 "Electric vehicles")
Electric vehicle maker Simple Energy has inked an initial pact with the US-based battery technology firm C4V (Charge CCCV) for cell manufacturing in India, the company said on Wednesday.
The Bengaluru-based energy startup had launched its first e-scooter Simple One mid-August last year. It has, however, not yet commenced the deliveries of its maiden offering.
Lithium-ion battery cells are the central unit of any electric vehicle (EV).
Simple Energy is leading the domestic EV industry by vertically integrating the entire value chain. As part of this, the company has signed a Memorandum of Understanding (MoU) with C4V for setting up a Lithium-ion cell manufacturing ecosystem in India, it said.
In addition to the build-in India initiative, this strategic partnership utilizes cells with industry-leading safety, higher energy density than LFP (Lithium Ferro Phosphate) batteries, faster charging, and longer life cycle based on C4V's patented technology, Simple Energy said.
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C4V is currently in the final stages of commissioning its iM3NY Gigafactory in upstate New York and is looking to commence production in the next few months, as per the release.
"By partnering with C4V, we will consolidate cell supply, which is a vital component for us. This strategy also makes us more self-reliant and reduces our dependency on imports," said Shreshth Mishra, Co-Founder, Simple Energy.
C4V continues its efforts to stabilize a comprehensive domestic supply chain in India, bringing along the most advanced Lithium-ion battery technology which powers Simple Energy's upcoming two-wheeler and four-wheeler, it said.
"C4V is looking forward to this strategic collaboration, thereby supporting the development of the EV industry in India," Kuldeep Gupta, Vice President (Strategic Partnership), C4V said.
Oil prices are skyrocketing and the heat is already being felt in the market, he said, adding, "Empowering local manufacturing will not only reduce the burden of import duties but also ensure the timely supply of quality batteries in the EV space boosting the confidence of Original Equipment Manufacturers (OEMs) in the electric mobility market.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
