German battery cell manufacturer CustomCells has reached a rescue deal with a consortium of investors led by existing backer Abacon, enabling the troubled company to continue operations with a streamlined workforce and a renewed focus on electric mobility, according to sources familiar with the matter.
The takeover agreement was signed Wednesday evening, according to a Handelsblatt report citing financial and negotiation sources. While CustomCells has yet to make an official statement, the agreement marks a key step in the company’s recovery after it filed for insolvency earlier this year.
“CustomCells is a highly innovative German battery pioneer with enormous potential,” said Sven Rossmann, Chief Investment Officer of Abacon, in comments on behalf of the investor group.
The investor consortium includes Abacon and two other capital providers, one of which is reportedly Salvia, the family office of Helmut Jeggle, known for managing the wealth of biotech entrepreneurs Thomas and Andreas Strüngmann.
The purchase price is understood to be in the low single-digit million-euro range, with a further double-digit million sum earmarked for follow-up investment to support production and ensure operational continuity.
The restructuring will center on CustomCells’ Itzehoe site in northern Germany, which houses both the holding company and core operations. Around half of the company’s 160 employees will be retained as part of a significant downsizing.
Leadership changes will also accompany the transition. Jan Diekmann, formerly Chief Innovation Officer, will join the executive board, while Benno Leuthner will remain in senior management. Dirk Abendroth, the former CEO and ex-Continental executive, is stepping down from daily operations but will continue to support the firm in an advisory role.
CustomCells had faced financial difficulties in part due to the insolvency of eVTOL startup Lilium, a key customer for its high-performance battery cells. The new owners plan to sharpen the company’s focus on electric mobility, concentrating on niche segments underserved by large-scale Asian manufacturers.
Founded in 2012 as a spin-off from the Fraunhofer-Gesellschaft, CustomCells built a reputation as a specialized supplier of high-power, high-density battery cells across sectors such as motorsport, electric aviation, agricultural technology, defence, and heavy-duty applications.