Modular battery solutions manufacturer American Battery Solutions (ABS) said it will spin out its Energy Storage Solutions (ESS) division on Monday, with a purpose to create a new, independent company called American Energy Storage Innovations Inc (AESI).
This initiative reflects the evolution of ABS business and underscores the commitment of ABS to driving innovation within the industry.
The company said this separation of ESS business will enable both the Mobility and the ESS segments of ABS to target specific growth strategies by aligning the investments, resources, and customers in the most optimal way to drive shareholder value, recognizing the unique value propositions of each business.
The Michigan-based battery maker said AESI will operate as a separate entity with the support of KCK Group, long-standing investor of ABS. The company added that AESI envisions to redefine the future of energy storage technology and be active in global energy transition.
“This transition demonstrates the achievement of a major milestone through the skills and expertise of both teams and will help to accelerate the growth of each,” said Subhash Dhar, chief executive of ABS and added that, “ABS and AESI have very different products and customers, this transition will allow both to focus on their respective markets”.
