Consumer electrical and electronics firm V-Guard Industries (V-Guard) has acquired a minority stake (18.77%) in Mumbai-based battery startup Gegadyne Energy Labs for INR 33.4 crore. The company today announced the acquisition approval by its Board.
Gegadyne Energy Labs develops advanced nano-material composites to enable quick-charging batteries. It is currently working on a technology that allows batteries to charge to full capacity within 15 minutes and complies with the highest safety standards.
Compared to conventionally used lithium, “Our materials are synthesized via simple, inexpensive, and environmentally-friendly processes, which can easily be scaled for electric vehicle (EV,) industrial storage, or consumer electronic battery production,” claims the startup.
The company adds all key raw materials can be sourced locally, thereby providing a distinctive advantage against some of the upcoming battery technologies based on rare metals with significant import dependence.
V-Guard foresees potential in Gegadyne Energy Labs’ alternative battery technology for primary applications like energy storage in addition to secondary applications in other products of its existing portfolio.
Mithun Chittilappilly, Managing Director, V-Guard Industries Limited, said, “This collaboration will enable V-Guard to strengthen further and expand its product offerings as well as help GEL to realize its potential faster.”
Deloitte Touche Tohmatsu India was the financial advisor, and Cyril Amarchand Mangaldas was the legal advisor to the transaction for V-Guard.
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