HTGF, IFH sell Custom Cells to P3 Group

Speciality chemical producer Altana also made a financial exit but will continue to cooperate with Custom Cells on an operational basis through innovation projects.

After the transaction, P3 will hold a large minority stake in the company alongside the founders, who retain control.

HTGF reported a "profitable" exit but no further details of the transaction have been disclosed.

P3 forecasts that customer batteries will soon become a relevant factor in competition for auto makers. It aims to leverage Custom Cells' expertise in this sector to strengthen its position in the electro-mobility market.

Previous funding
In August 2013, HTGF and IFH invested in an early-stage funding round for Custom Cells. The funding was used to hire extra staff and optimise the company's production process.

Company
Custom Cells is based in Itzehoe and was founded in October 2012 as a spinout of the Fraunhofer Institute for Silicon Technology. The company develops energy storage systems based on lithium accumulator technology for niche markets such as prosthetics, weather stations, satellites, drill head sensors, unmanned underwater vehicles and concept cars.

People
High-Tech Gründerfonds – Frank Hensel (investment manager).
Innovationsstarter Fonds Hamburg – Dorte Bünge (investment manager).
Custom Cells – Torge Thönnessen (founder).

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