- There has been a joint investment of $3.7 million in the JV company
- The JV will also address various battery-related challenges like cost, energy density, lifecycle, charging time and safety
According to a report by Economic Times, Taiwanese electric vehicle (EV) maker Ahamani EV Tech has formed a joint venture (JV) with battery maker Renon India to produce battery packs for the Indian automobile market. The report also said that there has been a joint investment of $3.7 million in the JV company to build customised battery packs. The joint venture company is developing a battery factory in Surat with an initial capacity of 200 MWh per annum as per the report. The capacity will be expanded to 1GWh over the next few years.
The report also said that new joint venture aims to provide reliable and cutting-edge technology battery packs that will have higher lifecycle to automakers domestically. The joint venture will also address various battery-related challenges like cost, energy density, lifecycle, charging time and safety. It will also work towards stable supply capacity and create effective recycling structures.
Right time to enter Indian market
The report said that T.C. Kung, CEO, Ahamani said that the company has been developing battery packs since last 20 years for various EV applications and this time is suitable for the company to position itself as reliable and heavy-duty battery packs for the Indian market. As per the report, Vineet Mittal, director, Renon India said that the company sees two and three-wheelers to be the first ones to transform to electric. He added that Ahamani is a good choice for teh joint venture for manufacturing reliable and high-tech lithium batteries for electric vehicles.