Indian EV Boost: Lithium-Ion Battery Startup Signs MoU with TN Govt. Plans INR100 Crore Outlay
In a step towards Make in India, Grinntech, a Chennai based Lithium-Ion battery manufacturing startup, has executed an MoU with the Tamil Nadu government. The company has also outlined plans for outlay of almost INR 100 Crores.
While India and the world are moving towards Electric Vehicles (EVs) and clean energy, there is no doubt that a steady demand for EVs is building up. The obvious next demand will be for Lithium-Ion batteries. However, currently, China controls 51% of the global total of chemical lithium. Beijing is already the global leader in sales and production of EVs, owing to their mining and manufacturing expertise, which has left even the US behind.
A step towards EVs can lead us to, once more, depend on China. Companies like Grinntech will aid in the avoidance of this dependency.
Chennai has had the label of ´Detroit of the East´. Now, as the global auto industry shifts to electrification, this initiative by the Government of Tamil Nadu will help India’s EV industry be future-ready
Grinntech, an investor-backed startup specializing in Lithium-Ion batteries for EVs and energy storage systems announced the next step of their growth plans with two significant announcements.
On Monday, 12 October, 2020, Grinntech executed an MoU with the Tamil Nadu government, which outlines the company’s intent to establish a Battery and Battery Management System manufacturing facility in the state of Tamil Nadu to cater to the anticipated growth of EVs in India.
“We are grateful to the Government of Tamil Nadu for their vision in attracting investment in the fast-growing EV and EV-component sectors. Chennai has had the label of ´Detroit of the East´. Now, as the global auto industry shifts to electrification, this initiative by the Government of Tamil Nadu will help India’s EV industry be future-ready”, said Puneet Jain, Co-Founder of Grinntech.
The startup has also announced the appointment of E. Balasubramoniam as the President of Grinntech.
MoU with the Government of Tamil Nadu
Grinntech, which has attracted several industry veterans as investors since its incubation at IIT-Madras Research Park, already operates its R&D and pilot manufacturing facility in Chennai. In addition, the company has outlined plans for an outlay of almost INR 100 Crores for R&D, product development, and production facilities, which will lead to the employment of 250 staff over the next five years.
The company has showcased a range of high-tech Lithium-Ion batteries, along with their proprietary Battery Management Systems, suitable for two-wheelers, three-wheelers, light vehicles, and farm tractors. The company is engaged in discussions with a number of OEM manufacturers and fleet operators for supply of batteries and related systems.
Balasubramoniam is an IIT-Madras alumnus, who brings over 35 years of experience in the auto industry, including prior leadership roles in Maruti-Suzuki, Tata Motors, and most recently as Senior Vice-President at Ashok-Leyland, and CEO of the Nissan-Ashok Leyland JV.
“We welcome Mr. Balasubramoniam to Grinntech. Our culture of blending the innovation and entrepreneurship of a startup with domain competence, needed for managing complex operations, will benefit from his wealth of experience in key areas such as business development, program management, sourcing, and operations.” said Nikhilesh Mishra, Co-Founder of Grinntech.
Dr. V. Sumantran, former Vice-Chairman of Ashok Leyland and Lakshminarayan, Co-Founder and former Vice-Chairman of Cognizant, as Directors of Grinntech, extended their welcome to Balasubramoniam and expressed their confidence that with the Government of Tamil Nadu’s timely policy, Grinntech would emerge a strong contributor to India’s goals for self-reliance and to the globally emergent EV industry.
Grinntech is an investor-backed, growth-phase startup, specializing in Lithium-Ion batteries for EVs and energy storage systems along with our proprietary BMS and connectivity systems. Apart from a range of standard products, they also undertake custom battery development for customers in India and abroad.
The company works closely with leading global technology companies and cell suppliers, bringing cutting-edge advances in semiconductor, materials, cell-chemistry, and formats. They employ contemporary techniques in manufacturing, including cell-characterization and production testing.