Promovec Group A/S, led by entrepreneur Jesper Lundqvist, has acquired the remaining 25% of battery manufacturer Viridus Manufacturing A/S. This acquisition marks the end of the joint venture partnership with Chinese company Greenway.
Photo: CEO Jesper Lundqvist at Viridus Manufacturing's factory in northern Aarhus, Denmark, where lithium-ion battery solutions are produced for electric bikes, robots and industrial applications. (Credit: Viridus Manufacturing)
Located in northern Aarhus, Viridus Manufacturing A/S produces lithium-ion battery solutions for e-bikes, robots, and industrial applications.
The company was founded in 2019 as a joint venture between Danish Promovec Group A/S and Chinese Greenway, with the latter holding a majority stake of 51%.
Scandinavian Batteries for Global Customers
From the outset, the vision was to establish a Scandinavian battery production that could compete in the global market. Over the years, Viridus Manufacturing A/S has experienced a sharp increase in interest from companies worldwide for their customized battery solutions.
In 2023, Promovec Group A/S acquired 26% of Viridus Manufacturing A/S, bringing their total ownership stake to 75%. Now, with this latest acquisition, the company has decided to increase its investment further and owns 100% of the company.
"We are very pleased with the deal and see it as a key investment in Viridus Manufacturing’s future. The company has grown to a size where full ownership makes sense for us. We see clear advantages in building a Scandinavian battery offering while supporting greener battery production, including sourcing more and more battery components locally," says Jesper Lundqvist, Founder & CEO of Promovec Group A/S.
Strategy to Quadruple Revenue
In 2022, Viridus Manufacturing A/S moved into new facilities in northern Aarhus built according to sustainable DGNB standards. Today, the company produces approximately 40,000 batteries annually, with ambitious goals for the future.
"Our goal is to quadruple revenue within the next four years. With this acquisition, we can now focus our energy on developing the company. In the new year, we will launch a strategic process to set the direction for the coming years," says Jesper Lundqvist.
Viridus Manufacturing A/S is also in the process of starting its own production of electric motors, which, like batteries, are a key component in e-mobility.
For further information, please contact Jesper Lundqvist, managing director, mobile +45 51 29 89 74.
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