VOW Volkswagen AG

By Kim Richters

Porsche AG said Monday that it is investing a high double-digit million euro amount in a joint venture with Custom Cells Itzehoe GmbH to produce high-performance battery cells in Germany.

The Volkswagen AG subsidiary said the new company is called Cellforce Group GmbH and headquartered in the city of Tuebingen. Porsche owns a 83.75% stake in the joint venture.

Porsche said contracts between battery-cell maker Custom Cells and itself were signed in May. German chemicals group BASF SE was chosen as development partner.

The Federal Republic of Germany and the state of Baden-Wuerttemberg are funding the project with around 60 million euros ($71.2 million), Porsche said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

June 21, 2021 07:53 ET (11:53 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.