Ankit Sharma

Exide Industries Plans Rs 1,000 Crore Investment in Lithium-Ion Cell Manufacturing for FY25 Exide Industries Ltd. has announced a significant investment of approximately Rs 1,000 crore in Lithium-Ion Investment manufacturing for FY25, Exide Energy Solutions Ltd (EESL), during the current financial year. This substantial investment is part of a broader Rs 5,000 crore allocation for the first phase of a lithium-ion cell manufacturing project. EESL, which was established in 2022, represents a strategic move by Exide to venture into the burgeoning lithium-ion cell business, capitalizing on the increasing demand for electric vehicle (EV) batteries. The company is in the process of setting up a giga plant in Bengaluru with a total capacity of 12 GWh. The first phase, which encompasses 6 GWh, is anticipated to be completed by 2025. So far, Exide has already invested Rs 2,300 crore in the lithium-ion cells business, including previous investments in EESL and a pack and module-making unit. The funding for this extensive project is sourced through internal accruals and loan financing, underscoring Exide’s commitment to advancing its capabilities in the energy solutions sector. Expansion of Lithium-Ion Manufacturing Capabilities The 6 GWh capacity for the first phase will be split equally between Nickel Manganese Cobalt (NMC) batteries and Lithium Iron Phosphate (LFP) batteries, catering to diverse market needs. EESL employs over 300 professionals who are engaged in various key functions such as sales, manufacturing, R&D, IT, and finance. In addition to the Bengaluru plant, EESL operates a lithium-ion pack and module facility in Prantij, Gujarat, which has a capacity of 1.5 GWh. This facility further strengthens Exide’s position in the lithium-ion battery market. Exide Industries has formed a strategic partnership with China-based SVOLT Energy Technology Co Ltd, a leading developer and manufacturer of lithium-ion batteries and storage solutions. This partnership grants Exide the rights to utilize and commercialize SVOLT’s advanced technology and know-how, thereby enhancing its manufacturing processes and product offerings. Strategic Partnerships and Future Prospects Recently, Exide has also entered into an agreement with South Korean automakers Hyundai Motor Co and Kia Corp. This collaboration aims to supply locally produced LFP batteries for their future electric vehicles in the Indian market, showcasing Exide’s role in supporting the EV revolution in India. By aligning with major automotive players, Exide is positioning itself as a key supplier in the rapidly growing electric mobility sector. Key Takeaway: Exide Industries is making a significant investment to bolster its local manufacturing capabilities in the lithium-ion battery sector. This move is aimed at meeting the rising demand for electric vehicle batteries in India, supported by strategic partnerships and advanced technological collaborations. Join All India EV Community Click here for more such informative insights

Recyclekaro Among Four Lithium-Ion Battery Recyclers Registered on India’s EPR Portal for Battery recycling Recyclekaro, an e-waste and lithium-ion battery recycling company, has recently been registered on India’s Extended Producer Responsibility (EPR) portal for e-waste recycling. This significant development aligns Recyclekaro with other leading recyclers such as Lohum Cleantech, Attero, and LICO Materials, reflecting a robust commitment to sustainable e-waste management. The registration on the EPR portal marks a milestone in promoting efficient and responsible recycling practices in India, contributing to the broader goals of environmental sustainability. What are the EPR Portal and CPCB? The Extended Producer Responsibility (EPR) portal, managed by the Central Pollution Control Board (CPCB), is a crucial component in India’s strategy to manage e-waste. The portal is designed to connect manufacturers with certified recyclers, thereby centralizing the tracking of e-waste and streamlining the recycling processes. By providing financial incentives, the portal encourages companies to adhere to regulatory compliance and engage in sustainable practices. Additionally, the EPR portal enhances data collection on e-waste management, facilitating better policy-making and fostering innovation in recycling technologies. The Central Pollution Control Board (CPCB) plays a pivotal role in overseeing the EPR portal. It ensures that all stakeholders, including manufacturers, importers, and recyclers, comply with the established guidelines. The CPCB’s involvement guarantees that the recycling processes are conducted in an environmentally sound manner, promoting a circular economy and reducing the ecological footprint of e-waste. India’s E-Waste Statistics India is one of the largest producers of e-waste globally, generating approximately 1.71 million metric tons annually. This staggering volume of e-waste poses significant environmental and health risks if not managed properly. Despite the large quantity of e-waste generated, only about 40% was recycled last year. This low recycling rate underscores the urgent need for effective recycling infrastructure and policies. Recyclekaro’s Role As one of the four registered recyclers on the