Exide Industries invests $12 million in lithium-ion plant
The 12-gigawatt manufacturing plant will focus on the manufacturing and sale of lithium-ion battery cells, modules and packs, with an eye on India’s growing EV and stationary energy storage markets.
Indian storage battery company Exide Industries has announced a fresh ₹1 billion (USD 12 million) infusion in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), to speed up the construction of a greenfield facility in Bengaluru.
The 12-gigawatt lithium-ion cell manufacturing plant in South India will focus on the manufacturing and sale of lithium-ion battery cells, modules and packs, with an eye on India’s growing EV and stationary energy storage markets.
This investment takes Exide’s total investment in EESL to ₹28.52 billion (USD 340 million) and marks the second ₹1 billion investment in recent months.
EESL, which was incorporated in March 2022, reported a turnover of ₹2.39 billion for fiscal 2024, more than doubling its revenue from the previous year’s ₹1.12 billion.
In April, Hyundai Motor Company and Kia Corporation entered into an agreement with Exide Energy to localize EV battery production.
Exide Industries, a major player in the Indian lead-acid battery market, is expanding its focus to include lithium-ion technology.
It posted a net profit of ₹2.8 billion for the June quarter and revenue of ₹43.1 billion.