Exide Industries to collaborate with SVOLT for lithium-ion cell manufacturing
Exide Industries has signed a long-term technical collaboration agreement with SVOLT Energy Technology Co. Ltd (SVOLT) of China. As per the agreement, SVOLT will grant Exide an irrevocable license to use, exploit and commercialize necessary technology and know-how owned by them for lithium-ion cell manufacturing in India.
Further, SVOLT will also provide the required support for setting up a state-of-the-art greenfield manufacturing plant on a turnkey basis. As a spin-off of the Chinese carmaker Great Wall Motors, SVOLT produces lithium-ion batteries and battery systems for EVs and energy storage targeting international markets.
The company's comprehensive one-stop product portfolio includes battery materials, cells, modules, packs, BMS, and energy storage systems. SVOLT is currently focusing on growing its global footprint and is expanding its capacities to meet the increasing demand for battery applications.
Commenting on the development, Subir Chakraborty, MD and CEO of Exide Industries, 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 SVOLT'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 providing best-in-class batteries and energy storage solutions for automotive and industrial applications", he added.
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 said to be in a fairly advanced stage of discussions for finalizing the land parcel for this facility.
It is to be noted that the company has participated in the recently notified Production-Linked Incentives (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage, issued by the Ministry of Heavy Industries.