Advik Hi-Tech, the leading Tier-1 auto component supplier, unveiled an expansive portfolio of its latest technology solutions spanning across ICE, Electric Vehicles, CNG and Hydrogen fuel segments at the 16th edition of the Auto Components Expo in Delhi.
As the company transitions from a component manufacturer to an end-to-end systems solution provider, it has outlined its growth strategy for 2025 to double its growth in the next three years. Advik has earmarked a capex of about ₹ 500 crore rupees to meet its expansion requirements for product and capacity development over the next three years.
Together with its tech partner H2X Global, Ltd., the Australian vehicle and H2 powered products manufacturer, Advik introduced their patented hydrogen fuel cell power generators to help advance the hydrogen projects in India and global markets.
The company has said that the the initial focus for application of this product is on stationary power generation in cities like Delhi, thanks to its zero-emission and noiseless credentials. Later, the product technology will be extended to the truck, bus, and light commercial vehicles segments as well.
Speaking on the occasion, Aditya Bhartia, Managing Director, Advik Group of Companies said, "Our technology showcase at the Expo is the next step on our vision of becoming a leading solutions provider for the evolving multi-fuel market both in India and globally. With all our products being manufactured in India, it underlines our responsibility to drive the industry and further the Government of India's mandate for Atmanirbhar Bharat. With Advik being selected for PLI, it is a testament to our commitment to adopt and indigenize leading global technologies for the Indian market".
Building on the strong expertise of Advik in technology component development and the global experience of H2X with over 22 million km of distance covered by vehicles with their hydrogen systems to date, the JV will further expand their footprint in the European and Asian markets. Production is expected to commence by the middle of 2023, and the products will be marketed under the H2X brand, according to Advik.
Brendan Norman, CEO of H2X, who joined Advik for the exhibition said, "The opportunity to expand our company using India, a trusted partner recently recognized by the Australia-India Free Trade Pact, and a world leader in technological advancement, together with Advik Hi-Tech which is a company over the past 24 months we have seen offer top of the world quality and precision and acts with total grace and class is an amazing chance for us to grow our business strongly into the future. Through the course of the exhibition we have met with several OEMs and have seen significant interest in the hydrogen space and the cooperation with Advik and we see a number of opportunities to work together with these".
The Advik-H2X collaboration will also undertake the application of Methanol fuel cells, providing another clean alternative to hydrogen in certain products, ensuring full capacity utilization of the fuel cell division of the company.