BorgWarner Shares Congratulatory Message on AKASOL'S Grand Opening of their Gigafactory

Auburn Hills, Michigan, AUGUST 20, 2021 - BorgWarner President and CEO, Frédéric Lissalde, and other members of the BorgWarner leadership team attended the Grand Opening of AKASOL’S Gigafactory 1, Europe’s largest factory for commercial-vehicle battery systems, located in Darmstadt, Germany. The grand opening, held on August 16th, was attended by Tarek Al-Wazir, Hessian Minister of Economics, Energy, Transport and Housing, numerous representatives from politics and business and Peter Altmaier, Federal Minister for Economic Affairs and Energy who shared a personal congratulatory video message.

In his speech, Lissalde commended AKASOL CEO Sven Schulz and his leadership team. “I want to congratulate all of the AKASOL employees for what you have accomplished so far. You can be very proud,” said Lissalde. 

The Gigafactory 1 campus boasts a two-level production, assembly and logistics hall with a test and validation center for the testing of cells, modules and systems. A 600 kWp solar plant feeds the production facility and offices as well as the German state of Hesse’s largest charging-station park for electric vehicles, featuring more than 60 charging stations.

In February 2021, BorgWarner announced an agreement to acquire AKASOL AG, in support of the its plans to expand its electrification portfolio. The tender offer process was completed on June 4, 2021. BorgWarner’s current equity stake is ~93%, and the company plans to eventually achieve 100% ownership by mid-2022.

In March 2021, the company unveiled Project Charging Forward at their virtual Investor Relations Day. This initiative aims to accelerate BorgWarner’s electrification strategy and grow its revenue from electric vehicles to ~45% of total revenue by 2030. This plan includes three key pillars:

  • Profitably scaling electric light vehicles both organically and inorganically;
  • Expanding into electric commercial vehicles organically and inorganically; and,
  • Optimizing the Company’s combustion portfolio.

AKASOL represents ~20% to 25% of the inorganic sales underlying Project Charging Forward, and is a key building block in the company’s electric commercial vehicle pillar.

“AKASOL is at the forefront of battery-pack technology, and BorgWarner is amongst the world leaders in most of the products we produce,” said Lissalde. “This is the case for electronics and battery thermal management. Together, we will realize product synergies that will create value for our customers and growth.”

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