Amara Raja signs agreement with GIB EnergyX for lithium-ion battery technology - Hindustan Times

Amara Raja signs agreement with GIB EnergyX for lithium-ion battery technology

Jun 24, 2024 08:55 PM IST

Amara Raja holding a 35% market share of India's battery manufacturing, signs lithium-ion battery technology pact.

Amara Raja Advanced Cell Technologies Pvt Ltd on Monday said it has signed a licensing agreement with GIB EnergyX Slovakia s.r.o., for lithium-ion cells technology.


Also Read | 18 Chinese among 22 dead in lithium battery plant fire in South Korea

The details

As part of the agreement, GIB EnergyX, a subsidiary of Gotion High-Tech Co Ltd, will license Gotion's 'LFP (lithium iron phosphate) technology' for lithium-ion cells to Amara Raja Advanced Cell Technologies (ARACT), a wholly-owned arm of Amara Raja Energy & Mobility Ltd (ARE&M), the company said in a statement.

"This comprehensive agreement enables Amara Raja to manufacture world-class LFP cells in both cylindrical and prismatic form factors," it added.

The scope of licensing provides access to cell technology IP, support in establishing gigafactory facilities conforming to the latest generation process technologies, integration with Gotion's global supply chain network for critical battery materials, and customer technical support for solution deployment, the statement said.

Also Read | Car battery makers to fight EU cartel charges at hearing next week, sources say

Why India?

"We firmly believe that India will be one of the fastest growing EV markets and that Gotion's globally proven technology coupled with our three decades of expertise in the energy and mobility space will be a winning combination," ARE&M Chairman & Managing Director, Jayadev Galla said.

GIB EnergyX Chairman and Gotion HighTech Co Director, Steven Cai said the partnership with Amara Raja should significantly benefit Indian customers in their energy transition journey.

"India is an exciting market with significant growth potential, and we deeply appreciate Amara Raja's corporate values, success in the Indian market with energy storage products and the strong customer relationships they have built over the years," he added.

Also Read | Saudi Arabia set on securing lithium for EV ambitions

The background

Gotion has built a strong competitive position with its product technology and gigafactory manufacturing expertise over the years and continues to offer innovative solutions across the new energy value chain, Cai said.

Amara Raja and Gotion are both shareholders and board members of InoBat, an emerging lithium battery technology company in Slovakia, tackling advanced applications such as electric aviation and developing a robust 'Cradle to Cradle' ecosystem of battery value chain, the statement said.

GIB is a joint venture between Gotion High-tech and InoBat. It has recently signed an investment agreement with the Slovak government for the development of the first LFP battery gigafactory in the country.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

Share this article
Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Friday, July 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On