In addition, Voltabox expects additional valuable expertise that will further strengthen the company’s technological position in the development and production of safe and economic lithium-ion battery systems. Negotiations for further acquisitions within the scope of the clearly defined growth strategy are already at an advanced stage, the company states in a press release.
With Concurrent Design, Inc., which has been directly integrated into the structures at the site of Voltabox of Texas, Inc., the group is gaining expertise in research and development. Concurrent Design has more than 20 employees, mostly designers and software developers, so the company consequently has special expertise in manufacturing and testing automation. In short, Voltabox has significantly expanded its development capacities and range of skills at the Austin site.
“Concurrent Design’s extensive technical expertise is perfect for Voltabox. Concurrent Design has successfully completed more than 1,700 projects in the fields of renewable energy, medical technology, semiconductors and electronics, among others. With the acquisition, we are expanding our position as the leading supplier in the development and production of lithium-ion battery systems. The integration of Concurrent Design is a logical step against the background of our current and future growth,” said Jürgen Pampel, CEO of Voltabox AG. “The Concurrent Design team has tremendous experience in production design, industrial solution development, test equipment development and design analysis,” emphasized Rick Herndon, CEO of Voltabox of Texas, Inc.
The acquisition of Concurrent Design, Inc. strengthens Voltabox AG’s core business Voltapower. It is the first acquisition for the company in this field since its IPO. First and foremost, the targeted expansion of R&D capabilities is paramount in order to be able to realise future project orders for complex and high-performance battery systems. The development of battery systems for underground mining is currently a focus for Voltabox in the North American market. The company will therefore initially use the newly acquired resources to process the large order backlog from the customer Komatsu Mining Corp. more quickly. As a result, the Management Board anticipates significantly higher sales growth in the next year than originally planned.