MIDLAND, Mich. (AP) — Dow Chemical Co. said Friday that it is selling its stake in lithium-ion battery maker Dow Kokam LLC for an undisclosed amount.
That will make the buyer, MBP Investors, an affiliate of investment firm Townsend Ventures, the majority owner of Dow Kokam. The venture's products are used by marine, defense and industrial customers.
Dow Chemical said it wants to focus said on the materials portion of batteries, not batteries themselves. As a founder of Dow Kokam and owner of MBP, Townsend said that the deal is part of its strategy to invest in emerging technologies in the energy storage market.
The remaining interests in Dow Kokam are held by another Townsend affiliate, TK Advanced Battery LLC, KA Founders LLC and Groupe Industriel Marcel Dassault.
Shares of Dow Chemical, based in Midland, Mich., fell 3 cents to $39.63 in after-hours trading.