Varta spins off e-mobility battery business

Varta spins off e-mobility battery business

Business news |
By Christoph Hammerschmidt

In order to serve the fast-growing market of large-format Li-ion cells for electric mobility, the battery manufacturer Varta AG is now founding its own company – V4Drive SE. The strategic importance that the parent company attaches to the spin-off can be seen in a personnel development: Varta CEO Herbert Schein will personally lead the new business.

The spin-off is named after Varta’s battery cell V4Drive, which the company introduced a year and a half ago. The Ellwangen, Germany-based company had initially positioned it as a kind of booster for performance vehicles. A year ago, Varta had also announced that it would build the V4Drive cells in a larger format than the previously confirmed 21700 (2.1 cm diameter, 7 cm height) so that it could be used in battery-electric cars. Series production of up to two GWh per year is to start in the 2022/2023 time frame, according to media reports. The first customer orders – Porsche is confirmed – have already been received for the V4Drive cell.

Michael Tojner, Chairman of the Supervisory Board of Varta AG commented: “Herbert Schein is an internationally renowned technology expert and has proven many times in his almost three decades at Varta that he can open up new business areas and develop them to the point of market leadership. He has many years of experience as a top manager in many positions at national and international level and has a reputation as a connoisseur of the battery market and industry. All this makes him the ideal appointment for a company that will decisively shape the future of lithium-ion technology in many areas.”

Schein will be succeeded as Varta’s CEO by Markus Hackstein.

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