Britishvolt acquires German battery cell maker for €36 million
Britishvolt is expanding to Germany following the signing of a deal to acquire German battery cell developer and manufacturer EAS from Bulgaria's Monbat for EUR 36 million.
EAS is a technology battery cell innovator and manufacturer based in Nordhausen, Germany. The company focuses on developing and producing large format lithium-ion cells using compact electrode production technology.
The acquisition of EAS is said to complement Britishvolt’s drive to lead in the R&D and manufacture of electrified transportation and sustainable energy storage. Britishvolt states in a press release that it intends to invest further in EAS to expand its advanced battery cell technology strengths.
“Our 46xx cell format, developed as part of our wider R&D program, gives Britishvolt a significant competitive advantage in the battery race. The acquisition of EAS will allow us to scale up the final part of the 46xx cell development and commercialization programme and put this leading cell product in the hands of our automotive customers," says Orral Nadjari, CEO, Britishvolt in the press release.
The German company's battery solutions have been adopted for aerospace and defense, submarine and marine, and automotive applications in Europe, Asia and North America, and business partners such as NASA are already powered by the company’s cells.
The acquisition is the second in the UK company's history, and first overseas – the addition of EAS is expected to facilitate getting battery systems to the marine market segment quicker.