Lithium ion battery maker Xalt Energy LLC has formed a joint venture with Magna International of America Inc. and HHI Battery Co. Ltd. and acquired the assets of MAHY E-Cell, a previous joint venture between Magna and HHI.
The terms of the deal have not been disclosed. Magna and HHI will maintain a minority interest in Xalt Energy, according to a press release.
Formerly known as Dow Kokam, Midland, Mich.-based Xalt Energy was rebranded in November 2013 when The Dow Chemical Co. sold its interest in Dow Kokam to MBP Investors LLC, an affiliate of Townsend Ventures, LLC.
“The joint venture with Magna International of America and HHI Battery Co., as well as the acquisition of MAHY E-Cell’s assets, is an exciting step forward for our company, but more importantly for our customers,” Xalt Energy chairman Dennis Townsend said in a statement. “The additional R&D capabilities, the advanced technology, and the additional capital and global reach we have acquired, complement the tremendous expertise of our engineers and production team, our leading lithium ion battery technology and our commitment to creating complete solutions for our customers.”
Lithium ion batteries are used in both all-electric and hybrid electric vehicles.
Magna International of America Inc. is a subsidiary of Aurora, Ont.-based auto parts supplier Magna International Inc.