EPR portal, Recyclekaro plays a crucial role in enhancing accountability, traceability, and transparency in lithium-ion battery recycling. This registration ensures that Recyclekaro meets stringent regulatory standards and can be trusted to handle e-waste responsibly. By being part of the EPR portal, Recyclekaro contributes to a more organized and efficient recycling ecosystem. Rajesh Gupta, Founder & Director of Recyclekaro, highlighted that being among the four registered recyclers for end-to-end lithium-ion battery recycling is a significant achievement. This recognition strengthens Recyclekaro’s position in the industry and supports its mission to promote sustainable and responsible recycling practices. Recyclekaro is known for its high metal extraction efficiency, which minimizes waste and maximizes the recovery of valuable materials from used batteries. Expansion and Growth Recyclekaro’s registration on the EPR portal is just the beginning of its growth plans. The company is set to double its recycling capacity in the next fiscal year, leveraging its expertise in high metal extraction efficiency. This expansion will enable Recyclekaro to process more e-waste, contributing significantly to India’s recycling infrastructure and helping to meet the country’s sustainability targets. The inclusion of Recyclekaro in the EPR portal is a significant step towards enhancing India’s e-waste recycling infrastructure. This move supports the country’s goals of improving environmental sustainability through better management and recycling of lithium-ion batteries. As more companies follow Recyclekaro’s lead, the overall capacity and efficiency of India’s recycling industry are expected to improve, resulting in a cleaner and more sustainable environment. Moving ahead… Recyclekaro’s registration on India’s EPR portal is a landmark achievement that underscores the company’s commitment to sustainable and responsible recycling practices. By aligning with other leading recyclers and adhering to the Battery Waste Management Rules, Recyclekaro is playing a pivotal role in enhancing India’s e-waste recycling infrastructure. This development not only strengthens Recyclekaro’s position in the industry but also supports India’s broader environmental sustainability goals. As the country continues to generate significant volumes of e-waste, the efforts of companies like Recyclekaro will be crucial in ensuring that this waste is managed and recycled in an environmentally sound manner. Join All India EV Community Click here for more such informative insights

Neuron Energy and Hexall Motors Collaborate on Innovative L5 EVs Neuron Energy, a prominent manufacturer of lithium-ion batteries for electric two-wheelers and three-wheelers, has entered into a significant partnership with Hexall Motors, an emerging innovator in the electric vehicle (EV) industry. As part of this collaboration, Neuron Energy will supply 1000 custom-designed battery packs to Hexall Motors over the next year, beginning in June 2024. This strategic alliance is projected to generate annual revenue of INR 20 crore for Neuron Energy. The battery packs, designed specifically for light commercial vehicles (LCVs), are 16 KWR fast charging high-speed units. These advanced battery systems are engineered to meet the unique requirements of Hexall Motors’ pioneering L5 category vehicle, which features a patented double front wheel design. This innovative design, approved by the Automotive Research Association of India (ARAI), is the first of its kind in the world and is set to debut in the Delhi NCR region. Neuron Energy’s CEO and co-founder, Pratik Kamdar, expressed enthusiasm about the partnership, highlighting the importance of their advanced battery technology in providing the necessary power and reliability for Hexall’s new EVs. Devesh Parekh, co-founder of Hexall Motors, emphasized the critical role of robust energy storage systems and battery packs, which constitute nearly half the cost of electric vehicles and are vital for overall performance. Parekh noted that their vehicles’ unique configurations required specially tailored battery packs with advanced Battery Management Systems (BMS), high-speed charging, and extended range. Hexall Motors’ new vehicle offers substantial cargo volume, making it an ideal choice for last-mile delivery companies, especially those transporting electronic goods and oversized cargo. With a container depth of 8.5 feet, it stands out as one of the largest in its segment. The double front wheel design not only enhances stability but also provides a safer and more reliable option for urban transportation. This partnership underscores Neuron Energy’s leadership in providing cutting-edge battery solutions and Hexall Motors’ commitment to innovation in the EV sector. Together, they are paving the way for future growth and expansion in the electric vehicle market. Join All India EV Community Click here for more such informative insights

