© Xalt Energy PCB | February 09, 2019
Freudenberg increases investment in lithium ion technology, research
The Germany-based Freudenberg Sealing Technologies Business Group, which acquired 31.8% of XALT Energy in March 2018, has increased that share to 50.1% as of the start of 2019.
XALT Energy, based in Midland, Michigan, develops and produces lithium-ion technologies for energy storage solutions in the commercial vehicle industry, Also part of this most recent deal, Freudenberg has secured the option of acquiring all remaining shares in XALT Energy over the coming years, the company released in a statement. This move further expands the Freudenberg global technology group’s energy storage business. The increased holding in XALT Energy will enable Freudenberg to expand production capacity for serial production and increase investment in the research and development of new mobility technologies. Freudenberg Group CEO Dr. Mohsen Sohi said, “Taking over the industrial leadership of XALT Energy is another step towards forward-looking innovations for electric motor and fuel cell power trains for the future. XALT Energy specializes in lithium-ion technologies for high energy/high performance storage technologies in the logistics, railroads, maritime, industrial and automotive industries. The highly automated, clean-room production facilities in Midland cover an area of over 40,000 square meters and are used to manufacture lithium-ion battery cells, packs and modules along with associated controls and software. The company also has a research and development laboratory in Pontiac, Michigan.