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Daimler Buys Evonik’s Stakes in Two Battery Ventures
Daimler AG has agreed to take full control of its two batterymaking ventures with Germany's Evonik Industries AG.
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Daimler AG has agreed to take full control of its two batterymaking ventures with Germany's Evonik Industries AG. Terms were not disclosed.
Daimler is acquiring Evonik's 50.1% stake in Li-Tec, a lithium-ion battery venture launched by the two companies in 2011. The company makes battery cells for Daimler's SmartTwo electric city car.
Daimler also will buy Evonik's 10% stake in Deutsche Accumotive GmbH, a partnership set up by the companies to assemble battery packs from the cells supplied by Li-Tec.
Media reports last summer indicated Daimler might look for a third partner to prop up the ventures, which have struggled over the EV market's slow growth. Li-Tec had hoped to achieve a breakthrough by now that would double or triple the power capacity of a lithium-ion cell.
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