Freudenberg has taken on additional shares in energy storage company XALT Energy
The Freudenberg global technology group has further expanded its energy storage business. The Freudenberg Sealing Technologies Business Group has been the majority shareholder of XALT Energy since the start of 2019.
The company develops and produces lithium-ion technologies for energy storage solutions in the commercial vehicle industry. Freudenberg has held 31.8% of the company since March 2018.
The group has now increased its share to 50.1%. This allows for both expansion of production capacity in Midland for serial production and investment in the research and development of new mobility technologies. Freudenberg has also secured the option of acquiring all remaining shares in XALT Energy over the coming years.
“Taking over the industrial leadership of XALT Energy is another step towards forward-looking innovations for electric motor and fuel cell power trains for the future,” says CEO of the Freudenberg Group Dr. Mohsen Sohi.
XALT Energy specialises in lithium-ion technologies for high energy/high performance storage technologies in the logistics, railroads, maritime, industrial and automotive industries.
The highly automated, clean-room production facilities in Midland cover an area of over 40,000 square metres and are used to manufacture lithium-ion battery cells, packs and modules along with associated controls and software. The company also has a research and development laboratory in Pontiac, Michigan.
Freudenberg and XALT Energy provide advanced lithium-ion battery systems to leading suppliers in the commercial vehicle industry, such as American bus manufacturer, New Flyer. XALT Energy is also working with several automotive manufacturers as part of the US Advanced Battery Consortium, which includes Fiat Chrysler Automobiles, Ford Motor Co. and General Motors Corp. (GM). In September 2018, the consortium announced that it was developing a stop-start battery system in cooperation with XALT.
“The investment in XALT Energy is a great fit for the twofold product development strategy at Freudenberg Sealing Technologies,” say CEO of Freudenberg Sealing Technologies Claus Möhlenkamp.
The Freudenberg strategy foresees both further investment in materials and components for combustion engines to further reduce friction, weight and emissions, while also guaranteeing a longer operating life and safer operating conditions, On the other hand, Freudenberg is working hard in several Business Groups to develop sophisticated battery and fuel cell technologies.