XALT Energy, LLC (formerly known as Dow Kokam) has acquired the assets of MAHY E-Cell, a joint venture between Magna International of America, Inc., a subsidiary of Magna International Inc. (Magna) of Canada and HHI Battery Co, Ltd., a subsidiary of Hyundai Heavy Industries (HHI) of South Korea. In exchange for their contribution of MAHY E-Cell’s assets and a cash investment into the joint venture, Magna and HHI received a minority interest in MBP Investors, LLC, the majority owner of XALT Energy.
Hyundai and Magna formed MAHY E-Cell in 2012 as a platform to co-develop and grow a battery cell and battery pack business. Under that agreement, HHI and Magna E-Car were to conduct joint engineering, design, development and testing activities with the goal of preliminary validation of battery cell and battery pack technologies for electric and hybrid electric vehicle applications.
Located at the Midland Battery Park in Midland, Michigan, XALT Energy was rebranded on 22 November 2013 when The Dow Chemical Company sold its interest in Dow Kokam to MBP Investors, LLC, an affiliate of Townsend Ventures, LLC. (Earlier post.) Townsend Ventures was a founding owner of Dow Kokam and now holds a majority interest in XALT Energy.
In addition to MAHY E-Cell announcement, XALT Energy has already increased jobs at the Midland Battery Park by more than 10% in the past six weeks and intends to add additional jobs in the first quarter of 2014.