Octillion Power Systems, the US-based manufacturer of advanced energy storage systems for electric vehicles (EVs) and power grids, has announced its foray into the fast-growing Indian market.
The company has set up an office in India with plans to establish an advanced EV battery manufacturing facility at an investment of $15 million. The new factory will be based in Pune, Maharashtra and is expected to add 500 new jobs in the next three years.
According to ET Auto, Octillion President Paul Beach said that the company is proud to participate in this effort as India embarks on the most ambitious electric vehicle adoption plan in the world. The new company will operate under the name Octillion Power Systems India Private Limited.
The new EV battery facility will have a production capacity of over 250 Megawatt Hour (MWH). The company has been operating in India since the past two years, working with major Original Equipment Manufacturers (OEMs) in a variety of market segments to establish the core technology required to drive India’s EV revolution.
Having worked in the market for a couple of years and going through Automotive Research Association of India (ARAI) and UL certifications, Octillion views local production and content for key components such as the battery as necessary to achieving target pricing and to providing timely and reliable customer support to vehicle OEMs.