American Battery Solutions Signs Agreement to Acquire High-Voltage Battery Assets from Robert Bosch Battery Systems
20 May 2019
LAKE ORION, Mich., May 20, 2019 /PRNewswire/ -- American Battery Solutions, Inc. ("ABS"), a newly formed company, announced that it has signed an agreement to acquire manufacturing and testing assets for high-voltage battery systems from Robert Bosch Battery Systems. The terms of the sale will not be disclosed. The sale is subject to successful completion of certain closing conditions. ABS is founded by a long-time innovator & industry leader Subhash Dhar and by KCK Group, a principal investment firm with global offices in London, New York, the Bay Area, and Dubai. KCK Group has committed over $50 million in capital to the enterprise to bring electrified mobility battery systems to new emerging transportation, industrial and commercial markets.
Under the proposed agreement with Robert Bosch Battery Systems, ABS will acquire the testing lab assets for high-voltage battery systems and will lease 40,000 sq. ft. space for prototype battery pack assembly and offices located in Lake Orion, Mich. In addition, ABS will acquire the 172,000 sq. ft. facility located in Springboro, Ohio, where Robert Bosch Battery Systems has assembled lithium-ion battery packs for use in the automotive industry since 2009.
"We are proud to offer capabilities to the market through the acquisition of high-voltage assets," said Subhash Dhar, Founder, Chairman and CEO of American Battery Solutions, Inc.
ABS is founded by KCK Group and Dhar, a longtime innovator and industry leader in the development and commercialization of energy storage. The ABS leadership team include some of the most talented and experienced members of the industry including Dr. John Warner, chief customer officer; Ivan Menjak, vice president, business development and Arun Kumar, director, electronics.
"ABS brings an experienced team of world-class battery professionals and automotive experts with an entrepreneurial mindset together with world-class development and manufacturing facilities and teams," Dhar said. ABS will have more than 50 experienced experts and associates between the two locations.
ABS will supply modular battery solutions to underserved transportation, industrial and commercial markets, primarily in North America and Europe. It will partner with the world's leading OEMs, system integrators and battery manufacturers to supplement and extend their brands with a combination of engineering, testing and manufacturing services. The venture will partner with leading cell manufacturers, to offer a variety of chemistries and cell form factors to optimize each application.
"We will leverage our significant automotive experience to bring electrified mobility battery systems to new emerging transportation, industrial and commercial segments," Dhar said. "We see tremendous opportunity for growth in robust battery systems with flexible business models as the business cases in these new segments are enabled with lower cost lithium ion batteries." Dhar said.
SOURCE American Battery Solutions, Inc.