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LEWIS CENTER, Ohio - Nexceris has sold its Li-ion Tamer off-gas monitoring solution to Honeywell (NASDAQ:HON), a prominent industrial conglomerate with a market capitalization of $152 billion, according to a press release statement issued Tuesday. According to InvestingPro data, Honeywell maintains a strong financial health score and trades near its 52-week high.
The technology, which monitors lithium-ion batteries to prevent thermal runaway events, will become part of Honeywell’s fire life safety portfolio within its Building Automation business.
The transaction builds on a five-year partnership between the companies during which they sold the Li-ion Tamer technology worldwide for energy storage applications, resulting in more than 400 million hours of sensing, according to the company.
Kyle Shen, President and CEO of Nexceris, said the sale "reflects the dedication of our team and how Nexceris can transform technology ideas into global products."
Nexceris developed the monitoring solution following a lithium-ion battery fire at a U.S. Navy shipyard. After identifying the root cause, the company created a detection system that formed the foundation for Li-ion Tamer.
With the sale completed, Nexceris plans to focus on other clean energy technologies across its portfolio, including catalyst, electric vehicle, and electrochemical applications through its commercial brands.
Financial terms of the transaction were not disclosed. GreenFront Energy Partners served as the exclusive financial advisor to Nexceris for the deal.
In other recent news, Honeywell has announced its intention to explore strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, which generated about $2 billion in revenue in 2024. This move is part of Honeywell’s ongoing plan to streamline its portfolio and focus on becoming a pure-play automation business by 2026. The company has also completed a liability management reorganization, which involved restructuring asbestos-related and environmental assets and liabilities without impacting shareholder rights. In addition, Honeywell has acquired the Li-ion Tamer business from Nexceris to enhance its Building Automation segment’s fire safety portfolio, targeting the growing lithium-ion battery market.
UBS has reiterated its Buy rating on Honeywell, maintaining a $268 price target, citing confidence in the company’s management and potential upside to financial results. Meanwhile, Jefferies has raised its price target for Honeywell to $240, maintaining a Hold rating, driven by evaluations of the planned Aerospace Technologies spin-off. Jefferies analysts noted that Honeywell’s revenue growth has lagged behind peers, suggesting that increased R&D spending and hiring could enhance future growth prospects. The company has appointed Jim Masso as President and CEO of Honeywell Process Automation, effective July 14, as part of its leadership updates. Honeywell has retained Centerview Partners to assist in evaluating strategic alternatives for its logistics tech businesses, although there is no guarantee this will lead to a transaction.
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