US-based battery startup LithiumWerks has acquired “substantially all of the assets” of Texan lithium iron phosphate (LFP) battery maker Valence Technologies for an undisclosed sum.
LithiumWerks, launched in March 2017 with a focus on the energy storage market, said the deal— its first acquisition— included “all of Valence’s proprietary lithium iron magnesium phosphate intellectual property (IP), trademarks, and inventory”.
The IP portfolio also included patents on high voltage battery materials “for potential future battery breakthroughs”.
The deal “immediately provides LithiumWerks with a strong global presence”, said chairman and co-founder Knut Nylaende. Nylaende is also CEO of Norwegian private equity group Xeilon, which led the funding of the transaction.
LithiumWerks, which has subsidiaries in the US, Europe and China, said it intends to continue supplying Valence’s modules and battery management system to global energy storage customers. The company also plans “new form factors and enhanced battery management systems, improving both energy and power densities while extending functionality”.
