Cox Automotive has acquired Spiers New Technologies (SNT), a provider for electric vehicle battery life cycle management, for an undisclosed sum.
SNT works directly with vehicle manufacturers and dealerships on inspecting and rebuilding vehicle batteries and then arranging for next-day delivery on OEM approved replacements back at the workshop.
The new deal is part of Cox Automotive’s ambition to become a leading end-to-end strategic solutions partner for EVs, including storage and logistics, as well as remanufacturing, reuse and recycling.
The SNT acquisition follows on from Cox Automotive acquiring FleetMaster earlier this summer to “significantly extend our mobility capabilities in Europe”.
The business said that as EVs become more prominent, “battery production, health and life cycle management will become increasingly important and challenging for OEMs, dealers and fleet providers”.
SNT currently has operations in the US and Europe (The Netherlands) and has plans to increase its footprint across the US, the UK and other continental European markets.
Martin Forbes, president of Cox Automotive International, said: “This is another strategically important acquisition for us, both as an integral part of our plans to significantly extend our capabilities in the mobility space, and as well as reinforcing our long-term commitment to invest in sustainable technology.”
Assessing battery health
Cox Automotive has already invested in a patent to determine battery health for EVs. It says a battery pack on an EV can make up to 40% of the cost of the vehicle, which makes it a particularly high-value asset that needs inspection, valuation and servicing.
The company believes creating an industry standard to assess the condition of EV batteries will fill a void in the new and used EV category and will help drive greater transparency in the market for retailers and consumers.
Cox Automotive has an overall target to achieve carbon and water neutrality by 2034 and zero waste to landfill by 2024.