In March 2018 the global technology company Freudenberg and its Sealing Technologies Business Group acquired 31.8 percent of the shares of the lithium-ion manufacturer XALT Energy. The group has now increased its stake to 50.1 percent, therefore becoming the majority shareholder. Freudenberg is not only investing in the growth of its production site in Midland, USA, but also in research and development for mobility sector.
“The investment in XALT Energy is a great fit for the twofold product development strategy at Freudenberg Sealing Technologies,” said Claus Möhlenkamp, CEO of Freudenberg Sealing Technologies.
Freudenberg will also be able to benefit from the XALT Energy´s portfolio in the future. Renowned commercial vehicle suppliers such as Fiat Chrysler Automobiles, Ford Motor Co. and General Motors Corp. (GM) have been supplied with products in the past. Freudenberg intends to further expand battery and fuel cell technology and is working on innovative solutions in several business groups.
Source: Freudenberg | freudenberg.com
Image Source: Freudenberg | freudenberg.com
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