Electric vehicle battery startup Britishvolt said it will buy German battery cell developer and manufacturer EAS from Bulgaria’s Monbat (MONB.BB) for 36 million euros ($38.6 million) to help it scale up its own production.
“Germany-based EAS is a pioneer in developing and producing large format lithium-ion cells using innovative and compact electrode production technology” ideally suited for its own high-performance, long-range “46xx” battery cell format“, Britishvolt said.
Orral Nadjari, CEO, said in a statement, adding Britishvolt aimed to make additional investments in EAS: “The acquisition of EAS will allow us to scale up the final part of the 46xx cell development and commercialization.”
Britishvolt is working with British sports carmakers Aston Martin (AML.L) and Lotus to develop high-performance EV batteries.
Britishvolt has secured UK government backing for a battery plant project in northern England, unlocking 1.7 billion pounds ($2.12 billion) in private funding.