PPK Group buys into lithium battery maker

Diverse technology investment company PPK Group has conditionally acquired a material interest in Australia’s largest privately owned battery manufacturer PowerPlus Energy.

Melbourne-based PowerPlus manufactures lithium ferro phosphate (LFP) stationary storage batteries utilised for on-grid and off-grid battery installations.

The purchase complement’s one of PPK’s investee businesses, Li-S energy which is developing lithium sulfur and lithium metal technologies as well as solid-state battery solutions.

PPK will pay an initial $1.8 million to take 33 percent of the company, and can increase its holding to 75 percent within two years for a further $2.8 million.

Should PPK increase its holding to 75 percent, the Brisbane company will also repay an existing loan to a shareholder of $2.9 million.

PPK may also advance $1 million to PowerPlus to accelerate manufacturing at the company’s facilities at Scoresby, Victoria which employs 78 people.

PPK Group Chairman Robin Levison said: “PPK has been assessing a variety of opportunities in the energy market as we believe the world continues to shift towards renewable energy, and that energy storage will play a crucial role in ensuring a reliable and efficient energy system.

“We see the PowerPlus Energy acquisition as a key step in supporting this shift.”

As part of the transaction Glenn Molloy and Ben Spence will join the PowerPlus board.

PowerPlus CEO Bradley Paton (pictured) said the acquisition would help drive growth pathways for the company, which was founded in 2017.

Paton said: “We remain committed to the installers, distribution partners and our staff and in the coming months we look forward to sharing the development of new products and new market opportunities as part of our partnership with PPK.”

Picture: PowerPlus Energy CEO Bradley Paton