Britishvolt PLC, the company focused on developing next-generation battery cells, has agreed to buy Monbat Group subsidiary, EAS, a German-based battery cell manufacturer.
According to a statement, the deal for the EAS, which is a “pioneer in developing and producing larger format lithium-ion cells,” is worth €36mln.
The deal complements Britishvolt’s attempts to lead in research and development and it intends to invest further to advance its battery cell technology, the statement 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,” said Britishvolt founder and chief executive Orral Nadjari.
EAS’s battery solutions have been used in aerospace and defence, submarine and marine, and automotive applications across the world, and is a prominent business partner with NASA.
“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.”