Lithium Werks B.V., a lithium ion battery and portable power solutions group, announced it has acquired substantially all the assets of Valence Technologies, Inc., Austin, Texas. including the customer relationships, global manufacturing, sales and distribution locations along with all of Valence’s proprietary lithium magnesium iron phosphate intellectual property (IP), trademarks, and inventory. The IP portfolio also includes patents on high voltage battery materials for potential future batterytechnology.
Lithium Werks B.V. with subsidiaries in USA, Europe and China, said it intends to continue supplying the Valence modules and battery management system to global energy storage customers, as well as introduce new form factors and enhanced battery management systems designed to improve both energy and power densities while extending functionality.
“We are excited about the new opportunities that Valence provides to expand the Lithium Werks product offering for our customers”, said T. Joseph Fisher III, CEO, president and co-founder of Lithium Werks. “It’s a very complimentary fit with talented people, innovative technologies, world class lithium battery solutions and leading OEM customers.”.
Xeilon AS, a Norwegian private equity group that specializes in providing formation capital for companies with strong management teams and global opportunities, led the funding of the transaction.
Valence Technologies, Inc. was originally formed in 1989 and manufacturer of in lithium iron phosphate cells, modules and scalable power systems.