Luxury automaker Porsche AG has announced that it has acquired full control of high-performance battery maker Cellforce Group. In addition, Porsche is currently in search of a suitable location for a new factory with a capacity of 10-20 gigawatt-hours. The company is also in talks with potential investors to raise 2-3 billion euros ($2.2-3.3 billion) for the planned factory.
According to Chief Financial Officer Lutz Meschke, Porsche expects to provide further details about the investors and factory location by the end of the year. The decision on the location of the factory will involve a competition between European countries, the United States, and possibly Canada. Both Meschke and Chief Executive Oliver Blume highlighted the importance of low energy costs and noted the competitive offerings in North America.
Cellforce Group, which was founded in June 2021, was previously co-owned by Porsche and Customcells Holding GmbH. Porsche had already invested a significant amount to acquire a 72.7% stake in the company. The financial terms of Porsche’s acquisition of the remaining shares were not disclosed.
Currently, the company is building a 1.3 gigawatt-hour plant in Baden-Wuerttemberg, Germany. However, for the new, larger plant, Porsche is exploring different location options. Production at the German plant is scheduled to begin in 2024, with materials for the lithium-ion batteries being provided by BASF.
Porsche’s acquisition of Cellforce Group and its plans for a new battery factory demonstrate the company’s commitment to electric mobility. By gaining control over a high-performance battery maker, Porsche aims to secure a reliable supply chain for its future electric vehicle models. Additionally, the construction of a larger battery factory will further strengthen Porsche’s position in the growing electric vehicle market.
