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Martinrea gets out of graphene-enhanced lithium ion battery business

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The Canadian parts supplier and its partner NanoXplore Inc., announced March 27 that the Montreal-based graphene company has agree to buy Martinrea’s 50-per-cent stake in VoltaXplore Inc.

Martinrea International Inc., is backing away from an early-stage venture aimed at developing graphene-enhanced lithium ion battery cells for electric vehicles.

“Though we are not pursuing the production of batteries at Martinrea, we believe strongly in graphene and will continue to work with NanoXplore to develop graphene-based solutions,” Martinrea CEO Pat D’Eramo said in a release. It is also the largest single shareholder in the graphene company, holding a 21.1-per-cent stake in the publicly traded business at the start of the month. Martinrea’s share of the company rose to 22.7 per cent following the $10 million, all-stock VoltaXplore transaction.

NanoXplore is confident in the value proposition graphene brings to battery cells and plans to continue scaling the technology, he added.

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