Micromax Energy Targets 8 to 10 Per Cent Market Share Of The Lithium-Ion Battery

- Advertisement -
  • Micromax has planned an investment of around Rs 100 crore in Micromax Energy
  • The company claimed it has a capacity of manufacturing 250 batteries of 7.5 kilowatt hour per day

According to a report by Businessline, Micromax Energy, an independent firm and part of Micromax Group is aiming to acquire 8 to 10 per cent market share of the lithium-ion battery market in India by next year. The company manufactures lead batteries as well but presently it will be focusing on lithium-ion batteries as the market for electric vehicles is growing as per the report.

The report said that Sunil Bhatnagar, country head, energy division, Micromax Energy, told Businessline that this year has been the beginning of trials and in 2020 the company is targeting to get 8 to 10 per cent of the total market.

Investment of around Rs 100 crore

- Advertisement -

As per the report, Micromax has planned an investment of around Rs 100 crore in Micromax Energy. Out of this, Rs 22 crore has been already invested till now. Bhatnagar added that this investment has been mostly done on equipment and that the company is presently dependent on business- to- business (B2B) model. He added that the company will launch products commercially once the market for EVs flourishes.

Bhatnagar also said that the company has a capacity of manufacturing 250 batteries of 7.5 kilowatt hour per day. He added that presently, there is an utilisation of 25-30 per cent of the total capacity. As per him, working on the full capacity, Micromax Energy can easily capture 8-10 per cent of the market.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

IoT Core Service of Google Cloud to Shut Soon

0
In a major announcement by the tech giant, the core internet of things (IoT) services available under Google Cloud will be unplugged in August...

NIOT Introduces Roshni, a Saline-Water LED Lamp

0
A team of scientists at the National Institute of Ocean Technology (NIOT), Chennai have developed India’s first Saline Water Lantern, named Roshni. It is...

Motional’s Robotaxi Debuts in LA

0
Motional, a joint venture between Hyundai Motor Group and Aptiv has started the ride service of the free 'Robotaxi' Ioniq 5 in Las Vegas....

Exclusive

IoT Core Service of Google Cloud to Shut Soon

0
In a major announcement by the tech giant, the core internet of things (IoT) services available under Google Cloud will be unplugged in August...

NIOT Introduces Roshni, a Saline-Water LED Lamp

0
A team of scientists at the National Institute of Ocean Technology (NIOT), Chennai have developed India’s first Saline Water Lantern, named Roshni. It is...

Motional’s Robotaxi Debuts in LA

0
Motional, a joint venture between Hyundai Motor Group and Aptiv has started the ride service of the free 'Robotaxi' Ioniq 5 in Las Vegas....

Important Sectors

IoT Core Service of Google Cloud to Shut Soon

0
In a major announcement by the tech giant, the core internet of things (IoT) services available under Google Cloud will be unplugged in August...

NIOT Introduces Roshni, a Saline-Water LED Lamp

0
A team of scientists at the National Institute of Ocean Technology (NIOT), Chennai have developed India’s first Saline Water Lantern, named Roshni. It is...

Motional’s Robotaxi Debuts in LA

0
Motional, a joint venture between Hyundai Motor Group and Aptiv has started the ride service of the free 'Robotaxi' Ioniq 5 in Las Vegas....

Sterlite Tech’s Losses down QoQ, Revenue Up YoY

0
Sterlite Technologies recently published its financial performance results for Q1, FY 23. While it witnessed a 20.32% increase in the overall revenue on a...
Drone

First Drone School Destination in NE: Guwahati

0
In the pursuance of the ‘Act East’ policy and the aim to make India a drone tech hub, northeast India has got its first...

Manufacturing

I-Day Gift: Ola Electric Car in 2024!

0
Ola Electric, at an event on Monday, announced the launch of their first electric car by 2024. Though not much has been revealed about...

Indian Chip Industry to Cross $300 billion by 2026

0
As India gradually strides toward becoming Aatmanirbhar, a new report on the chip component industry avouch for this growth. The report of India Electronics...
EV

Volkswagen Testing ŠKODA EVs in India

0
German auto giant Volkswagen has begun to test some ŠKODA EVs in India. As per a senior official of the company, the step aims...

Mahindra To Launch Unveiled e-SUVs in 2024

0
On Monday, Indian auto-giant Mahindra & Mahindra (M&M) unveiled its five new electric sports utility vehicles (e-SUVs) --- XUV.e8, XUV.e9, BE.05, BE.07 and BE.09,...

US Aiming to Regain its Semiconductor Leadership

0
Semiconductors are now finding a rightful place in all areas such as national security, information technology, aerospace, and so forth. What is sad is...