Daimler and Evonik team on Li-ion technology

  • 17-Dec-2008 04:42 EST
Daimler AG has acquired a 49.9% stake in Evonik Industries AG's Li-Tec subsidiary to advance Evonik's lithium-ion battery technology. The German companies are seeking a third partner with expertise in electical and electronic systems integration. In a joint press release on Dec. 15, the companies also announced their intention to form a joint venture with a "clear focus" on Li-ion automotive applications. Daimler will hold a 90% stake in that joint venture, Evonik 10%. The batteries produced from the joint venture will be used in both the passenger-car and commercial-vehicle sectors, with initial applications in Daimler vehicles and later applications in vehicles produced by other companies.
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