Stalwart Advisors

Exide forms JV to build lithium-ion batteries

Exide Industries and Leclanché has announced the launch of a new exclusive joint venture to build lithium-ion batteries and energy storage solutions to power the growth of India’s electric vehicle market.

As part of the JV, Leclanché will provide access to its knowhow and intellectual property for lithium-ion cells, modules and battery management systems and Exide Industries will leverage its extensive sales network and brand. As a result of this unique combination, the JV is ideally positioned to be a leading provider of storage solutions for electric vehicles and energy storage applications in India and will also contribute to developing solutions to increase the amount of renewable energy that is used and reduce India’s dependence on fossil fuels.

The JV’s production plant will be based in Gujarat. Exide Industries, who are committed to setting up large-scale manufacturing of lithium-ion batteries, will be the majority shareholder with 74.99% stake and Leclanché will be the strategic minority shareholder of the JV holding the balance. A module and battery pack assembly line is expected to be operational by Q2 2019 and a lithium-ion cell production plant is expected to be in operation by mid 2020. In the intervening period, cells will be sourced from Leclanché’s plant in Willstätt, Germany.

The JV will focus on e-transport, stationary energy storage systems and speciality storage markets. In e-transport, the target segment is fleet vehicles including e-buses, e-wheelers and e-rickshaws.

About Leclanché
Headquartered in Switzerland, Leclanché SA is a leading provider of high quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. Leclanché is listed on the Swiss Stock Exchange (SIX:LECN).

See Complete Press Release Here:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/7b13541f-260d-43b2-a304-fd488a464ce8.pdf


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