Winchester, UK - Axeon (Dundee, Scotland), which is one of Europe's leading independent lithium-ion battery solutions providers, has been acquired by AG Holdings, a special purpose investment company incorporated in the UK for the purpose of acquiring Axeon and backed by funds managed by Ironshield Capital Management LLP.

The deal is likely to secure hundreds of jobs in the UK and Europe.

AG Holdings has acquired the entire business of Axeon Holdings plc, which had been placed in administration. The acquisition included 100 percent of the share capital of Axeon Holdings plc's subsidiaries Axeon Power, Axeon Technologies, Axeon AG, Elektro Montage Bau GmbH, SAT Akkumulatoren Technik AG, and Zaklad Montazu Ukladow Zasilajacych MAZ Sp Z.o.o.

Axeon's Scottish operations include manufacturing, commercial and engineering departments. Axeon also has a manufacturing facility in Poland, a commercial and engineering base in Switzerland as well as a sales facility in Germany.

In February 2009 Axeon completed a two year project funded by the Department for Transport under the Energy Saving Trust's Low Carbon R&D programme, which resulted in the development of a new Lithium-ion battery for use in a fully electric urban delivery vehicle.

Axeon had recently signed a battery supply agreement with the British taxi retailer and converter Allied Vehicles. The company's batteries are already in commercial use in the Modec electric delivery van and Axeon has delivered prototype batteries to Ruf, the German tuning company developing a battery-electric Porsche 911 conversion.

Prior to entering administration Axeon development projects included energy storage for an electric bus, an electric city car, a scooter and two heavy-duty plant projects.

The new owner said that they do not expect the acquisition to result in any disruption to customer and supplier relationships.

A statement issued by AG Holding and Ironshield, declared: "We have purchased these companies as we believe they have a promising and exciting future. We have an ambitious development plan for the Business as a whole and the acquisition allows us to provide the Business with the necessary financial resources which will, together with management and staff's expertise, assist it to consolidate its leadership position in Europe and continue its expansion for the benefit of its clients."

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