Freudenberg has acquired the remaining ownership interest in battery manufacturer XALT Energy, making it the sole owner of the former joint venture. The company announced it had purchased 49.9% of the outstanding membership units of the joint venture from partner MBP Investors, a Townsend Ventures affiliate. The parties have agreed not to disclose the purchase price.
Freudenberg had already acquired a majority stake in the U.S. battery manufacturer in 2019. The Midland, MI-based company develops and produces lithium-ion battery cells and fully integrated battery packs for the commercial vehicle and maritime industries. XALT Energy employs around 550 people in Midland and Auburn Hills, Michigan.
The acquisition of the ownership interest underscores Freudenberg's long-term strategy of investing in electro mobility applications, focusing on battery and fuel cell technology. As of April 2022, the battery and fuel cell system activities have been combined in a new Business Group – Freudenberg e-Power Systems.
Freudenberg e-Power Systems is one of the world's leading suppliers of emission-neutral energy systems for heavy-duty applications. With its experience and expertise in battery and fuel cell technology, the group offers tailor-made solutions, in particular combined systems, for sustainable and economical e-mobility. With more than 700 employees, Freudenberg e-Power Systems supports its customers from application development through to production, commissioning and service.
