Freudenberg targets fuel cell, battery technology with acquisitions

Weinheim, Germany – Freudenberg Sealing Technologies has announced “strategic investments” in the energy and electric mobility sector ahead of the Battery Show Europe in Hanover, Germany.

The company said it acquired “portions of” fuel cell manufacturer Elcore and its sister company Elcomax in Munich, Germany in early 2018.

Elcore, founded eight years ago, is a start-up specialised in “extremely efficient” fuel cell for stationary applications with an overall efficiency of 104%, said Freudenberg Sealing Technologies on 14 May.

Additionally, the sealing supplier acquired a minority stake in XALT Energy, based in Midland, Michigan, in February in a “mid-double-digit-million-euro” transaction.

The company manufactures large-scale lithium ion battery cells, modules and systems for use in heavy-duty commercial vehicles such as city and transit buses.

XALT Energy, said the release, is a leading manufacturer in this field in the US, with over 40,000 square metres of high-grade automated cleanroom manufacturing.

“The successful development of markets and technologies depends on a core issue – energy – whether the work involves hybrids, vehicles with battery-powered electric motors or those using fuel cells as an energy source,” said Claus Möhlenkamp, CEO of Freudenberg Sealing Technologies.

Möhlenkamp said his company, as part of Freudenberg Group, has been doing research in the field of energy for “years”.

“With the recent transactions, we now have extensive know-how and specific product and system solutions for the automotive and energy market segment for fuel cells and lithium ion batteries,” he added.

Without going into details, Möhlenkamp said the project with XALT Energy was “a long-term technological partnership”, under which Freudenberg will handle sales & marketing.

As part of the project, the company is bundling its fuel cell and battery business into a new division, which will exclusively handle business for mobile and stationary applications, Möhlenkamp said.