Porsche Backs Production of High-Performance Battery Cells in Germany
21 June 2021 - 9:57PM
Dow Jones News
By Kim Richters
Porsche AG said Monday that it is investing a high double-digit
million euro amount in a joint venture with Custom Cells Itzehoe
GmbH to produce high-performance battery cells in Germany.
The Volkswagen AG subsidiary said the new company is called
Cellforce Group GmbH and headquartered in the city of Tuebingen.
Porsche owns a 83.75% stake in the joint venture.
Porsche said contracts between battery-cell maker Custom Cells
and itself were signed in May. German chemicals group BASF SE was
chosen as development partner.
The Federal Republic of Germany and the state of
Baden-Wuerttemberg are funding the project with around 60 million
euros ($71.2 million), Porsche said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
June 21, 2021 07:53 ET (11:53 GMT)
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