Porsche To Acquire Majority Stake In V4Drive Battery

(RTTNews) - Porsche said it will acquire a majority stake in V4Drive Battery GmbH via a capital increase mainly through a contribution in kind. In this context, Porsche expressed the intention to participate in the financial reorganization of Varta AG.

Varta pools its business with large-format lithium-ion round cells, which are used in the performance hybrid drive of the Porsche 911 Carrera GTS.

The construction of a further production facility for booster cells in Nordlingen, which was decided in spring 2024 and advanced by Porsche, will continue as planned. The facility is scheduled to go into operation next year, Porsche said in a statement.

As Varta AG is planned to remain on board as a minority shareholder in V4Drive, Varta needs a stable financial basis. Porsche and other partners expressed their willingness to participate in the planned financial reorganization of Varta AG. Porsche's investment would amount to 30 million euros and would directly benefit Varta AG, Porsche said.

In a separate press release, VARTA announced financial reorganization with the German Corporate Stabilization and Restructuring Act (StaRUG) proceedings.

VARTA noted that constructive negotiations are currently underway with various potential investors, including a company controlled by the current indirect majority shareholder, Dr Michael Tojner, Dr Ing. h.c. F. Porsche AG, and other interested parties. F. Porsche AG, and other interested parties with whom various proposals are being discussed.