27 Feb '15, 2pm

Samsung Buys Battery Business From Magna To Boost Electric-Car Capabilities

The Korean electronics giant is procuring the battery business from Magna Steyr, the Austria-based unit of Magna International, with more than 250 employees, all production sites, and contracts transferring over to Samsung SDI. DON'T MISS: Advances In Lithium-Sulfur Batteries Offer Promise For Electric Cars This isn’t Samsung’s first foray into cars, as Samsung SDI has been working on lithium-ion battery cell technology with BMW since 2009, and the two companies recently announced an extension to their deal for two electric models in particular — the BMW i8 and i3. Also, back in December, Samsung’s investment arm, Samsung Ventures, led a $17 million investment round in Seeo to help build better batteries for electric cars. 2015 BMW i3 Enlarge Photo Founded in 1970, Samsung SDI started out as a producer of cathode-ray tubes for televisions, before entering the energy indust...

Full article: http://www.greencarreports.com/news/1096981_samsung-buys-...

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