IBU-Tec Advanced Materials AG has secured a contract with a globally renowned automotive group to develop and produce battery materials for electromobility. The company’s statement confirms that it will produce “significant quantities” of the material at its Weimar site in the second half of 2023, following the development phase. Although the customer’s identity remains undisclosed, the statement notes that the order is for a “novel LFP cathode material for passenger cars with electric drive.”
See also: IBU-Tec Launches IBUvolt Battery Materials to Grow Presence in Battery Market
IBU-Tec’s lithium iron phosphate products, part of the “IBUvolt” family, formed the basis of a development order from the commercial vehicle industry in November 2022. However, this latest deal’s specific details remain under wraps, as is customary in such arrangements. The German automaker Volkswagen Group is known to be developing LFP battery technology for its small EV generation due in 2025, and the ID.2, Curpa Raval, a small VW SUV, and its Skoda offshoots may rely on a roughly 40 kWh LFP battery.
Ulrich Weitz, CEO of IBU-Tec Advanced Materials AG, emphasizes the significance of the order, saying, “The major players in the global automotive industry obviously rely on IBU-tec’s expertise, innovative strength and production quality. The contract now signed is an important step, but only the beginning of a development that will magnify our battery material sales and secure IBU-tec’s sustainable prosperity.”
See also: Volkswagen Increases Sales Target for EVs in Europe to 80% by 2030
The company recently founded IBUvolt Battery Materials GmbH, recognizing the growing importance of battery materials, and is in discussions with several potential partners. Ulrich Weitz will step down as CEO of the stock corporation at the Annual General Meeting in April 2023 and take up a position on the Supervisory Board, enabling him to focus on his role as managing director of the new subsidiary.
