East Penn has taken over Navitas Systems
Battery manufacturer East Penn has acquired a majority interest in Navitas Systems.
The acquisition will accelerate East Penn's expansion of its motive power battery offering, as well as its strategic integration into other market segments. The company says the new venture aligns with East Penn's existing plans of "providing the most robust array of optimised energy storage system solutions".
Navitas products will complement East Penn's offerings, and its lithium research and development expertise will add to East Penn's current lithium program.
"East Penn and Navitas share corporate values of quality, research and development, and ethical integrity. Chairman and founder, Alan ElShafei, has built a rich company culture at Navitas very similar to ours here at East Penn. Navitas also shares our passion for producing safe, high-quality lithium products," says Chris Pruitt, East Penn CEO and president. "We are happy to be joining in partnership with such a strong, well-established company."
Navitas Systems will continue to be run by its current management team, and its research and manufacturing facilities will remain in Ann Arbor, Michigan.
ElShafei welcomes the deal, citing East Penn's customer and distributor loyalty, "resulting from their caring culture, quality products, and continued focus on innovation".
"We could not imagine a stronger company to partner with, and we look forward to helping bring advanced lithium battery solutions in a complementary fashion to the already innovative portfolio of battery products offered by East Penn."
While East Penn remains focused on manufacturing lead batteries and its continued innovation, expanding its offerings will help meet broader customer demands as well as enable entry into new markets.