MonBat buys two German lithium-ion battery companies

Monbat is "committed to modernise the current premises in Nordhausen, to grow the whole business and to further expand its sales in Germany and neighbouring countries. It plans to invest over EUR 5 million in the next two years into new and modern machinery as well as to expand the workforce", a filing with the Bulgarian stock exchange states. "This acquisition marks the entry of Monbat into the German market and commitment to a potentially world changing technology. In the last two years, we have analysed many opportunities for further growth of our group but the combination of the former Gaia and EAS companies was unique as was the knowledge of the local team", said CEO of Monbat, Atanas Bobokov.