Britishvolt has agreed to purchase German lithium-ion battery cell technology developer EAS for €36m, as the UK-based firm looks to continue its rapid expansion in the energy storage and electric vehicle (EV) battery market.
Based in Nordhausen, Germany, EAS develops and manufactures large format lithium-ion battery cells using “innovative and compact electrode production technology”, according to Britishvolt, which said the acquisition would support its goal of becoming a leader in the R&D and manufacture of a range of electrified transportation and energy storage segments.
The deal, which was announced yesterday, has been struck with leading European battery solutions firm Monbat Group, of which EAS is a subsidiary, and is expected to be completed “soon”, subject to regulatory approvals.
Britishvolt founder and CEO, Orral Nadjari, said the firm planned to invest further in EAS to expand its advanced battery cell technology capabilities, which have already been adopted for aerospace and defense, submarines and marine, and automotive applications in Europe, Asia, and North America.
“Our 46xx cell format, developed as part of our wider R&D program, gives Britishvolt a significant competitive advantage in the battery race,” he said. “The acquisition of EAS will allow us to scale up the final part of the 46xx cell development and commercialization program and put this leading cell product in the hands of our automotive customers.”
“This acquisition – the second in our short history, and first overseas – underscores the drive and determination of Britishvolt to offer best-in-class battery solutions to our customers. Following on from our recent announcement of a development roadmap to marine battery solutions, EAS will also facilitate obtaining battery systems to this particular market segment quicker and help the pathway to decarbonisation.”
Britishvolt has continued to drum up interest in its ambitious expansion plans since unveiling its plans to build a major ‘gigafactory’ battery manufacturing plant in Northumberland, having recently announced a flurry of partnerships with automotive manufacturers such as Lotus and Aston Martin. Mining giant Glencore has also snapped up a stake in Britishvolt, which was last year valued at over $1bn.
Michael Deutmeyer, managing director at EAS, said his firm shared a vision and common goals with Britishvolt. “For EAS and its customers, the focus is on greater capacities in the development and production of innovative cells and battery systems,” he said. “We are expanding our know-how, deepening our ecological and resource-saving approach in production and enlarging our team. At the same time, we are supporting Britishvolt as a leader in battery cell technology in its focus on international growth.”