Thursday, Dow Kokam LLC, a newly formed joint venture between Dow Chemical Co. (DOW) and TK Advanced Battery LLC, announced the appointment of Ravi Shanker as President and Chief Executive Officer. In another development, Dow Kokam LLC announced its acquisition of almost all the assets of Kokam America Inc., a lithium polymer battery technology developer.
Earlier, Ravi Shanker had served as corporate director of ventures and business development of Dow Chemical.
Dow Kokam LLC will produce affordable batteries with its lithium polymer technology for the hybrid and electric vehicle markets. Kokam Co. Ltd. is the primary patent holder of the lithium polymer battery technology. Through the acquisition of Kokam America's assets, Dow Kokam has the equipment and the capacity to manufacture the widest range of lithium polymer cells and to extend its offering to the electric mobility industry, said the company.
The new company, Dow Kokam LLC is headquartered in Midland, Michigan, where it is scheduled to begin construction of a new 800,000 square-foot production facility in the coming months.
DOW is currently trading at $28.57, up $1.86, on the NYSE.
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