Ahmedabad 23 October 2024: Atul Greentech Private Limited(AGPL), a subsidiary of Atul Auto Limited (AAL), has entered into a non-binding memorandum of understanding (MoU) with Exide Energy Solutions Limited (EESL) to explore the possibility of EESL supplying lithium-ion cells and battery packs to AGPL for use in their electric vehicles.
AAL is a leading Indian automobile manufacturer, specializing in the production of three-wheeled commercial vehicles. The company is renowned for its robust, reliable, and fuel-efficient products, catering to passenger and cargo transport needs. AAL has a strong presence in both domestic and international markets, supported by a widespread dealer network.
AGPL,a subsidiary of AAL, specializes in the development and manufacturing of electric vehicles for last-mile mobility solutions. Established with a focus on sustainability and innovation, AGPL is rapidly growing with advanced electric vehicle technologies.
Kolkata-based Exide Industries Ltd., (“Exide”) a leading lead-acid battery supplier in India has over 75 years of experience and market leadership in lead-acid batteries. EESL is a wholly owned subsidiary company of Exide Industries Limited, which was established in 2022 to foray into the business of manufacturing of Lithium-Ion cells, modules, and packs incorporating a portfolio of multiple chemistries and form factors.
The MOU aims to formalize 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.
AGPL proposes to source the lithium-ion battery packs from EESL’s manufacturing facility in Prantij, Gujarat, and source the lithium-ion cells from EESL once EESL commences production at its lithium-ion cell manufacturing facility in Bangalore,Karnataka. The specifics of this arrangement will be outlined in a forthcoming definitive agreement.
“The proposed arrangement with EESL is likely to mark a significant milestone in India’s journey towards electrifying its transportation sector. 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 Dr. Vijay Kedia, Director, AAL
“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. Exide has also been a longstanding supplier of batteries for Atul Auto’s conventional vehicle range, a relationship that has spanned many years. The proposed arrangement is expected to accelerate the development and production of electric vehicles, contributing to the growth of sustainable transportation solutions in India,” said Dr Mandar V Deo, Joint Managing Director, EESL.
