Hero, Electrovaya Form JV to Build Indian Battery Plant
Hero Electric, 100 per cent subsidiary of Hero Group and the market leader in the electric two-wheeler category in India, on 8th December'09, has signed a Memorandum of Understanding (MoU) with the Canada-based battery maker, Electrovaya, to set up a joint venture company to manufacture lithium-ion batteries in the country. Apart from utilising these batteries for its own products, it will also be supplied to other domestic EV manufacturers. Hero Elctric has also ermarked d Saarc countries and Canada as key markets for the export of these batteries.The specifics of the deal will , however, be finalised in about a month's time.
It is to be mentioned that Electrovaya is a world leader in the design, development and manufacture of its proprietary Lithium Ion SuperPolymer® battery systems. Electrovaya's mission is to accelerate clean transportation as a commercial reality with its advanced power systems for all classes of zero-emission electric vehicles.
Commenting on the occasion, Naveen Munjal, managing director, Hero Electric said, “We have signed an MoU with Electrovaya today, which will ultimately become a JV, but it will take six weeks to decide everything about the new company. We will set up a manufacturing plant for lithium-ion batteries through this JV. The lead acid batteries have limitations like need for frequent re-charging, shorter lifespan and so on. In contrast, the lithium ion batteries have the potential to revolutionise the electric vehicle (EV) market," Munjal said.
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