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FN Group invests USD10m in battery maker LTC
The Virginia-based Lithium Technology Corporation (LTC) has secured USD10m in funding from UK-based FN Group. The funding comprises a USD5m equity investment and a USD5m convertible loan facility. The equity investment includes a USD2m commitment, announced in October, and takes FN Group’s stake in the firm to 10.25%. The stake will increase to 35% if and when the convertible loan is fully funded and converted into equity.
Deal Details
- Status completed
- Amount US$10m
- Partners
- Investor Frazer-Nash Research
- Target Lithium Technology Corporation
LTC produces lithium-ion batteries for applications including electric vehicles (EV) and grid-scale energy storage for renewable energy. As part of the deal, FN Group subsidiary Frazer-Nash Research will use LTC’s batteries alongside its battery management system and electric and hybrid-electric drivetrains. The systems will be used in a test fleet of plug-in hybrid EVs and a number of EVs for an undisclosed Asian vehicle manufacturer.
Alongside the investment, LTC is forming a joint venture with an unnamed member of FN Group to produce and market complete energy systems (CEMS). CEMS comprise LTC’s battery cells and FN Group’s battery management system, charger and DC-DC converter. Each firm will own a 50% stake in the venture.
