Sports car manufacturer Porsche wants to expand its business division with lithium-ion round cells
The Varta AG has reached an agreement with its financial creditors and strategic investors on a Reorganisation concept reached an agreement. This was announced by the ailing battery manufacturer in a press release last Saturday.
The first step will be a haircut, which will reduce the existing financial liabilities by more than half to 200 million euros in future.
Furthermore, the share capital will be reduced to zero. This will be at the expense of existing shareholders, as is currently being discussed intensively in various media.
Capital increase with the help of Porsche
Michael Trojner, already a major shareholder in Varta, plans to acquire a stake in the company via MT InvestCo., a company he controls, together with an investment company of the sports car manufacturer Dr Ing. h.c. F. Porsche AG („Porsche“) to carry out a capital increase.
According to the Varta press release, Michael Trojner says: „Today's economic agreement represents a decisive turning point for the future of VARTA AG. Despite the current economic challenges, the company offers great potential to make Europe's battery cell research and production less dependent on Asian suppliers. Together with Porsche, we want to make a contribution to this.“ The agreement is an important first step that secures the stability of Varta AG and paves the way for a new start.
Acquisition of V4Drive Battery GmbH
According to a press release from Porsche, the sports car manufacturer not only intends to acquire a stake in Varta AG, but also a majority shareholding in V4Drive Battery GmbH. According to Porsche, Varta bundles the business for large-format lithium-ion round cells in this company. These are used in the hybrid drive of the Porsche 911 Carrera GTS, writes the Stuttgart-based car manufacturer.
According to its press release, Porsche is currently building a production plant for the so-called booster cells in Nördlingen. This plant is to be transferred to V4Drive Battery GmbH as a contribution in kind. According to Porsche, V4Drive will not only serve Porsche, but also other customers in the future.
Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG, explains the plans: „Varta and Porsche are working closely together on the topic of high-performance battery cells. With the planned majority takeover of V4Drive, we want to drive the company forward and thus make an important contribution to maintaining key technologies in Germany.“