Oil giant Total to acquire battery-maker Saft

Saft

France-based oil company Total is taking over international battery maker Saft. To the barricades! A Gallic conspiracy to buy up battery makers and buttress Big Bad Oil?

Probably not. Saft builds a wide range of batteries for transportation (including stop-start technology), backup power, space and defense applications, but to the best of our knowledge, doesn’t supply cells for any of the EVs in current headlines.

Saft will be Total’s “spearhead in electricity storage,” said Total CEO Patrick Pouyanné. “The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower. It will complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy.”

The proposed offer values Saft’s equity at €950 million ($1.1 billion). The Supervisory Board of Saft has unanimously approved the friendly takeover, and will recommend that shareholders tender their shares.

“I am convinced that Total will provide Saft with the required expertise and resources needed for its future development, particularly in terms of technological and commercial capabilities,” said Ghislain Lescuyer, Saft’s CEO. “This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space.”

 

Source: Saft via Green Car Congress

  • Gyrogordini

    Good move

  • Electric Bill

    Anyone who remembers 16 years ago Texaco bought out Ovonics, which was the developer of the nickel-metal hydride battery used in several EVs at that time including the EV1, Ford Ranger and Toyota RAV4, if I remember correctly. Then Chevron bought out Texaco, at which point Chevron sat on the patent as tightly as it could to keep anyone from using it until the patents expired, an evil and despicable thing to do that should have been illegal if anyone had had enough will to fight the issue in court.

    BASF claims to have an advanced NiMH chemistry that should be less expensive, safer, and have a longer cycle life than today’s lithium batteries, but most importantly provide ten times the energy density, meaning that an ordinary EV sedan could have a range of 1000 miles or more. Yesssssss… bye bye, ICE cars!