Zypp Electric Secures $15M Series C Funding Led by ENEOS Zypp Electric, a leading tech-enabled EV-as-a-service platform, has successfully raised USD 15 million in a Series C funding round led by the Japanese company ENEOS. This funding round included participation from existing investors such as 9 unicorns, IAN Fund, Venture Catalysts, WFC, and others. The USD 15 million equity closure is part of an ongoing USD 50 million round, which is divided into USD 40 million equity and USD 10 million debt. The funds will be utilized to expand Zypp’s fleet from 21,000 to 200,000 electric scooters and extend its services to 15 cities across India by 2026. Akash Gupta, co-founder and CEO of Zypp Electric, emphasized that securing this funding is a pivotal moment for the company and a strong validation amid the current funding environment. This investment will propel Zypp’s mission to revolutionize last-mile delivery with sustainable EV solutions. The funds will help enhance their tech platform, drive significant growth across India, and move towards EBITDA profitability. Zypp Electric has already made notable strides in the market, registering a revenue of INR 325 crore in FY23-24 and launching operations in Mumbai and Hyderabad. The company has completed over 50 million shipment deliveries via electric vehicles between January 2023 and March 2024. Additionally, Zypp is entering the three-wheeler cargo business, planning to incorporate over 1000 electric L5 loaders in its fleet, thereby catering to a broader range of business needs and maximizing revenue streams, including advertising opportunities on E3W vehicles. The company has formed key partnerships with major players such as BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart. ENEOS, the leading investor in this round, recognized Zypp’s competitiveness and pioneering role in the EV motorcycle delivery market, particularly in the rapidly growing last-mile delivery sector in urban India. This strategic investment by ENEOS underscores its commitment to supporting innovative and sustainable transportation solutions. Overall, Zypp Electric’s successful USD 15 million Series C funding round, led by ENEOS, will significantly bolster its fleet and service expansion, reinforcing its mission to provide sustainable last-mile delivery solutions across India. Join All India EV Community Click here for more such informative insights

EXEDY Invests in Omega Seiki for Advanced EV Development EXEDY Co., Ltd., a leading Japanese automotive drivetrain company, has announced a strategic investment in OMEGA SEIKI Pvt. Ltd., an Indian firm renowned for its electric mobility solutions. This collaboration is set to develop a cutting-edge electric vehicle (EV) incorporating EXEDY’s proprietary electric drive unit technology, which includes an advanced motor and a continuously variable transmission (CVT) system. The investment in OMEGA SEIKI reflects EXEDY’s intention to capitalize on India’s rapid economic growth, advantageous demographics, and supportive government policies promoting industrial development and infrastructure enhancement. India’s proactive pursuit of electrification aims to address significant challenges such as air pollution and fossil fuel dependence.  This aligns with EXEDY’s mission to contribute to a decarbonized society, making the country an ideal environment for its innovative drivetrain technology. The partnership between EXEDY and OMEGA SEIKI is expected to accelerate the development of high-efficiency EVs in India, leveraging EXEDY’s technological expertise and OMEGA SEIKI’s market presence. This move is anticipated to set new standards in the electric mobility sector, fostering sustainable transportation solutions. As part of their industry engagement, EXEDY and OMEGA SEIKI will also participate in the Electricon 2024 event in Delhi on July 12, 2024, which focuses on the EV charging business and infrastructure development. This partnership marks a significant step towards advancing electric vehicle technology and promoting environmental sustainability in India. About Omega Seiki and Exedy Co.  EXEDY Co., Ltd., headquartered in Osaka, Japan, is globally recognized for its high-performance drivetrain components. The company has a rich history of innovation, producing a wide range of automotive parts, including clutches, torque converters, and other drivetrain components used in both conventional and electric vehicles. EXEDY’s commitment to quality and technological advancement has positioned it as a leader in the automotive industry, catering to major automakers worldwide. OMEGA SEIKI Pvt. Ltd., based in India, is a dynamic company specializing in the development and manufacturing of electric mobility solutions. Known for its innovative approach, OMEGA SEIKI focuses on creating sustainable and efficient transportation options. The company has gained a reputation for its electric three-wheelers and cargo vehicles, which are designed to meet the growing demand for eco-friendly urban mobility. With a strong emphasis on research and development, OMEGA SEIKI aims to drive the future of electric mobility in India and beyond. (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

