Freudenberg is acquiring 49.9 percent of the outstanding membership units of the joint venture from partner MBP Investors, a Townsend Ventures affiliate, and will thus become the sole owner of XALT Energy, LLC. The parties have agreed not to disclose the purchase price.
Freudenberg had already acquired a majority stake in the US battery manufacturer XALT Energy, LLC, Midland, Michigan, USA, in 2019. The company develops and produces lithium-ion battery cells and fully integrated battery packs for the commercial vehicle and maritime industries. XALT Energy employs around 550 people in Midland and Auburn Hills, Michigan.
The acquisition of the ownership interest underscores Freudenberg’s long-term strategy of investing in electro mobility applications, focusing on battery and fuel cell technology. As of April 2022, the battery and fuel cell system activities have been combined in a new Business Group – Freudenberg e-Power Systems.
SOURCE: Freudenberg
