Leading automotive electrical components manufacturer Lucas TVS on August 31 signed an agreement with U.S.-based 24M Technologies, developer of the next generation lithium-ion battery, to construct one of the first Giga factories in India based on SemiSolid platform technology. The Chennai Plant is expected to begin commercial production in the second half of 2023.
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.
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“Lucas TVS believes in investing in next generation technologies, which is why we chose to partner with 24M,” T K Balaji, chairman and managing director, Lucas TVS, said. “We are confident that the innovative SemiSolid TM 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,” he added.
According to the statement, 24M’s SemiSolid platform has significant benefits as compared to conventional manufacturing processes. The SemiSolid technology enables the production of a thicker electrode, increasing energy density and reducing materials costs. Beyond its cost advantages, 24M’s patented cell design enhances safety, reliability, and traceability, by virtually eliminating potential metal contamination, the most common cause of shorts in conventional lithium-ion cells.
The platform is already seeing large capacities being planned globally in Japan, ASEAN, Europe, East Asia and the US. Lucas TVS will be the first to introduce SemiSolid lithium-ion batteries produced in India and specifically designed for the Indian market.
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