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Freudenberg Increases Stake in Battery Company
Freudenberg Sealing Technologies has increased its stake in Xalt Energy LLC, a Midland, Mich.-based supplier of lithium-ion batteries, from 31% to more than 50%.
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Freudenberg Sealing Technologies GmbH has increased its stake in Xalt Energy LLC, a Midland, Mich.-based supplier of lithium-ion batteries, from 31% to more than 50%.
Xalt (formerly Dow-Kokam) provides batteries for buses, commercial vehicles, rail, marine and industrial applications. Sales more than doubled last year to $18 million and are projected to top $45 million this year, with bookings through 2025 totaling $650 million.
Jeff Michalski, Xalt’s chief operating officer, has been appointed to succeed current Xalt CEO Richard Cundiff, who is retiring.
Freudenberg’s multi-million-dollar investment will be used to upgrade the 460,000-sq-ft Midland facility and increase research and development efforts. The battery plant produces cells, packs, modules, software and battery management systems.
Capacity at the plant has nearly tripled in recent years to 2 gigawatts. The additional investment will help Xalt transition from prototyping projects to volume applications, according to Claus Moehlenkamp, who heads Freudenberg Sealing Technologies.
Recent contracts include deals with New Flyer of America (transit buses) and Williams Advanced Engineering (Formula E race cars). Xalt also is working with the U.S. Advanced Battery Consortium to develop a 12-volt stop-start battery system and is supplying the battery for General Motors Co.’s concept eCOPO Camaro electric drag race car. Moehlenkamp says the batteries can be adapted for passenger cars if needed, but there are no immediate plans to do so.
Xalt initially will focus on North America but also has plans to expand to Europe and South America. The battery company will be teamed with Munich-based fuel cell system manufacturer Elcore as part of Freudenberg Sealing Technologies new Battery and Fuel Cell division. Freudenberg purchased Elcore in early 2018 and aims to commercialize the company’s fuel cell technology early next decade.
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