November 29, 2023: American Battery Solutions said on November 20 it is to be acquired by construction and industrial equipment company Komatsu.
The deal, for an undisclosed sum, is subject to completion of various regulatory and other procedures.
The companies say they plan to develop advanced energy storage systems specifically designed to support next generation electrified equipment being produced by Komatsu.
ABS founder and CEO Subhash Dhar, a long-time entrepreneur and developer of energy storage systems, said the move will enable the lithium ion battery firm become a leading partner for electrification of industrial equipment and commercial vehicles.
Dhar thanked initial ABS investors, the KCK Group, for supporting the development of the firm over the past four years.
The acquisition follows ABS’s launch of a new transit bus battery pack for New Flyer Industries.
Komatsu CTO and president of the firm’s development division, Taisuke Kusaba said: “After more than a year of evaluating potential battery partners, ABS stood out because of the depth of the team and their strong technical skill base, breadth of business and battery systems know-how, and battery manufacturing expertise for heavy duty markets.”
ABS, which has nearly 200 employees across its headquarters and engineering development site in Michigan and a manufacturing plant in Ohio, will continue to operate as an independent entity and under its existing management team.