Dow Kokam Aquires MAHY E-Cell Assets From Hyundai/Magna
XALT Energy is the new name for Dow Kokam lithium-ion battery manufacturer, which recently was abandoned by Dow Chemical Company and taken over by the Townsend Ventures via MBP Investors.
Now, XALT Energy acquired MAHY E-Cell— a company focused on developing battery packs—from Magna International and Hyundai Heavy Industries:
“XALT Energy, LLC (formerly known as Dow Kokam) has acquired the assets of MAHY E-Cell, a joint venture between Magna International of America, Inc., a subsidiary of Magna International Inc. (Magna) of Canada and HHI Battery Co, Ltd., a subsidiary of Hyundai Heavy Industries (HHI) of South Korea.”
In exchange, MAHY E-Cell shareholders took shares of XALT Energy, so this is actually some kind of merger.
Many movements are going on now in the battery industry and XALT Energy has increased the number of jobs at the Midland Battery Park (Midland, Michigan) by more than 10% in the past six weeks with plans for more hirings soon. Maybe this is a sign of change in the li-ion battery industry?
Source: Green Car Congress