Business Standard. India Hero Group subsidiary Hero Electric and Canada-based Electrovaya have signed a memorandum of understanding to form a joint venture for manufacturing lithium-ion batteries for electric vehicles. Details reportedly will be finalized within the next six weeks.
“We have today signed a MoU with Electrovaya for forming the JV in India. We will set up a manufacturing plant for lithium ion batteries in the country for both the domestic and export market,” Hero Electric Managing Director Naveen Munjal told reporters here.
Commenting on the JV, Electrovaya Chief Executive Officer Sankar Das Gupta said: “Electrovaya’s mission is to accelerate clean transportation as a commercial reality with its advanced power systems for all classes of zero-emission EVs. The JV with Hero Electric will certainly boost this effort in India.”
The Indian EV market is currently dominated by lead acid batteries.