BorgWarner to grab battery manufacturer Akasol

February 15, 2021 // By Christoph Hammerschmidt
BorgWarner to grab battery manufacturer Akasol
The US automotive supplier BorgWarner has made a takeover bid for the battery manufacturer Akasol. The company is offering €730 million for the spin-off from the Technical University of Darmstadt in order to underpin its strategy in the field of electromobility.

Akasol confirmed the offer. A "Combination Agreement" has been concluded with BorgWarner; in addition, a strategic partnership is to be entered into, according to a statement from Darmstadt. According to media reports, Aksaol founder and CEO Sven Schulz has already announced that he will sell the 47 percent of shares he holds in BorgWarner. Since other co-founders have also communicated similar intentions, BorgWarner is likely to have already secured the majority of the shares and thus nothing more stands in the way of the takeover.

Akasol, founded in 2008 and listed on the stock exchange since 2018, manufactures lithium-ion battery systems for commercial vehicles as well as for railways and shipping. Among others, Akasol supplies OEMs such as Daimler and Volvo as well as the railway technology manufacturer Alstom. Akasol has recently grown strongly, but is in the red. The number of employees was around 300 at the end of September 2020. It was only in October 2020 that Akasol started series production of batteries in a "gigafactory" in Darmstadt; another production facility is planned near Detroit.

Akasol's board of directors around CEO Sven Schulz will remain on board after the takeover and continue to drive the expansion of the company, the company said. "The board welcomes the strategic partnership with BorgWarner as it offers an excellent strategic perspective for the company. BorgWarner shares our vision of zero-emission mobility and together we will further expand Akasol's technology and market leadership in advanced battery systems," Akasol management said.

More information: www.akasol.com

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