Britishvolt has signed an agreement with the Monbat Group, one of Europe’s leading battery companies, to purchase its German subsidiary EAS, the advanced technology battery cell innovator and manufacturer based in Nordhausen. The agreement values EAS at €36 million.
EAS develops and produces large format lithium-ion cells using innovative and compact electrode production technology. Britishvolt intends to invest further in EAS to expand its advanced battery cell technology strengths.
EAS battery solutions have been adopted for aerospace and defence, 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, says, “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.”
Michael Deutmeyer, Managing Director, EAS, adds, “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.”
Victor Spiriev, CEO of Bulgarian headquartered Monbat adds “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.
