IBU-Tec spins off battery business
IBU-Tec Advanced Materials AG is responding to the increasing importance of the battery materials business and has founded IBUvolt Battery Materials GmbH. The wholly-owned subsidiary focuses on developing, producing and selling battery materials. According to a company statement, IBUvolt Materials also focuses on development services for cathode and anode active materials. Ulrich Weitz was appointed managing director. Weitz is currently the CEO of the IBU-Tec Group. He will be assigned to the supervisory board of the public company at the annual general meeting on 26 April.
With Weitz’s planned retirement from the IBU-Tec Executive Board, current co-CEO Jörg Leinenbach will manage the business on his own. “With the new company, we also want to structurally underpin IBU-tec’s rapid growth in the battery business,” says Leinenbach. “I am glad that our company founder and major shareholder Ulrich Weitz will drive the development in this area in the coming years in the new company. We will benefit from his expertise and, above all, from his network on our growth path.”
In his role as the CEO of IBUvolt GmbH, Weitz says, “With the founding of the new company, we have taken another important step. The IBUvolt team can concentrate fully on the further development of battery materials and react quickly, agilely and unbureaucratically to new market developments. Together with our team, I would like to further expand IBU-tec’s position in this strategically important area and open up new markets and applications.”
IBUvolt was previously a brand name under which IBU-Tec Advanced Materials offered its cathode materials, such as LFP battery materials. IBU-Tec says it is already working closely with international customers “to develop individual mixtures for different requirements.”
The company’s current roster of customers includes Blackstone Technology and the Norwegian battery producer Morrow Batteries.
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