© pichetw dreamstime.com Electronics Production | July 07, 2017
MonBat buys two German lithium-ion battery companies
Monbat has acquired 100 percent of all tangible and intangible assets of both Gaia and EAS and has merged both entities into the EAS Batteries GmbH based in Nordhausen.
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.