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Porsche forms new joint venture with German battery company

The German carmaker has entered a new partnership to help markedly reduce recharging time for electric cars.

Photo: Aly Song/Reuters/Ritzau Scanpix

Porsche has set up a new joint venture with compatriot battery company Customcells in an effort to produce batteries with lower recharging time, Reuters reports.

Based in Southern Germany, Customcells specializes in lithium-ion batteries, and the new JV will seek to develop car batteries with high energy density and shorter recharging time. Further, the battery design is meant to both cut usage of raw materials and limit production costs.

The carmaker, owned by Volkswagen, intends to invest a "high double-digit million euro sum" into the partnership, of which Porsche will hold 80 percent interest, the news agency writes.

(This article was provided by our Danish sister media, MobilityWatch)

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