For manufacturing lithium-ion cell in India
Exide Industries has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. (SVOLT). 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 fairlyadvanced stage of discussions for finalising the land parcel for this facility. The company has 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.
SVOLT is a global high-tech company and is engaged in the business of production and development of lithium-ion batteries and battery systems for electric vehicles as well as for energy storage. SVOLT's comprehensive one-stop product portfolio includes battery materials, cells, modules, packs, and battery management systems as well as energy storage products. The company is headquartered in Jiangsu province in China and employs over 9,500 people with more than 3000 R&D team members and over 500 foreign and outsourced experts with an international vision of lithium-ion battery R&D and rich experience of mass production. SVOLT is focusing on growing its global footprint and is expanding capacities to meet the increasing demand for battery applications.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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