Struggling CustomCells secures deal for its key operations with a new acquirer.
In a significant development, the CustomCells group, a German battery cell manufacturer, has found a new owner following financial struggles that led to the insolvency filing and the closure of their Tübingen plant. The insolvency proceedings for the CustomCells group concluded recently, paving the way for a new chapter in the company's history.
The new owner is a consortium of several Family Offices, with previous investors ABACON and SALVIA also forming part of the consortium. The final takeover process is expected to be completed in the coming weeks.
Despite the challenges faced, the new owner has confirmed that the main site in Itzehoe will largely maintain operations. Research and development activities, as well as battery cell production for existing customers, will continue at the Technology Cluster in Itzehoe, the only location for ongoing battery cell production for CustomCells' clients.
The Technology Cluster in Itzehoe serves as a hub for sectors such as defense, aerospace, motorsports, and mining, with CustomCells' customers hailing from these industries. Around 80% of local jobs at the Itzehoe site will be retained, offering a glimmer of hope for the affected employees.
The insolvency of CustomCells was partly due to the default of major customer Lilium, as well as strong competition in the battery cell industry. Although the company did not specify if new customers will be acquired for the Tübingen plant, the focus appears to be on rebuilding and strengthening operations at the Itzehoe site.
It is worth noting that the Tübingen plant will not reopen for operations. The insolvency administrator did not mention any plans to sell or reopen the Tübingen plant, suggesting a permanent closure.
The insolvency proceedings for CustomCells were opened in early July 2025, and the agreement for the acquisition was signed shortly after. The company did not disclose details about any internal operational or market causes leading to the financial difficulties, but insolvency filings typically result from challenges like insufficient funding, market competition, high production costs, or disruptions in supply chains.
In summary, the primary reason for CustomCells’ financial difficulties and the consequent closure of their Tübingen plant was insolvency caused by unresolved financial problems, though detailed specific causes like operational or market issues are not specified in the available reports. The focus now shifts towards rebuilding and growing the company, with the Itzehoe site serving as the cornerstone of this revitalisation effort.
In the forthcoming weeks, the consortium of Family Offices, including previous investors ABACON and SALVIA, will complete the acquisition of the CustomCells group, a battery cell manufacturer. The new owners have confirmed that the main site in Itzehoe will continue operations, with a focus on energy-related sectors like defense, aerospace, motorsports, and mining.
