Tropical Battery prepares for migration to Main Market of the Jamaica Stock Exchange

 



Tropical Battery Company Limited indicates that it is seeking to improve governance standards in advance of its plans to transit to the Main Market of the Jamaica Stock Exchange (JSE).
The company which listed in the Junior Market in 2020 on April 2, 2025, announced the appointment of Jody Gager-Rose, independent director, to the company’s Compensation Committee, effective 20th March 2025. The company states, “Gager-Rose brings a strong track record in accounting, financial reporting, and corporate governance, which will further strengthen the Compensation Committee’s oversight of executive remuneration and talent management.

“This appointment enables the Compensation Committee to meet the corporate governance requirements of the Jamaica Stock Exchange (JSE) Main Market. As TROPICAL advances its planned migration from the Junior Market to the Main Market, the company is committed to aligning with the highest standards of board independence, transparency, and accountability.

In Tropical Battery’s new annual report released in February 2025, the company indicated that that it has set ambitious targets to achieve US$150 million in revenue and US$15 million in profit before taxation (PBT), sustaining a 10 per cent PBT ratio over the next three to five years.

The company cites new stores, new products, government contracts and a deal with Tesla as among its future sources of higher revenue.

The Group targets revenue of J$7.5 billion for FY 2025, driven by: Expansion into high-margin U.S. and European markets.

Management stated in the report, “ This (higher three-year revenue) will be accomplished through organic expansion in our key markets - Jamaica, the Dominican Republic, and the United States - and inorganic growth via strategic acquisitions to broaden our service offerings.”

The long-term vision for Tropical Battery also aims to list on the NASDAQ, “enhancing its global presence and unlocking access to larger capital markets,” management stated.

“ By 2030, we project the Tropical Battery and associated branded product lines to contribute US$50 million in revenue. This will be driven by the introduction of new product lines, including Tropical Battery-branded Windshield Wipers, CariBrake brake fluid, and alkaline batteries, which will be distributed through traditional retail and e-commerce platforms such as Amazon.com.”

A new battery brand, Mac Battery, will be introduced and distributed through selected Partners.

EV market



Tropical is also eyeing the EV market, noting, “as global shifts towards electric vehicles (EVs) and renewable energy accelerate, Tropical Battery positions itself as a key player in these markets.”

Subsidiaries—Tropical Mobility, Tropical Renewable Energy, and Tropical Finance—are pursuing partnerships with international players to distribute energy-efficient solutions like Tesla, expanding reach in the EV and renewable energy sectors.

Tropical Battery is part of a consortium that was awarded two Government of Jamaica contracts in 2024 under the Energy Management and Efficiency Programme (EMEP) to perform deep energy efficiency and renewable energy upgrades to six hospitals and 16 other public facilities, including high schools, ministries and government agencies.

The projects were awarded by the Ministry of Science Energy Telecommunications and Transport with funding provided by the Inter-American Development Bank (IDB), the European Union and the Japan International Cooperation Agency (JICA).

The project is valued at nearly US $4 million, with total installed rooftop solar photovoltaic capacity of 2.83MW. The EMEP projects are to be implemented by the close of FY2025.

Additionally, Tropical Mobility is establishing itself as a pioneering electric vehicle (EV) service provider in Jamaica, management stated.

Tesla



To support Tesla's growth in the region, Tropical Mobility has launched an independent Tesla service centre staffed with technicians trained by a Tesla-certified master technician from Canada.

The centre is equipped to offer comprehensive after-sales service and parts, fulfilling a growing demand among Tesla owners.

Tropical Mobility recently imported two Tesla Model Y vehicles. It is further diversifying its EV offerings with electric motorbikes for transport and delivery, electric ATVs for ecotourism, and electric buses for the tourism sector. This commitment to the EV market aligns with Tropical Mobility’s asset-light model, emphasising minimal-maintenance vehicles and convenience-enhancing services, including upcoming remote service options for Tesla and other EV owners. “This initiative positions Tropical Mobility as a forward-looking leader in Jamaica’s expanding EV landscape,” management commented.

Tropical Battery also plans to open its seventh retail store in Kingston this fiscal year and acquire another retail operation within the next three years to strengthen its market position and enhance its product offerings.

The report stated that Kaya Energy Group, operating out of the Dominican Republic, targets US$40 million in revenue by focusing on large-scale renewable energy projects. This includes introducing innovative products such as glass solar panels, bright panels with batteries, inverters, and solar water heaters to the Caribbean and African markets.

“These projects will materialise over the next two years and will be driven by partnerships with a prominent California-based electrical contractor. Kaya's expansion will be funded through grant funding, bank loans, and strategic collaborations, positioning it as a leading player in renewable energy in both regions, “ management said.

Rose Batteries, acquired at the end of January 2024, aims to nearly triple its revenue to US$60 million by expanding its customer base and enhancing its mission-critical energy storage solutions portfolio. The company plans to target blue-chip clients and develop safer, more efficient Powerwall/Tesla-like energy storage systems.

“A significant growth driver will be partnerships with electrical contractors to explore large solar and battery projects over the next two years. Additionally, Rose Batteries will launch on the Digikey platform for engineers in FY2025. Future growth will also be fueled by vertical acquisitions in the U.S,” management outlined.

Jamaica remained the company’s most substantial market, generating J$2.97 billion in revenue, compared to J$2.72 billion in the previous year.

Meanwhile, FY 2024 marked the company’s first year of operations in the United States, achieving revenues of J$2.26 billion in just eight months.





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