Zevo India Aims for 50% Solar-Powered EVs in Logistics by End of FY25 Zevo India, a three-year-old start-up, is set to transform the logistics and mobility sector with its innovative and sustainable transportation solutions. By leveraging advanced technology, Zevo India aims to provide electric logistics and supply chain solutions across two-wheeler, three-wheeler, and four-wheeler modes of transport. Solar-Powered Fleet: A Step Towards Sustainability In a bid to reduce the environmental impact and operating costs, Zevo India plans to charge its electric fleet using solar energy. Solar-powered vehicles, as the name suggests, are electric vehicles charged through solar power, directly converting sunlight into electrical energy. This not only decreases the vehicle’s running costs but also promotes a greener environment. “We are planning that 50% of our facilities this year will be solar-powered, and by next year, all new facilities will be 100% solar-powered,” stated Dhruv Bhatia, Co-founder and COO of Zevo India. The start-up is currently working on its first solar-powered charging facility in Delhi, with plans to expand to other metropolitan cities in the coming months. Expanding Client Portfolio and Strategic Partnerships Zevo India’s current client portfolio includes major names such as Flipkart, Zomato, Blinkit, and Uber. Looking ahead, the company plans to sign new partnerships with leading companies like Maersk, Kuehne+Nagel, Mars, Transagile, Shadowfax, and Delhivery for FY24-2025. These new tie-ups reflect Zevo’s commitment to bringing technologically advanced vehicles to the Indian market. Technological Innovations and Fleet Management Zevo India is also exploring the potential of temperature-controlled refrigerated electric vehicles (REVs) to cater to the specific needs of sectors like pharmaceuticals and food & beverage. In December, the company announced its collaboration with Macphy to provide temperature-controlled last-mile fleet services. “We are expecting an order for more than 2,000 vehicles,” Bhatia revealed to ETAuto. To enhance fleet management and safety standards, Zevo India is utilizing the latest technology for vehicle analytics and monitoring. This approach helps both fleet operators and the company understand fleet operating behavior better. “We are in talks with two to three AI companies to integrate higher safety features like ADAS into our fleet,” Bhatia added. “I think fleet utilization, maintenance, and understanding will improve significantly in the coming months.” Fundraising Efforts and Revenue Expectations Zevo India is in the process of fundraising to expand its fleet size, although Bhatia chose to keep the specifics confidential until the paperwork is completed. The company is optimistic about its revenue prospects for the current financial year, aiming for 10,000 vehicles and an annual run rate of INR 250 crore. “We have already achieved INR 5-6 crore in business this financial year, which matches our revenue for FY24,” Bhatia noted. “We have a large order book to cater to, raising our expectations for this financial year.” Zevo India is on a mission to revolutionize the logistics and mobility sector with its sustainable and technologically advanced solutions. By focusing on solar-powered vehicles and cutting-edge technology, the start-up is set to make a significant impact on the Indian market, ensuring a greener and more efficient future for logistics and supply chain operations. Content Credit: ET Auto (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

India and Sri Lanka Engage in Talks Over Acquisition of Critical Graphite Mines India and Sri Lanka are presently holding talks to acquire graphite mines, underscoring the growing need for this vital mineral that is necessary for producing anodes for lithium-ion and other battery types. As part of its plan to guarantee a consistent supply of essential minerals, the Indian government is in the initial stages of negotiations with the Sri Lankan government to purchase premium graphite mines situated in the island nation. The Indian government recognized graphite as one of the 30 essential minerals last year, highlighting its importance in the nation’s efforts to improve its capacity for producing batteries. This action is a component of a larger plan in which public sector organizations, including ONGC Videsh Ltd (OVL), Coal India, and NMDC, plan to actively search for vital mineral assets abroad. Along with other public sector businesses, the state-owned Oil and Natural Gas Corporation’s international investment arm, OVL, already has a presence abroad. Apart from graphite, India is also investigating joint ventures with Chile to obtain essential mineral resources such as copper and lithium. The development of sustainable energy technology, such as electric vehicles, electrical networks, and wind turbines, depends heavily on these minerals. The emphasis on copper, lithium, nickel, and cobalt is indicative of India’s determination to assist the world’s shift to renewable energy sources. Another strategic attempt by India to obtain mineral assets overseas is Khanij Bidesh India Ltd (KABIL), a joint venture founded by National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL), and Mineral Exploration and Consultancy Ltd (MECL). KABIL, which is owned by three significant public sector firms, is tasked with searching for mineral resources abroad. This underscores India’s aggressive measures to strengthen its mineral security. India is making strategic attempts to capture vital minerals that are crucial for the country’s energy transformation ambitions. Examples of these efforts include the pursuit of graphite mines in Sri Lanka and partnerships for accessing copper and lithium assets. As these talks develop, they represent a major step in strengthening India’s standing in the international clean energy arena. (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

