Gurgaon-headquartered Napino Auto & Electronics on Tuesday it has inked a pact with US-based Farasis Energy to cater to the demand for lithium-ion battery packs for two and three-wheelers in the domestic market.
As per the Memorandum of Understanding (MoU), Napino and Farasis shall jointly develop the business in the Indian market, Napino Auto & Electronics said in a statement.
Farasis is one of the leading providers of high energy density lithium-ion battery cells and packs to automotive OEMs (original equipment manufacturers) globally and has end-to-end capability and expertise from cells to applications.
"Our partnership with Farasis Energy comes in at the right time with the government's push to promote faster adoption of EVs. The manufacturing of battery packs is an integral part of our e-mobility strategy," Napino Auto & Electronics CEO Naveen Kumar said.
"It is our aim to be a leading provider of safe, reliable and high energy battery packs for the Indian market and we are very optimistic about the success of our collaboration with Farasis Energy which will support us to localise lithium-ion battery pack technology for our customers," he added.
Farasis Energy Vice President of Sales and Marketing Thanh Nguyen said given the huge potential offered by the Indian market, the company foresees it becoming one of the largest e-mobility markets in the world.
"This strategic collaboration will enable us to access this fast growing market," he added.