Gigafactory developer Britishvolt has signed a sale and purchase agreement to buy lithium iron phosphate (LFP) battery maker EAS— a subsidiary of Monbat— for £36 million ($45 million).
The agreement with Nordhausen, Germany-based EAS is subject to completion and any regulatory approvals.
EAS, which is fully owned by the Monbat Group, has been developing and producing large format cylindrical lithium-ion battery cells from 7.5Ah to 50Ah for a quarter of a century.
EAS battery solutions have been adopted for aerospace and defense, submarine and marine, and automotive applications in Europe, Asia and North America, and boasts business partners such as NASA, which uses the company’s cells.
Orral Nadjari, founder and CEO of UK-based Britishvolt, said the buy-out would allow his firm to scale-up the final part of its 46xx cell development and commercialisation programme.
The 46xx cell format has been developed as part of Britishvolt’s wider R&D program.
Nadjari said: “This acquisition— the second in our short history, and first overseas— underscores our drive and determination to offer best-in-class battery solutions to our customers.
“Following on from our recent announcement of a development roadmap to marine battery solutions, EAS will also facilitate getting battery systems to this particular market segment quicker and help the pathway to decarbonisation.”
He added that Britishvolt intends to make additional investments in EAS to ensure it can reach its full potential within the Britishvolt umbrella.