German Evonik, Daimler to develop lithium-ion batteries

15 December 2008 22:38  [Source: ICIS news]

NEW YORK (ICIS news)--German specialty chemicals producer Evonik Industries and automobile maker Daimler now own stakes in a company that makes lithium-ion batteries, the companies said on Monday.

As part of the deal, Daimler has taken a 49.9% interest in Li-Tec Vermogensverwaltung, a developer of lithium-ion batteries based in Kamenz, Germany. Evonik, which had already held 40% of Li-Tec, has taken a 50.1% position, an Evonik official said.

The partners seek to engage a third shareholder with expertise in electrical and electronic systems integration, the official said..

Evonik and Daimler also plan to form a joint venture focused on the development and production of batteries and battery systems for use in both passenger cars and commercial vehicles. Daimler will hold 90 percent of the joint venture, the official said.

Financial terms were not disclosed.

The capacity available at Li-Tec and the joint venture will initially concentrate on the needs of Daimler, but the sale of cells and battery systems to third parties is also planned for the longer term, according to Evonik.

“Evonik is the only company that can actually bring about commercial series production of battery cells of this kind,” said Werner Muller, CEO of Evonik.

In recent years, Evonik has invested about €80m ($107m) in lithium-ion battery technology, according to the company.

($1 = €0.75)

For more on Evonik visit ICIS company intelligence
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By: Clay Boswell
+1 713 525 2653



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