Exide Industries, a leading storage battery manufacturer, anticipates completing the first phase of its 12-gigawatt green-field lithium-ion cell manufacturing plant in Bengaluru by the end of this financial year. The project is progressing according to schedule, the company reports.  Exide Energy Solutions (EESL), a subsidiary of the Kolkata-based Exide Industries, is in the final stages of establishing the lithium-ion cell manufacturing project. With India's electric vehicle (EV) market expanding rapidly, EESL signed a non-binding memorandum of understanding (MOU) with Hyundai Motor and Kia Corporation for strategic cooperation, as stated in Exide Industries' annual report for the financial year 2023-24.  EESL's scope includes producing, assembling, and commercialising battery modules and packs for both mobility and grid-based applications, addressing the growing demand for lithium-ion batteries and storage solutions.  

"Over 300 professionals are actively involved in various capacities to ensure the timely completion of the Bengaluru project. Efforts are underway to attract new customers and secure raw material suppliers, both domestically and internationally," said Avik Roy, MD & CEO.  Roy added, "Exide’s extensive legacy in the lead-acid battery sector has firmly positioned the company as a prominent player with a diversified product portfolio. Furthermore, Exide’s strategic foresight as an early entrant into the manufacturing of lithium-ion cells and batteries in India establishes our role as a versatile and forward-looking entity in the industry."  Exide began setting up the lithium-ion cell manufacturing plant in 2022. With a total capacity of 12GWh, the project is being built in two phases of 6GWh each. Upon completion, Exide is expected to become one of the leading players in the lithium-ion cell manufacturing space in India.  

Last fiscal year, Exide invested Rs 12.85 billion as equity into EESL. It has partnered with SVOLT Energy Technology, a leading global lithium-ion cell and battery manufacturing company, for technical expertise and turnkey project completion.  Electric vehicle sales in India have seen significant growth over the past two years. Two-wheeler manufacturers have initiated electric vehicle production, and four-wheeler automotive companies are preparing to scale up EV capacities in the next two to three years. This expansion presents a substantial opportunity for lithium-ion batteries within the automobile sector.

 (Source: Business Line)