Switzerland’s Blackstone Resources to invest $229.5 mln in new German unit

Swiss investment company Blackstone Resources AG has established Blackstone Research GmbH in Erfurt, Germany.

Blackstone Research, to be wholly-owned by Blackstone Resources, will avail a platform for the company to carry out additional research and allow it to set up a battery-production project in Germany.

The company's intent is to produce the next generation of electric-vehicle batteries, near where German auto manufacturers are based.

Initially, Blackstone will inject 200 million euros ($229.5 million) into this new scheme, from its own finances with the plan to amass additional support from subsidies availed by the European Union’s research and development funds, and the German government at both state and local level.