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1 min read energy storage

Energy storage firm adds lithium-ion battery business

EnerSys, which provides stored energy solutions for industrial applications, has purchased the lithium-ion battery business, ABSL Power Solutions Ltd. from CIP Industries L.P. Incorporated.

ABSL has been supplying lithium-ion cells and batteries for defense and aerospace applications in Europe and the US since 2000. With annual revenues of more than$30 million, ABSL has supplied batteries for over 70 space satellite systems along with instrumentation systems for various space missions. Additionally, ABSL batteries are used by soldiers around the world in portable communication systems. ABSL has operations in Colorado, Scotland and England.

“This acquisition is another step in our strategy to diversify our technology base and strengthen our prior investments in lithium systems to meet the needs of our customers,” said John D. Craig, chairman, president and CEO of EnerSys. “We believe that lithium batteries will be a significant growth engine for EnerSys in the coming years, complementing the growth of our existing business in lead and nickel based batteries.”

Read more here …

Published by:

Dan Ilett

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