Porsche to set up new venture for high-performance batteries

Porsche AG is setting up a joint venture with German lithium-ion specialist Customcells to produce high-performance batteries for electric sportscars. Porsche said it will invest a high double-digit million euro sum in the joint venture in which it will hold over 80%. According to Porsche CEO Oliver Blume, the new cells will allow charging in less than 15 minutes.