MUMBAI/NEW DELHI, Oct 23: Atul Auto on Wednesday said its subsidiary has inked a pact with Exide Energy Solutions to explore a collaboration regarding supply of lithium-ion cells and battery packs for electric vehicles.
Atul Greentech Pvt Ltd (AGPL) has entered into a non-binding memorandum of understanding (MoU) with Exide Energy Solutions Ltd (EESL) in this regard, Atul Auto said in a statement.
The MoU aims to formalise the intent of AGPL to onboard EESL as a supplier and secure lithium-ion cells and battery packs from EESL for use in its electric vehicles, it added.
As per the agreement, AGPL proposes to source the lithium-ion battery packs from EESL’s manufacturing facility in Gujarat. AGPL would also source lithium-ion cells from EESL, once it commences production at its manufacturing facility in Bangaluru.
Specifics of the arrangement will be outlined in a forthcoming definitive agreement, the statement said.
“With the integration of domestically manufactured lithium-ion cells, this MoU not only strengthens India’s self-reliance but also sets the stage for a sustainable and innovative future in electric mobility, driving the nation forward,” said Atul Auto Director Vijay Kedia.
Three-wheeler maker Atul Auto has a strong presence in domestic as well as international markets along with a widespread dealer network, while AGPL specialises in the development and manufacturing of EVs for last-mile mobility solutions.
EESL, a wholly-owned subsidiary of Kolkata-based lead-acid battery maker Exide Industries Limited, was established in 2022 for manufacturing of lithium-ion cells, modules, and packs.
“The proposed arrangement reinforces both companies’ dedication to advancing the electric vehicle industry by guaranteeing a consistent and reliable supply of state-of-the-art lithium-ion battery packs and technology,” EESL Joint Managing Director Mandar V Deo stated.
Exide has also been a longstanding supplier of batteries for Atul Auto’s conventional vehicle range, he added. (PTI)
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