Freudenberg Sealing Technologies is making a “multi-million dollar investment” to take a majority stake in XALT Energy, a Michigan-based developer of lithium-ion energy storage systems.
The announcement comes less than a year after Freudenberg’s initial “multi-million dollar investment”, which gave the company a 31% stake in XALT. Freudenberg cited “increasing demands for lithium-ion battery technology that specifically targets commercial vehicles” as the motivation behind increasing its stake— which gives them a “more than 50% share” of the battery manufacturer.
XALT Energy will retain its name and will become an affiliate brand of the Freudenberg global group, headquartered in Germany. Jess Michalski will take over leadership of XALT from retiring CEO, Richard Cundiff.