Octillion Power Systems to open EV battery manufacturing facility in India
The company has set up an office in India with plans to establish an advanced EV battery manufacturing facility at an investment of $15 million.
NEW DELHI: Octillion Power Systems, the US-based manufacturer of advanced energy storage systems for electric vehicles (EVs) and power grids, today announced its foray into the fast-growing Indian market.
The company has set up an office in India with plans to establish an advanced EV battery manufacturing facility at an investment of $15 million.
The new factory will be based in Pune, Maharashtra and is expected to add 500 new jobs in the next three years.
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The new company will operate under the name Octillion Power Systems India Private Limited. “Octillion is proud to participate in this effort as India embarks on the most ambitious electric vehicle adoption plan in the world,” Octillion President Paul Beach said.
The new EV battery facility will have a production capacity of over 250 Megawatt Hour (MWH). The company has been operating in India since the past two years, working with major Original Equipment Manufacturers (OEMs) in a variety of market segments to establish the core technology required to drive India’s EV revolution.
“I have worked in and around the India automotive and lithium-ion battery market for over ten years, and the growth I am seeing today is truly unrivalled. Octillion is bringing to India the most advanced cell and battery technologies available and we look forward to being part of this E-mobility revolution,” said Yashodhan Gokhale, General Manager, India operations, Octillion Power Systems.
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Having worked in the market for a couple of years and going through Automotive Research Association of India (ARAI) and UL certifications, Octillion views local production and content for key components such as the battery as necessary to achieving target pricing and to providing timely and reliable customer support to vehicle OEMs.
According to Nikhil Parchure, Octillion has been “working very hard in India for the past few years to deploy prototypes and validation vehicles with our OEM partners. We now see a large inflection coming where EVs are going to see a rapid adoption as the country pushes to revolutionize the transportation and electric grid market.”
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As India expands its renewable energy production portfolio and readies itself for large deployments of EVs, Octillion is also willing to offer battery systems that support the grid. With large MWH size deployments around the world, Octillion is prepared to produce batteries for these markets as well.
Source: auto.economictimes.indiatimes
