Freudenberg Sealing Technologies Invests in XALT Energy
Freudenberg Sealing Technologies (FST) has acquired a minority stake in XALT Energy. FST, headquartered in Weinheim, Germany, is one of the world’s leading specialists in sealing technologies for the automotive, aerospace, marine and rail, construction and agriculture, energy and power, food and beverage, pharmaceuticals and mining industries. This partnership will generate new opportunities in alternative energy, lithium-ion chemistry and materials development. Freudenberg Sealing Technologies is the largest business group of the Freudenberg Group, a diversified global technology organization with research and development and manufacturing facilities in nearly 60 countries, 40,000 employees and an annual revenue of approximately $10 billion.
The investment allows the companies to leverage their combined industry expertise, global relationships, advanced manufacturing and research and development capabilities to create the next generation of XALT lithium-ion battery products. It will also expand XALT’s global footprint.
“We are very excited to have Freudenberg as a partner and look forward to accelerating our momentum in developing superior lithium-ion batteries,” said Richard R. Cundiff, III, Chief Executive Officer of XALT Energy. “Our advanced lithium-ion technology is the proven choice among OEMs and customers representing a wide array of industries. This partnership will allow us to offer even broader support – from system integration solutions to alternative chemistries. XALT is a stronger organization with this new investment and strategic partnership with FST, and we are looking forward to an enriched future that addresses global energy storage system needs.”
“We consider our project with XALT Energy to be a long-term technological partnership. We will integrate core Freudenberg competencies such as quality, safety and sustainability into the development of its business and successfully expand them,” said Claus Möhlenkamp, CEO of Freudenberg Sealing Technologies. “This will allow us to anchor activities more firmly in Europe, in addition to a focus on the U.S.”
FST will display XALT Energy cells and packs alongside their products in their booth #256 during the Battery Show Europe 2018 May 15-17. The show will be held on the Hannover trade fair grounds in Germany.
Click here to learn more about XALT Energy’s new partner, FST.