April 3, 2025: Varta has unveiled a multi-million-euro liquidity boost in the latest steps of a restructuring plan that “guarantees” battery tech production and research in Europe.

The company said on April 1 it had completed a strategic realignment of its finances and announced two new indirect shareholders — billionaire Austrian entrepreneur Michael Tojner and the automotive Porsche.

In addition to a cash and non-cash capital increase of €60 million ($65 million) the shareholders provided new financing of €60 million which significantly strengthened liquidity, Varta said.

Meanwhile, debt has been “significantly” reduced to €230 million, as the company moves to implement restructuring measures by the end of 2027.

CEO Michael Ostermann said Varta was now financially solid and future-proofed with strong new shareholders. 

Tojner, who is already the chairman of Varta’s supervisory board, said: “Despite recent challenges, I remain confident in the company’s market potential and technological strength.”

He said a strong battery manufacturer was essential for Europe and Germany.

Jochen Breckner, member of the executive board for finance and IT at Porsche, said the firms had already successfully demonstrated their innovative strength by collaborating in the field of ultra-high-performance lithium ion round cells. 

“As a new shareholder, we aim to play our part in maintaining and further developing important future technologies in Germany.”

Batteries International reported last month that Sebastian Rudow had joined VARTA’s executive board as chief transformation and restructuring officer. 

His appointment was the latest part of the restructuring team that Ostermann, charged with returning the once-giant manufacturing firm into profit, had made since he took over as chief executive in May 2024. 

Rolf Glessing was appointed chief financial officer at the company last February.