Bhago Mobility Solutions, the green energy vertical of Modern Automotive Ltd., has bought an equity stake in Pastiche Energy Solutions, an Indian lithium battery manufacturer.
The Bhago-Pastiche partnership will combine their strengths to manufacture solid-state batteries, lithium batteries, and allied products for applications such as electric mobility and energy storage.
“Bhago has dedicated resources toward advanced battery technologies for lithium-ion batteries, solid-state batteries, lithium-ion capacitors, and additive manufacturing,” said Aditya Goyal, managing director of Modern Automotive. “Considering the need for downstream products which can directly serve the applications, Bhago reviewed and understood the operations, capabilities, and strengths of Pastiche and decided to invest in the company.”
The Bhago-Pastiche venture plans to demonstrate its new solid-state battery technology by the end of June, to gain the first-mover advantage for such technologies in India. Bhago has allocated a total investment of $16 million into the green energy partnership with Pastiche. It plans to make an upfront capital investment of $4 million into Pastiche to upgrade its existing state-of-the-art production and testing facility in Chandigarh.
The venture also plans to set up a dedicated R&D unit in Bangalore for cells and battery packs. Bhago will inject another $12 million into the venture within two years, with the aim of reaching an installed production base of 1 GW. It will also launch advanced modular battery solutions that can be monitored and controlled in real time.
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