Britishvolt snaps up German battery cell maker in £30m deal
Electric vehicle (EV) battery company Britishvolt, based at MIRA Technology Park Campus near Coventry, is to buy German battery cell developer and manufacturer EAS from Bulgaria’s Monbat Group in a deal worth just over £30m.
It said the deal, subject to completion and any regulatory approvals, will help it scale up its own production.
Orral Nadjari, founder and CEO, Britishvolt, said: “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 commercialisation 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 has more than 25 years experience in developing and producing large format cylindrical lithium-ion battery cells.
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.
Michael Deutmeyer, managing director, EAS, said: “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.”
Britishvolt is working with British sports carmakers Aston Martin and Lotus to develop high-performance EV batteries.
The company has secured Government backing for a battery plant project in Northumberland, unlocking £1.7bn in private funding.