Battery cell technology company Britishvolt has signed a sale and purchase agreement with a European battery company to buy its German subsidiary, in a deal which values the company at €36m.
The company, which is behind plans for a job-creating Gigafactory in Blyth, has agreed to purchase Monbat Group subsidiary EAS.
The deal will allow Britishvolt to get its cells to market quicker and more efficiently, ready for mass production at its Northumberland plant.
EAS has more than 25 years’ experience in developing and producing large format cylindrical lithium-ion battery cells from 7.5 Ah to 50 Ah which have a low environmental impact.
Its products have been adopted for use in sectors including aerospace and defence, with business partners such as NASA.
Orral Nadjari, founder and chief executive of 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.”
He added: “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.”
Michael Deutmeyer, managing director of 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.”
Victor Spiriev, chief executive of Monbat AD, added: “The deal structure fully supports the roadmap for the development of EAS and the Monbat Group. 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.”
The acquisition is subject to completion and any regulatory approvals.
Dentons advised Britishvolt on the deal.
