Feb 4, 2019 - 01:40 pm

Freudenberg buys majority of XALT Energy

xalt-energy

Freudenberg Sealing Technologies has increased its stake in the US battery specialist XALT Energy from 31.8% to 50.1% and is now the majority shareholder of the Michigan-based company, which develops and produces lithium-ion technologies for the commercial vehicle industry.

The company plans to expand production capacity at the Midland site in Michigan to meet series production requirements and to invest in the research and development of new mobility technologies.

Freudenberg has also secured the option to acquire the remaining shares in XALT Energy over the next few years. “Taking over the industrial leadership of XALT Energy is another step towards forward-looking innovations for electric motor and fuel cell powertrains for the future,” says Dr Mohsen Sohi, CEO of the Freudenberg Group.

XALT Energy specializes in the use of lithium-ion technology in large-format high-energy/high-performance storage solutions for logistics, railways, ships, industry and automobiles. In an automated production facility in Midland, the company produces lithium-ion battery cells, packs and modules, as well as associated controllers and software, on more than 40,000 square metres. Additionally, there is a research and development laboratory in Pontiac, Michigan, USA.

freudenberg.com

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Found on electrive.com
https://www.electrive.com/2019/02/04/freudenberg-buys-majority-of-xalt-energy/
04.02.2019 13:36