The sale by Robert Bosch Battery Systems includes a 170,000 sq. ft. high voltage battery systems manufacturing plant and production lines in Springboro, Ohio, as well as key manufacturing personnel.
The startup is backed by a $50 million backing from investment firm KCK Group. ABS says it is already in discussions with several potential customers to develop, test and manufacture modular battery solutions for underserved transportation, industrial and commercial markets, primarily in North American and Europe. The target applications include high performance and autonomous EVs, delivery trucks, buses and utility vehicles, rail and marine as well as mobile commercial power and material handling equipment.
"We are excited to have the highly experienced manufacturing team join our world-class battery professionals and automotive experts together with world-class development and manufacturing facilities," said Subhash Dhar, Founder, chairman and chief executive officer of ABS.
"ABS will focus on the middle of the spectrum of battery systems value chain," said Dhar, "concentrating on module production, pack assembly and customer integration." It will work with the world's leading OEMs, system integrators and battery manufacturers to supplement and extend their brands with a combination of engineering, testing and manufacturing services. The venture will partner with leading cell suppliers, to offer a variety of chemistries and cell form factors to optimize each application
Market researcher IDTechEx forecasts that the electric vehicle market will reach $1.1 trillion in sales by 2028, including vehicles for construction, agriculture & mining markets which will reach over $100bn by 2029 as the prices of lithium-ion batteries decrease and enable solid business cases in these applications. "We see a huge business opportunity in these underserved segments and have received very positive market feedback since our emergence from stealth mode three months ago," said Dhar.