India’s New Electric Vehicle Policy Expected to Attract Major Global Players The Indian government has set its sights on attracting major automobile companies to its electric vehicle (EV) sector through a new policy unveiled in March. This ambitious move is part of a broader strategy to position India as a global hub for EV manufacturing. Rajesh Kumar Singh, the Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), expressed optimism about the policy’s potential to draw interest from several global players, including the renowned U.S.-based EV manufacturer, Tesla. Singh shared these insights at the annual business summit organized by the Confederation of Indian Industry (CII). He highlighted that while Tesla is often the focus of discussions, the government expects numerous responses from various companies to this forward-thinking policy. Approved on March 15, the policy introduces a series of tariff adjustments designed to encourage EV manufacturers to set up operations in India without incurring additional costs. Key Provisions of the EV Policy Under the new policy, companies that invest a minimum of USD 500 million to establish manufacturing units in India will be eligible for significant duty concessions. These companies will have a three-year window to set up their manufacturing facilities and start commercial production of electric vehicles. Furthermore, they must achieve a domestic value addition (DVA) of 50% within five years. A notable incentive is the reduced customs duty on imported vehicles. Companies establishing EV manufacturing units in India can import a limited number of completely built units (CBUs) at a reduced customs duty of 15% on vehicles priced at USD 35,000 and above. This concession is valid for five years from the date of the government’s approval letter. Currently, CBUs imported into India are subject to customs duties ranging from 70% to 100%, depending on the engine size and the cost, insurance, and freight (CIF) value of the vehicle. Encouraging Domestic Manufacturing and Investment The policy’s primary aim is to transform India into a significant player in the global EV market by fostering domestic manufacturing and attracting investments from leading global EV manufacturers. The government has already secured investment commitments in the tire sector from two major multinational companies. Singh revealed that these companies approached the government with requests to import certain products that were on a restrictive list. In response, the government agreed to allow these imports, provided the companies committed to manufacturing those product lines in India. After receiving these commitments, the government granted the necessary relaxations. India has implemented compulsory quality control standards for specific types of tires and included some in the licensing list to promote domestic manufacturing. Singh emphasized that such measures, along with prudent use of tariff and non-tariff policies, can help achieve the goals outlined under the production-linked incentive (PLI) scheme for investments. Free Trade Agreements and Future Trade Policies Singh also discussed the free trade agreement (FTA) between India and the European Free Trade Association (EFTA), which was signed in March. This agreement, involving Iceland, Liechtenstein, Norway, and Switzerland, includes significant investment commitments. India has secured an investment commitment of USD 100 billion over 15 years from this agreement, which also allows for lower or zero duties on various products, including Swiss watches, chocolates, and cut and polished diamonds. Singh noted that several FTA negotiations are currently underway, and he anticipates a more open stance from India regarding these agreements. He advised the industry to prepare for a future with reduced tariff and customs duties, while also addressing any distortions and inversions in the tax regime that affect the competitiveness of Indian industries. The inverted duty structure, where inputs are taxed at higher rates than finished products, can lead to accumulated credits and increased costs, impacting the export abilities of Indian manufacturers. To address these issues, DPIIT is conducting a cross-sectoral study aimed at rationalizing the duty structure through the GST Council and the finance ministry. The goal is to remove these inversions and improve the competitiveness of India’s manufacturing sector. Conclusion India’s new electric vehicle policy represents a significant step towards establishing the country as a global manufacturing hub for electric vehicles. With attractive incentives and a focus on promoting domestic manufacturing, the government is confident in its ability to draw interest from major global players. As the policy begins to take effect, India is poised to become a key player in the global EV market, driving innovation and investment in this rapidly growing sector. (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights