Need for speed: Porsche launches joint venture in quest for batteries

Porsche is setting up a joint venture with lithium-ion specialist Customcell to develop high-performance battery cells, as the German sports car manufacturer pushes to become carbon-neutral.

The joint venture, in which Porsche will have an 83.75 percent stake, is expected to begin operation in 2024 with annual capacity of 1,000 high-performance battery cells, each equivalent to 100 megawatt-hours of power, said the carmaker on Monday.

According to Porsche, the new company, called Cellforce, will focus on research and design of silicon anodes for low-volume racing cars and high-performance vehicles in the initial phase.

The new cells offer the same energy as regular batteries but are smaller, with improved fast charging performance and high temperature resistance.

"As a new Porsche subsidiary, the Cellforce Group will be instrumental in driving forward the research, development, production and sales of high-performance battery cells," said Oliver Blume, chairman of the executive board at Porsche.

"This joint venture allows us to position ourselves at the forefront of global competition in developing the most powerful battery cells and make it the link between the unmistakable Porsche driving experience and sustainability. This is how we shape the future of the sports car," he added.

Michael Steiner, Porsche board member for research and development, said to ensure the quality and life of battery, engineers did the same durability and high-performance tests to electric vehicles as internal-combustion engine sports cars.

According to Steiner, almost half of Porsches to be delivered by 2025 will be plug-in hybrid or pure electric vehicles. This figure will increase to 80 percent by 2030.

The next electrified model will be the Macan SUV but no details have been released so far. Last year, the carmaker launched its first pure electric sedan, the Taycan.