Porsche Invests in Cellforce for Production of EV Battery Cells

by

TRENDING NOW

Photo: Porsche

In a press release on Monday, Porsche announced plans to invest in its new high-performance battery subsidiary, Cellforce Group GmbH. While the company didn’t share a specific dollar amount, the release stated that Porsche is investing “a high double-digit million amount” in the new joint venture with battery company Customcells.

Chairman of Porsche’s Executive Board Oliver Blume said, “This joint venture allows us to position ourselves at the forefront of global competition in developing the most powerful battery cell and make it the link between the unmistakable Porsche driving experience and sustainability. This is how we shape the future of the sports car.”

Cellforce will utilize silicon anodes for its current electric vehicle (EV) production batteries which the company says offers boosted power density compared to current standards. The joint venture will also work with chemical company BASF to develop the next generation’s lithium-ion batteries.

Porsche holds an 83.75% stake in Cellforce, which is based out of the university city of Tübingen, Germany. The company also received an additional 60 million euros ($71.2 million USD) from the Federal Republic of Germany as well as the state of Baden-Württemberg.

Porsche released the electric Taycan Cross Turismo earlier this year, and interested parties in Canada can now rent the Porsche Taycan for $365 per day.

Previous

Tesla Owners Claim 10-Month-Old Son Bought $10,000 Full Self-Driving Upgrade via App

Tesla Installing 20 New V3 Superchargers in Atlanta

Next