BorgWarner Agrees to Purchase German Battery Pack Supplier Akasol AG
BorgWarner Inc. have signed a business combination agreement (“BCA”) with Akasol AG to position BorgWarner to significantly expand its commercial vehicle electrification capabilities.
Headquartered in Darmstadt, Germany, Akasol AG designs and manufactures customizable battery packs for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats. This proprietary system technology is cell-agnostic, providing a low-cost, flexible solution to world-class customers. With more than 300 full-time employees and three facilities across Germany and one facility in the United States, Akasol believes it is well positioned to capitalize on the large market opportunity across Europe and North America.
“Akasol is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification. Akasol’s manufacturing footprint and established, in-production customer base are complementary to BorgWarner’s and would accelerate our foothold into the fast-growing commercial vehicle and off-highway battery pack market,” said Frédéric Lissalde, president and CEO of BorgWarner. “Akasol is highly-regarded as a reputable and reliable partner, and like us, they have a customer-first mentality and a culture of innovation and environmentally friendly technology leadership. We look forward to welcoming their incredibly talented team to BorgWarner.”
BorgWarner believes the acquisition would significantly strengthen its commercial vehicle and off-highway battery systems business as it continues to execute its electrification strategy. With the global, lithium-ion battery market for electric vehicles expected to grow, Akasol believes it is well positioned to meet the demand for battery systems in the global electric commercial vehicle market.
“The executive board welcomes the strategic partnership with BorgWarner, as it offers significant strategic perspectives to Akasol,” said Sven Schulz, CEO and founder of Akasol. “BorgWarner shares our vision of emission-free mobility, and with joint forces, we will expand Akasol’s technology and market leadership for high-performance battery systems.”
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