Lucas TVS signs pact with 24M to build one of India’s first giga factories

A Tesla Gigafactory (Source: ShutterStock)

Lucas TVS, an automotive component maker, has signed a licence and services agreement with 24M Technologies of the US to build a factory in India to make products for the energy storage, electric mobility and lead acid battery replacement markets.

24M, based in Cambridge, Massachusetts, is a developer of next-generation lithium-ion battery technologies.

The plant, which will come up near Chennai, will be one of the first giga factories in India. It will use 24M’s SemiSolid platform technology.

A giga factory, a term said to be coined by Elon Musk, refers to a plant that produces batteries for electric vehicles on a gigantic scale.

Also Read: Everything you need to know about Gigafactories

The plant near Chennai is expected to start production in the second half of 2023. Its capacity will be increased to a globally competitive scale of 10 GWh in two stages. Lucas TVS plans to build additional such plants across the country.

24M’s SemiSolid platform, according to a company release, enables the production of a thicker electrode, increasing energy density and reducing materials cost. It reportedly offers a significantly simpler process flow, reducing capital costs substantially.

Lucas TVS plans to build products using different chemistries, in Pouch and Prismatic cell formats, with high energy density. It will also offer complete battery solutions.

“Lucas TVS believes in investing in the next-generation technologies, which is why we chose to partner with 24M,” TK Balaji, chairman of Lucas TVS, said in the statement.

Also Read: Reliance to build 4 giga factories, invest Rs 60,000 crore in green initiatives over 3 years: Mukesh Ambani

There was no mention of the investment being made in the project.

Lucas TVS produces components including starter motors, alternators, automotive motors and EV traction motors as well as controllers and sensors.