Lucas TVS Ltd, auto electrical parts maker, and US-based 24M Technologies, Inc, engaged in development of generation lithium-ion battery technologies, have signed a licence and services agreement to build what they call “one of the first Giga factories in India” using 24M’s semisolid platform technology.
While Lucas TVS has not disclosed the financial details of the proposed investment in the factory, the previous AIADMK government had, in January, put the value of investment at ₹2,500 crore.
The factory will come up at Thervoy Kandigai, Gummidipoondi near Chennai and Lucas TVS expects to build other plants throughout India to support the growing energy storage, electric mobility and lead acid battery replacement markets. The company plans mass production of cost effective, safer and high energy density lithium-ion cells, according to a statement.
The Chennai plant is expected to begin commercial production in the second half of 2023. Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages in view of the emerging opportunities in the renewable and electric mobility space in the country.
“Lucas TVS believes in investing in next-generation technologies, which is why we chose to partner with 24M. We are confident that their innovative semisolid platform technology will enable us to provide our customers affordable e-mobility, lead acid battery replacement and storage solutions with improved quality and best-in-class safety,” said TK Balaji, Chairman and Managing Director, Lucas TVS.
“Our innovative semisolid technology and ongoing R&D investments will support Lucas TVS’ ambition to become a leader in the energy storage space for mobility, lead acid battery replacement, storage and grid scale markets in India,” said Naoki Ota, Chief Executive Officer of 24M.
Lucas TVS will be the first to introduce semisolid lithium-ion batteries produced in India and specifically designed for the Indian market. There are large capacity units being planned globally in Japan, ASEAN, Europe, East Asia and the US based on the semisolid technology.