Exide Forms JV With Leclanché, Switzerland
Exide Industries Limited, manufacturer of lead acid storage batteries and power storage solutions provider, and Leclanché SA (SIX:LECN), one of the world’s leading energy storage solution companies, headquartered in Switzerland, announced today a joint venture to build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market and grid-based applications.
As part of the JV, Leclanché will provide access to its knowhow and intellectual property for lithiumion cells, modules and battery management systems and Exide Industries will leverage its extensive sales network and brand. As a result of this unique combination, the JV is ideally positioned to be a leading provider of storage solutions for electric vehicles and energy storage applications in India and will also contribute to developing solutions to increase the amount of renewable energy that is used and reduce India’s dependence on fossil fuels.
The JV’s production plant will be based in Gujarat. Exide Industries, who are committed to setting up large-scale manufacturing of lithium-ion batteries, will be the majority shareholder and Leclanché will be the strategic minority shareholder of the JV. A module and battery pack assembly line is expected to be operational by Q2 2019 and a lithium-ion cell production plant is expected to be in operation by mid 2020. In the intervening period, cells will be sourced from Leclanché’s plant in Willstätt, Germany.
The JV will focus on e-transport, stationary energy storage systems and speciality storage markets. In e-transport, the target segment is fleet vehicles including e-buses, e-wheelers and e-rickshaws.