Exide enters into multi-year technical collaboration with SVOLT for lithium-ion cell manufacturing
It is currently trading near its day’s high at Rs 153.55 on NSE.
Exide Industries Ltd (Exide) has announced that it has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd (SVOLT).
As part of the agreement, SVOLT will grant Exide an irrevocable right and licence to use, exploit as well as commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India. Additionally, SVOLT will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant on a turnkey basis.
Exide is in the process of forming a special purpose vehicle (SPV) by way of a wholly-owned subsidiary for carrying out the said lithium-ion cell manufacturing business. It is in a fairly advanced stage of discussions for finalising the land parcel for this facility. The company has participated in the production-linked incentives (PLI) scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage, issued by the Ministry of Heavy Industries.
SVOLT, a global high-tech company, is engaged in the business of production as well as the development of lithium-ion batteries & battery systems for electric vehicles and also, for energy storage. The company is headquartered in Jiangsu province in China.
The stock of Exide Industries has jumped over 3.5 per cent and it is currently trading near its day’s high at Rs 153.55 on NSE.