VIRIDUS - LEVA-EULEVA-EU

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Promovec acquires remaining 25% of battery manufacturer Viridus

06/01/2025 18:02 Comments Off

Acquisition by LEVA-EU member Promovec represents 100% Danish-owned status for the Aarhus-based battery manufacturer Viridus Manufacturing A/S, marking the end of joint venture with Chinese company Greenway.

Based in northern Aarhus, Denmark, Viridus Manufacturing A/S produces lithium-ion battery solutions for e-bikes and other applications such as robots and industry. It was founded in 2019 as a joint venture between Danish e-bike solutions company Promovec Group A/S, and Chinese company Greenway, with the latter holding a majority stake of 51%.

Scandinavian batteries, global customers

Since the founding of Viridus, the intention was to establish a Scandinavian battery production facility that could compete in the global market, and it has experienced keen interest from companies worldwide for their customised battery solutions.

In 2023, Promovec moved to acquire a further 26% of Viridus, bringing their total ownership stake to 75%. With this latest acquisition, the company now owns 100% of the battery manufacturer.

“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.

A vision to quadruple revenue

In 2022, Viridus moved into new facilities in northern Aarhus built according to sustainable DGNB standards. Currently the company produces approximately 40,000 batteries annually, and has 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 is also in the process of starting its own production of electric motors, a key component in e-mobility alongside batteries.

Greenway expand their Danish joint venture, Viridus Manufacturing A/S, for battery production

26/09/2022 12:07 Comments Off

In 2019, LEVA-EU member Greenway invested in a new battery pack manufacturing facility, Viridus Manufacturing A/S in Aarhus, Denmark. After 3 years of growth, the site was ready for expansion and doubled production capacity.

From the very start, the manufacturing factory had a focus on sustainability, running with zero net emissions. In order to improve zero-emission measurements, a completely new building was planned and constructed by the Danish Viridus team. The factory’s battery equipment, automation, and production know-how came from the Chinese Greenway team.

In August 2022 the Viridus team moved into the new site and started production. The building is carbon-neutral and packed with sustainable features like a wastewater recycling system, biodiversity gardens, CO2-neutral heat pump, reusable building materials, waste sorting, solar panels, bike charging stations, and a healthy indoor climate.

The Danish battery production is supplied by 100% renewable energy, and electric cars are used for internal transportation. Furthermore, all employees have access to training facilities, healthcare, and a healthy canteen environment.

The new site in Aarhus, Denmark, received a Gold DGNB German Sustainable Building Council certificate for the focus on sustainability and recyclability. Congratulations, Viridus team on fantastic work!