Exide Industries Ltd. announced that it has entered into a long-term technical collaboration agreement with SVOLT Energy Technology (China). As part of the agreement, SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India. Additionally, SVOLT will also provide the support required for setting up of a state-of-the art green field 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 finalising the land parcel for this facility, said a company statement. The company plans to set up a multi-gigawatt facility that will manufacture two cell chemistries and three cell formats.
Exide is one of the 10 companies which 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. The Letter of Award to select companies is expected to be issued soon. Notably, Exide has a JV with Switzerland based Leclanché SA called Nexcharge that provides lithium-ion battery packs for electric vehicle and stationary storage applications.
Mr. Subir Chakraborty, MD & CEO, said “Exide is excited to partner with SVOLT as this collaboration 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 VOLT’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 provide best-in-class batteries and energy storage solutions for automotive and industrial applications.“
About SVOLT Energy Technology
SVOLT developed from the Battery Unit of Great Wall Motors. In 2018, SVOLT completely separated from GWM and developed independently, and officially changed its name to SVOLT Energy Technology Co., Headquartered in Jiangsu province in China, SVOLT is engaged in the production and development of lithium-ion batteries and battery systems for electric vehicles as well as for energy storage. Its product portfolio includes battery materials, cells, modules, packs, and battery management systems as well as energy storage products. The company employs over 9,500 people with more than 3000 R&D team members and over 500 foreign and outsourced experts.
Subscribe & Stay Informed
Subscribe today for free and stay on top of latest developments in EV domain.