Exide Industries has reached an agreement with Chinese company SVOLT Energy Technology Co. Ltd. for a multi-year technological partnership (SVOLT) to make lithium-ion batteries for electric vehicles (EVs).
SVOLT will grant Exide an irrevocable right and licence to use, exploit, and commercialise relevant technology and know-how for lithium-ion cell manufacturing in India as part of the agreement.
Additionally, SVOLT will provide full support for forming a state-of-the-art greenfield manufacturing plant. Exide has established a Special Purpose Vehicle (SPV) as a wholly-owned subsidiary to carry out the lithium-ion cell manufacturing activity. It is in the final stages of negotiations to finalise the land parcel for this facility.
Exide took part in the Ministry of Heavy Industries' Production-Linked Incentives (PLI) Scheme for the National Programme on Advanced Chemistry Cell (ACC) Battery Storage.
On December 21, 2021, the company’s board gave its in-principle approval to set up a multi-gigawatt lithium-ion cell manufacturing facility in the country.
Energy storage technologies for automotive and industrial applications will be the focus of the strategic relationship.
Lithium-ion batteries power EVs and account for almost 5o percent of the vehicle cost. As India pushes for EVs, the demand for batteries is expected to see a big rise.
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