EnerSys to Launch a Lithium-Ion Battery Joint Venture in Germany
EnerSys (NYSE: ENS) announced today it has entered into a definitive agreement to launch a joint venture in Germany to produce large format lithium-ion battery cells.
EnerSys will have a majority interest in the joint venture in cooperation with GAIA Akkumulatorenwerke GmbH (“GAIA”), a wholly owned subsidiary of Lithium Technology Corporation (“LTC”). The joint venture will include LTC's contribution of certain intellectual property, and its lithium-ion manufacturing capability located in Nordhausen, Germany. It is anticipated the joint venture will commence operations in October 2011.
EnerSys and GAIA have had a distribution agreement for the past three years. This joint venture will expand the relationship between the two companies. A new company has been formed, EAS Germany GmbH, which will further the development and production of lithium-ion based solutions for space, naval, marine, renewable energy and specialty high power applications for EnerSys. The joint venture will also provide certain products to LTC for their customers in the transportation sector.
