Battery cell technology company Britishvolt has signed a sale purchase agreement (SPA) with Monbat Group to acquire its battery cell manufacturing subsidiary EAS at a consideration of €36 million (~$38 million).
EAS, wholly owned by the Monbat Group, has been developing and producing large-format cylindrical lithium-ion battery cells from 7.5 Ah to 50 Ah using advanced and compact electrode production 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 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 decarbonization,” said Orral Nadjari, Founder and CEO of Britishvolt.
With this acquisition, Britishvolt plans to scale up the production of its 46xx cells, which were developed as a part of its broader R&D program, making them accessible to its automotive customers.
Earlier this year, Britishvolt partnered with British automaker Aston Martin to develop high-performance battery technologies. The two organizations will work together to maximize the capability of special cylindrical high-performance cells being developed by Britishvolt for use in high-performance Aston Martin electric vehicles.
“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 technology in its focus on international growth,” said Michael Deutmeyer, Managing Director of EAS.
The company’s battery solutions have been adopted for aerospace and defense, submarine and marine, and automotive applications in Europe, Asia, and North America.
In February 2022, South Korea’s electric vehicle battery maker LG Energy Solution (LGES) announced that it had acquired NEC Energy Solutions, a grid battery integrator based in the U.S. With the acquisition, LGES will set up a corporation under a new name, LG Energy Solution Vertech.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid, and Efficiency, there were five corporate M&A transactions (three disclosed) involving Battery Storage companies in Q1 2022.