Britishvolt has signed a Sale and Purchase Agreement with the Monbat Group, one of Europe’s leading battery solutions companies, to purchase its subsidiary EAS, the advanced technology battery cell innovator and manufacturer based in Nordhausen, Germany.
The agreement values EAS at €36 million, and is subject to completion and any regulatory approvals.
“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. Exactly the cell solution they have been seeking in terms of next-generation, high-performance and long range battery technology.
“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 getting battery systems to this particular market segment quicker and help the pathway to decarbonisation.
“EAS has a proven track record in providing innovative, tailor-made battery cell solutions for its customers, and it makes strategic sense so that we join forces and grow together. We intend to make additional investments in EAS to help to ensure that it can reach its full potential within the Britishvolt family.”
EAS, which is currently fully owned by the Monbat Group, has more than 25 years’ experience in developing and producing large format cylindrical lithium-ion battery cells from 7.5 Ah to 50 Ah. The company uses compact and unique production technology to guarantee the highest quality standards for its high power and energy cells at the lowest environmental impact.
EAS battery solutions have been adopted for aerospace and defense, submarine and marine, and automotive applications in Europe, Asia and North America, and prominent business partners such as NASA are already powered by the company’s cells.
Orral Nadjari, Founder and CEO, Britishvolt
“Britishvolt and EAS are united by common goals. We share a vision, and due to the high synergies, both companies are accelerating their mutual growth. For EAS and its customers, the focus is on greater capacities in the development and production of innovative cells and battery systems. 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.
“Today we see, also monetarily, the great success of a consistent product development strategy. I would like to thank Monbat for the trust and support in every form on our journey together over the past five years. But above all, I want to thank my colleagues and employees who define our company. It is the employees of the entire EAS team for whom I am particularly happy today. We are starting a new EAS era together, at our tried and tested location in Nordhausen, which has stood for pioneering ideas and products from the Innovation Factory for a quarter of a century.”
Michael Deutmeyer, Managing Director, EAS
“The deal structure fully supports the roadmap for the development of EAS and the Monbat Group. Monbat will continue to be part of the expected growth of the lithium-ion industry through the minority stake that the Group will hold in Britishvolt. We believe Britishvolt is the right partner that has the necessary resources to become a leader in providing lithium-ion solutions for electrified transportation and energy storage. The synergies between EAS and Britishvolt will further contribute to add value to the new owner, their shareholders and partners.”
Britishvolt’s acquisition of EAS is expected to be completed soon, subject to any necessary regulatory approvals.
Victor Spiriev, CEO of Monbat AD
IMAGE SOURCE: www.britishvolt.com