Exide to Acquire Assets of Lithium Ion Battery Company
Exide Technologies, a provider of stored electrical-energy solutions, announced that it has signed a definitive agreement to acquire the principal assets of Delta, British Columbia, Canada-based Mountain Power Inc.
The privately held company specializes in the design and commercialization of high performance, large capacity rechargeable lithium-ion batteries for the telecommunications, utility, industrial, medical and military markets. The transaction is expected to close on or before November 13.
"On October 8, Exide announced the structural framework and strategies of the Company's new Global Research, Development and Engineering organization," said EJ O'Leary, Chief Operating Officer of Exide Technologies. "The Mountain Power transaction is part of the Exide Technologies strategy to accelerate development of advanced lead-acid systems and other battery chemistries, including lithium ion, for applications such as telecom backup, hybrid electric vehicles and renewable energy storage."
Mountain Power Inc. products feature lithium-ion technology that can be used in numerous stationary and motive power applications, from standard Uninterruptible Power Supply (UPS) systems to advanced applications in the military, renewable energy sector and alternative transportation markets. The company has developed a proprietary battery management system (BMS) that provides additional monitoring features for proven lithium-ion cell technologies. The BMS consists of software and hardware that control all aspects of the battery operation, including remote communications.
"This transaction illustrates Exide's disciplined approach to growth through expanding our offering of products, advanced technologies and services for traditional and emerging applications for stored electrical energy," said Gordon Ulsh, President and Chief Executive Officer of Exide Technologies. "We look forward to advancing the lithium-ion technology and its integration into our global portfolio."
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