East Penn acquires majority share of Navitas Systems
Marriage of forklift battery makers will compound lithium battery R&D programs, firms say.
East Penn Manufacturing Co. has acquired a majority stake in Navitas Systems, bringing together two forklift battery makers in a move designed to accelerate East Penn's expansion of its motive power battery offering, the firms said today.
Terms of the deal were not disclosed. Navitas Systems will continue to be run by their current management team, and both of their research and manufacturing facilities will remain in Ann Arbor, Mich.
More broadly, Navitas provides larger-format lithium battery technology and systems for heavy-duty commercial and industrial applications as well as the government and defense market segments.
East Penn said the venture aligns with its existing plans of providing a robust array of optimized energy storage system solutions. "Navitas products will complement East Penn's offerings, and its lithium research and development expertise will add to East Penn's current lithium R&D program," the company said in a statement.
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