Exide announces technical collaboration with Chinese battery manufacturerEXIDEIND - 142 Change: -3.00 (-2.07 %)
News: Exide, in a regulatory filing informed the exchange about its long-term technical collaboration with SVOLT Energy Technology (China) for lithium-ion cell manufacturing. As part of the agreement, SVOLT will grant Exide an irrevocable right and license to use 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 to set up a greenfield manufacturing plant on a turnkey basis. The company also notified that it is in fairly advanced stages of discussions for finalising the land parcel for this facility and has also applied under PLI scheme on Advanced Chemistry Cell (ACC).
Views: Such a development comes as a positive news for the company as SVOLT has capabilities across battery materials, cells, modules, packs and battery management systems for automobile as well as energy storage applications. It is known for developing cobalt-free Li-on battery for mobility solutions. SVOLT aims to achieve a production capacity to ~200 GWh by 2025. SVOLT is a sister concern of Great Wall Motors, which has a prominent presence across the battery electric space in the passenger vehicle category.