Electrovaya acquires majority in EU lithium ion battery maker
Norwegian MBG has invested $30 million in EV and other apps.
TORONTO — Electrovaya Inc. has acquired 71.6% of the shares of Miljøbil Grenland AS (MBG), increasing Electrovaya’s stake in the energy storage company to 78.1%.
MBG, based in Porsgrunn, Norway, has invested about US$30 million in lithium ion battery technologies for a range of electric vehicle and other transportation applications.
Sankar Das Gupta, Electrovaya’s CEO said the acquisition allows the Toronto-based developer and manufacturer of lithium-ion battery technology to expand into Europe.
With the purchase comes a large portfolio of battery patents and other intellectual property, a plant and machinery, and a product portfolio targeted to the energy storage, marine and electric vehicles market.
MBG, a technology and engineering company with expertise in energy storage, electric vehicles and proprietary battery technology, has developed lithium-ion battery systems for the automotive industry and is working on new applications for use in electrically powered ferries and other marine transportation applications.
No financial information related to the acquisition was provided.