Darmstadt, Germany, August 16, 2021 — AKASOL finishes construction on their Gigafactory 1 and hosts a ceremony with Tarek Al-Wazir, Hessian Minister of Economics, and more than other 160 guests to celebrate the currently largest factory for commercial vehicle battery systems in Europe with a capacity of up to 5 GWh on a 20,000-square-meter campus.
AKASOL was founded in 2008, but it is said that the founders had been tinkering on the technology for a much longer time now since they were attending Technische Universität Darmstadt. They had their IPO about ten years later, in 2018. Earlier this year, ABBA BidCo, a subsidiary of BorgWarner, completed a voluntary public takeover which AKASOL agreed to because BorgWarner confirmed they could continue to work autonomously.
At first, the Gigafactory 1 will be able to produce Li-ion battery systems for commercial vehicles with an annual capacity of 1 GWh. AKASOL projects the production capacity to reach 2.5 GWh in the coming year and expand to 5 GWh with future expansions. As per their press release, they state to be investing more than 100 million EUR in this location. The Gigafactory 2 will be located near Detroit, Michigan, US, and they plan to complete the construction there at the end of 2021.
Video: Drone flight video to capture all aspects of the Gigafactory 1 (by AKASOL)
At the event, AKASOL CEO Sven Schulz states, “The opening of Gigafactory 1 is an important milestone in our company history. Here in Darmstadt, in a highly automated and extremely advanced production facility, we produce high-performance lithium-ion battery modules and systems that provide an important key for the transportation and energy transition.
We are particularly proud of the appraisal and recognition of this important milestone by numerous high-profile guests among our customers and suppliers, by the top management of our new main shareholder BorgWarner, and by representatives from the political arena, particularly Federal Minister Peter Altmaier and Hessian State Minister of Economics Tarek Al-Wazir. The course has now been set to continue our growth as a driver of innovation in electromobility, even more dynamically than before.”
Video: Timelapse of the Gigafactory 1 construction project (by AKASOL)
Peter Altmaier, Germany’s Federal Minister for Economic Affairs and Energy adds, “I am delighted that AKASOL AG provides us with a German market and technology leader for traction battery systems in the commercial-vehicle sector. With the new Gigafactory in Darmstadt, AKASOL AG is making a decisive contribution to CO2 reduction in public transportation and logistics. Innovative enterprises like this one help us meet our ambitious climate goals – and they create added value and jobs in Germany.”
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AKASOL currently has 300 employees and generates USD 80.81 million in sales. AKASOL also announced today that they achieved revenue growth of 151% to EUR 45.8 million in the first half of 2021. Some of the competitors to AKASOL are companies such as Voltabox, Romeo Power, BMZ, Green Cubes Technology, Forsee Power, Enerdel, NEC Energy Solutions, and CODA Automotive.
YouTube: AKASOL AG | Referenzprojekte | High Performance Battery Systems |
Photo credit: All media shown is owned by AKASOL and was provided as part of a press kit.
Source: Press release