"We continue to see evidence that the entire global mobility landscape - from passenger vehicles, heavy-duty trucks and buses to railroad transportation and marine shipping operations - is shifting to incorporate new powertrain technologies including lithium-ion batteries and fuel cells," Freudenberg CEO Claus Moehlenkamp said in the release.įreudenberg appointed one of its longtime executives, Jeff Michalski, to CEO of XALT at the beginning of the year, replacing Richard Cundiff, who retired. Advanced Battery Consortium LLC - a collaboration between the automakers. Freudenberg also inherits partnerships with the Detroit 3 automakers, which are working with XALT through the U.S. It also operates a smaller r&d lab in Pontiac.įor Freudenberg, the acquisition makes it the latest entrant into an electric vehicle battery arms race that has become increasingly critical as automakers double-down on EV investment, and more competitive than ever with companies such as Tesla pouring money into lithium-ion batteries. The deal provides a capital boost to XALT, allowing it to ramp up r&d and manufacturing at its 460,000-square-foot plant in Midland. She said the company plans to hire 19 production staff members in the next few weeks.
Terms of the deal reached earlier this year between the two privately-owned companies were not disclosed.įreudenberg spokeswoman Cheryl Eberwein said that in the past year the company has invested more than $600 million in infrastructure technology and personnel at XALT. Both transactions were "multimillion dollar" investments.įreudenberg also agreed to buy XALT's remaining shares over the next few years. The supplier acquired a more than 50 percent share of XALT after buying a 31 percent ownership stake in the company last March, according to the release. purchased a majority stake in XALT Energy LLC, which makes lithium ion batteries out of a highly-automated plant in Midland, according to a Monday statement. German sealing applications supplier Freudenberg has acquired a battery manufacturer headquartered in Midland, Michigan, as it looks to join an intensifying electric vehicle and mobility technology race.įreudenberg Sealing Technologies GmbH & Co.
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