Greenfuel Energy Solutions plans to incorporate noco-noco’s separator technology into its electric vehicle (EV) batteries, aiming to improve their performance, efficiency, and lifespan.
Decarbonisation solutions provider Noco-noco, a subsidiary of Noco-noco Inc (listed on Nasdaq as “NCNC”), has formed an agreement with Greenfuel Energy Solutions. This Memorandum of Understanding (MOU) aims to revolutionize India’s clean electric mobility sector by incorporating advanced battery technology. Noco-noco’s innovative X-SEPA™ separator technology, known for significantly increasing the life of standard lithium-ion batteries, will be a key component of this partnership. Greenfuel Energy Solutions, an established Indian company in clean mobility and energy storage with 17 years of experience, will integrate this technology into their electric vehicle (EV) batteries, expecting to boost their performance, efficiency, and durability, thereby expanding opportunities in the battery services industry.
Per the MOU, noco-noco will supply Greenfuel with cells featuring X-SEPA™ technology. Greenfuel will then manufacture battery packs from these cells and oversee marketing and sales in India and Africa. The partnership targets various applications, including Drone as a Service (DaaS) and Battery as a Service (BaaS) for battery swapping solutions.
The collaboration will progress in stages, with noco-noco set to provide 3MWh of cells quarterly, a third of their projected 35MWh in-house production capacity, which is expected to start in 2024. This timeline coincides with noco-noco’s acquisition of noco-tech, the R&D company behind X-SEPA™.
Masataka Matsumura, CEO of noco-noco, comments that the partnership with Greenfuel positions noco-noco to capitalize on India’s emerging battery solutions market. The collaboration combines noco-noco’s advanced battery technology with Greenfuel’s expertise in the EV and clean energy sector, aiming for significant revenue growth in India’s booming e-mobility market. It aligns with noco-noco’s strategy to introduce clean electrification solutions to India and supports its mission to promote decarbonisation.
Akshay Kashyap, MD and Founder of Greenfuel Energy Solutions, expresses excitement about the partnership with noco-noco. This collaboration is expected to triple the lifespan of their two and three-wheeler lithium-ion batteries. The combination of this revolutionary technology and India-made battery packs is anticipated to reduce the total ownership cost of EVs, making them more affordable than internal combustion engine vehicles. Kashyap emphasizes this initiative’s alignment with their ‘Customer First’ approach and commitment to technological innovation in electric mobility.