EnerSys to Launch a Lithium-Ion Battery Joint Venture in Germany
EnerSys announced that it has entered into a definitive agreement to launch a joint venture in Germany to produce large format lithium-ion battery cells.
EnerSys will have a majority interest in the joint venture in cooperation with GAIA Akkumulatorenwerke GmbH (GAIA), a wholly owned subsidiary of Lithium Technology Corp. (LTC). The joint venture will include LTC’s contribution of certain intellectual property, and its lithium-ion manufacturing capability located in Nordhausen, Germany. It is anticipated the joint venture will commence operations in October 2011.
EnerSys and GAIA have had a distribution agreement for the past three years. This joint venture will expand the relationship between the two companies. A new company has been formed, EAS Germany GmbH, which will further the development and production of lithium-ion based solutions for space, naval, marine, renewable energy and specialty high power applications for EnerSys. The joint venture will also provide certain products to LTC for their customers in the transportation sector.
"This joint venture presents several benefits to EnerSys," commented John Craig, chairman, president and chief executive officer of EnerSys. "It represents our fourth investment in advanced lithium based batteries to support our global customers and business. Additionally, we will now have three focused plants in Germany producing advanced lithium, nickel and lead-based products to provide our customers the best energy storage solution for their applications."
Fred Mulder, Chairman of LTC, explained "Our proven product and process technologies are widely respected by our customers and this joint venture with EnerSys will allow for additional investment as well as sales and distribution support for the industrial markets worldwide. Separate from the joint venture with EnerSys, LTC will continue promoting the development of our solutions for the transportation industry."
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