Axeon Acquires Advanced Batteries to Develop Li-Ion Systems for Hybrids

17 February 2006

Axeon Holdings—developers of microprocessor architectures optimized to support machine learning—is acquiring Advanced Batteries (ABL)—a designer and manufacturer of high-performance lithium-ion batteries—the better to address the developing market for alternative power sources for electric (EV) and hybrid electric (HEV) vehicles. (ABL operates as MPower.)

The two Scottish companies will develop a battery management system suitable for current and next-generation high-capacity Lithium-ion (Li-ion) battery packs. The companies have already jointly developed a prototype.

Axeon will acquire the entire issued share capital of ABL for a cash consideration of £470,000 (US$818,000) payable at completion, together with a deferred consideration of a maximum of £500,000 (US$800,000) in cash and the issue of up to 3,252,032 Ordinary Shares.

Axeon also hopes that the acquisition will help it accelerate the sales of its control processor core products into the automotive industry resulting from access to the rapidly evolving EV and HEV segments of the automotive market.