In a release issued today, Indian lead-acid battery major Exide Industries Ltd announced it has signed a multi-year technical collaboration agreement with China-headquartered SVOLT Energy Technology Co. Ltd (SVOLT) to manufacture lithium-ion cells in India.
Exide plans to set up a multi-gigawatt factory equipped to manufacture cells across two popular chemistries and three formats, catering to the diverse requirements of customers in India.
As part of the agreement, SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology and know-how owned by them for lithium-ion cell manufacturing in India. Additionally, it will provide the support required to set up a state-of-the-art greenfield manufacturing plant on a turnkey basis.
“Exide is in the process of forming a Special Purpose Vehicle (SPV) by way of a wholly-owned subsidiary for carrying out the said lithium-ion cell manufacturing business. It is in a fairly advanced stage of discussions for finalizing the land parcel for this facility. The company has participated in the Production-Linked Incentives (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage, issued by the Ministry of Heavy Industries,” read the Exide statement.
SVOLT, headquartered in Jiangsu province of China, produces and develops lithium-ion batteries and battery systems for electric vehicles and energy storage. Its comprehensive product portfolio includes battery materials, cells, modules, packs, battery management systems, and energy storage products. The company employs over 9,500 people with more than 3,000 R&D team members and over 500 foreign and outsourced experts.
SVOLT is focusing on growing its global footprint and is expanding its capacities to meet the increasing demand for battery applications.
Subir Chakraborty, managing director and chief executive officer, Exide, said the collaboration with SVOLT is a major step forward in Exide’s aspiration of becoming a leading player in the rapidly emerging new-age electric mobility and stationary application businesses in India.
“With SVOLT‘s strong technical expertise, R&D capabilities, and rich experience in manufacturing lithium-ion batteries, Exide plans to set up a multi-gigawatt lithium-ion cell manufacturing facility. Spread out across two popular cell chemistries and three cell formats, this unit shall be uniquely placed to cater to the diverse requirements of customers in India. This strategic partnership is in line with Exide’s commitment to providing best-in-class batteries and energy storage solutions for automotive and industrial applications.’
A few years ago, Exide also forayed into lithium-ion battery systems and energy solutions through its subsidiary Exide Leclanche Energy Private Limited (under the brand Nexcharge), formed in a joint venture with Swiss company Leclanché SA, Switzerland. With its state-of-the-art R&D center, the subsidiary aims to build lithium-ion modules/packs and provide energy storage systems for India’s electric vehicle market and grid-based applications.
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