Battery’s journey from the Junior Market to the Main Market highlights its capacity to adapt, grow and deliver results despite global and local challenges.