30-08-2023 | Corporate & Ad-hoc news | Financial news | Press releases

paragon cooperates with Clarios, a global leader in low-voltage battery technologies

Delbrück, August 30, 2023 - paragon GmbH & Co. KGaA [ISIN DE0005558696] has successfully implemented the next step of its plan to strengthen its core business and accelerate the global scaling of its technology. A transition of the battery unit to Clarios together with a continued cooperation and supply agreement has now been concluded with Clarios, a global leader in low-voltage battery technologies. The transaction will allow Clarios to integrate paragon’s lithium-ion battery technologies and a group of its engineering team into efforts to accelerate the development of new advanced low-voltage architectures for vehicles. paragon will continue to participate in Clarios' success in the future by supplying the electronics for battery management for current business as well as potentially for future business. The agreement also creates the opportunity for future technology collaboration between paragon and Clarios as both companies play a role in supporting new vehicle technology.

• Integration of battery unit to Clarios (Hanover) with continued cooperation and supply agreements and potential future technology collaboration

• Allows paragon to achieve next step to bundle forces in core business areas in combination with targeted cooperations for faster scaling

• Allows paragon to focus on fast-growing business units sensors, interior and kinematics

• Initiatives over last years has allowed paragon to deleverage to appropriate level