Automotive electrical components manufacturer Lucas TVS Ltd. and U.S.-based lithium-ion battery manufacturer 24M Technologies, Inc., have entered into a deal to construct Giga factories in India to manufacture 24M’s battery cells., according to a press release.
24M Technologies produces lithium-ion battery technologies using its SemiSolidTM platform technology, which allows for the production of thicker electrodes that provide more benefits and is more cost-effective than conventional battery manufacturing processes.
"We are delighted to partner with a market leader like Lucas TVS with a 60+ year track record of performance as a leading provider of electromagnetic solutions to the mobility market," Naoki Ota, 24M CEO, said. "Our innovative SemiSolidTM technology and ongoing R&D investments will support Lucas TVS’s ambition to become a leader in the energy storage space for mobility, lead acid battery replacement, storage and grid scale markets in India."
Lucas TVS will set up the first factory in Thervoy Kandigai, Gummudipundi near Chennai with plans to roll out other factories in India.
“Lucas TVS believes in investing in the next-generation technologies, which is why we chose to partner with 24M,” T.K. Balaji, chairman and managing director of Lucas TVS, said. “We are confident that their innovative SemiSolidTM 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.”
The Chennai plant is expected to begin commercial production in the second half of 2023.
24M Technologies, Inc. is headquartered in Cambridge, Massachusetts, and has plans to enter its SemiSolidTM platform technology in markets across the globe, including the U.S., Asia, Japan and Europe.
Based in India, Lucas TVS Ltd. was founded over six decades ago and manufactures mechatronic components for automotive, EV, industrial and consumer industries.