WardWizard to invest INR 650 cr. for advanced Li-ion cell manufacturing
The Gujarat-based electric two-wheeler company, WardWizard Innovations, and Mobility is reportedly arranging close to INR 650 crore investments for the manufacturing of Lithium-ion cells and associated infrastructure.
The company which makes e-2W under the brand "Joy e-bikes" had earlier announced its plan to set up the 1 GWh cell production plant at WardWizard's electric vehicle ancillary cluster in Vadodara, Gujarat, and announced a tie-up with Singapore-based renewable energy management consulting firm Sunkonnect. The collaboration is aimed at facilitating a feasibility study and identifying potential partners for the manufacturing of advanced lithium-ion battery cells in India.
The company plans to invest around Rs. 600-650 crore to come up with the required infrastructure over the next 18 months, said Yatin Gupte, MD, WardWizard Innovations and Mobility in a PTI report.
"The likely investment for setting up the R&D lab and the assembly plant would cost between Rs. 75-125 crore. Similarly, Rs. 450 crore would be required for acquiring raw materials and machinery," Gupte added.
The R&D Lab and the assembly line is expected to come up within the next six months to process cylindrical and pouch cells imported from Korea as a part of the first phase of the planned development.
Gupte noted, that after a year, once the machinery is procured, WardWizard will commence its own production unit of advanced cell manufacturing in the next 18 months. Of the cells produced at the facility, WardWizard will retain 60-70 percent of cell production for its own range of products and offer the rest in the open market.
Sunkonnect will be supporting the company in procuring machinery, raw materials, and setting up the lab, Gupte confirmed.
The company also plans to launch an electric passenger wheeler model by July end.
In January this year, WardWizard announced its plan of launching four new high-speed electric scooters and entering the electric three-wheeler segment. The company's target is to reach 1.2 lakh units of e-2W sales in 2022, up from 19,000 in 2021.