Exide Industries and SVOLT Energy Technology Co. Ltd. of China have agreed to a multi-year technological partnership (SVOLT) to develop lithium-ion batteries for electric vehicles (EVs).
As part of the deal, SVOLT will grant Exide an irrevocable right and license to use, exploit, and commercialize applicable lithium-ion cell manufacturing technology and know-how in India.
SVOLT will also provide full support for the establishment of a state-of-the-art greenfield manufacturing facility. To carry out the lithium-ion cell manufacturing operation, Exide has created a Special Purpose Vehicle (SPV) as a wholly-owned subsidiary. The property parcel for this project is currently being finalized through discussions.
Exide participated in the Production-Linked Incentives (PLI) Scheme of the Ministry of Heavy Industries for the National Programme on Advanced Chemistry Cell (ACC) Battery Storage.
