Electrovaya and Electrotherm India to Establish India’s First Lithium-Ion Polymer Battery Plant; Targeting Vehicles
Electrovaya has entered into a non-binding Memorandum of Understanding (MOU) with Electrotherm India to establish an Advanced Lithium SuperPolymer battery plant in India, with a capacity of up to 10 Megawatt hours per month.
The partners will establish a new joint venture company, with shared ownership between Electrotherm and Electrovaya, to manufacture battery packs for electric two-wheelers, three-wheelers and four-wheelers produced in India.
Electrotherm and Electrovaya will have the right to appoint the Managing Director and Chairman for the new Company on an alternate basis. The financial conditions of the arrangement include an initial payment by the new Company for Electrovaya’s technology and equity participation by Electrovaya, as well as a royalty fee based on production from the new battery plant.
Electrovaya will have the exclusive right to export batteries from this plant to overseas customers.
Electrotherm, the maker of the electric two-wheeler Yobyke, recently developed prototypes of electric three- and four-wheelers and hybrid-electric low-floor buses. (Earlier post.)