Benzinga | Feb 2, 2021 06:54PM EST

Sensata Deepens EV Space Presence With Lithium Balance Acquisition

* Sensata Technologies (NYSE: ST) has acquired Denmark's Lithium Balance, advancing its electrification business following higher demand for clean energy. The financial terms of the acquisition remain undisclosed.

* Lithium Balance's Battery Management System technologies for lithium-ion batteries, including its XOLTA brand of fully modular, cloud-connected energy storage systems, further strengthens Sensata electrification business and strategy.

* This, along with the previous acquisition of Gigavac in 2018, will consolidate the company's position in the promising EV market.

* Sensata had a closing cash and cash equivalent balance of $1.86 billion for the year ended December 31.