Freudenberg Sealing Technologies has acquired a majority share of XALT Energy, a manufacturer of battery solutions for heavy-duty EVs. XALT produces high-energy storage solutions for industries including automotive, rail, marine, industrial operations, and commercial transportation.
The majority stakeholder acquisition comes with a multi-million dollar investment that will allow XALT to increase production at its Michigan plant and ramp up its research and development. Freudenberg acquired a 31 percent ownership stake in XALT through a prior investment in 2016. Freudenberg now has a standing agreement to acquire all remaining shares of XALT over the next few years.
“We are pleased that this investment provides a much-needed capital boost to XALT Energy and also puts Freudenberg in the driver’s seat,” said Freudenberg CEO Claus Moehlenkamp. “This acquisition is a crucial part of our future business strategy to transform as a supplier into a market leader of new mobility technologies and services. As our customers transition to lithium-ion battery and fuel cell powertrain options, our investment in XALT Energy will enhance our ability to supply them with materials, products and systems solutions that meet new, complex technical challenges.”
Source: Freudenberg Sealing Technologies via Green Car Congress