Madhya Pradesh based Pinnacle Industries–a commercial vehicle components manufacturer–has partnered with China’s Phylion Battery Company to set up an integrated lithium-ion battery assembly unit in Maharashtra for electric vehicles. The state-of-the-art assembly unit is now fully operational and will start rolling out FAME II compliant products for Indian market.
Pinnacle Industries Ltd plans to roll out battery packs with Phylion cells and semi-knocked-down (SKD) kits for light electric vehicles (LEVs), logistics vehicles, passenger cars, vans, light commercial vehicles, etc from its assembly unit.
Speaking about the association, Pinnacle Industries Chairman & Managing Director Sudhir Mehta highlighted, “There is immense market potential and dire need to localize manufacturing of EV batteries, to bring down the vehicle cost and make EVs more viable, benefit the small OEMs to get localized products for low speed vehicles and other applications, and improve the after sales service. We look forward to address the existing industry gaps with our association with Phylion and Government’s impetus on electrification of vehicles through its various policies.”
Phylion vice president Andrew LEE added, “We are elated to partner with Pinnacle Industries, to cater to the expanding Indian EV market. Our strategy is to use our 16 years market approved lithium-ion cells to help Pinnacle to develop batteries with optimized cost and performance for Indian temperatures.”
“We are committed towards providing high quality and safe products and we look forward to scaling up the renewable manufacturing in India.”
Since its inception in 2003, Phylion Battery has been on an expansion spree in Europe and Asian markets. Recently, it marked the manufacturing of its 10 millionth battery in China for LEVs.
Phylion entered the Indian market over four years ago and has now become the industry leader of the lithium-ion battery cell for the Indian EV market along with fast after-sales services.
The market for lithium-ion battery in India is expected to grow at a CAGR of approx. 34% during the forecast period of 2019-24. Factors such as decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.e., electric vehicle and energy storage systems, for both commercial and residential applications, are expected to be the major drivers for the lithium-ion battery market in India.