Leading automotive electrical components manufacturer Lucas TVS and developer of next generation lithium-ion battery technologies, 24M Technologies Inc., on Tuesday announced the signing of licence and services agreement to set up one of the first Giga Factories in the country.
The setting of Giga factories would be based on the "24M''s innovative and disruptive SemiSolid platform technology" and Lucas TVS plans for mass production of cost-effective, safer and high energy density lithium-ion cells, a company statement said here.
Early this year, Lucas TVS had signed an agreement with the Tamil Nadu government for setting up the plant with committed investments of Rs 2,500 crore across phases that would generate 3,500 jobs.
The proposed plant to come up at Thervoy Kandigai near Chennai and Lucas TVS expects to build other plants across the country to support electric mobility, energy storage and lead acid battery replacement markets.
The Tamil Nadu plant was scheduled to commence production during the second half of 2023 and Lucas TVS has planned to ramp up the capacity to 10GWh in two stages, the statement said.
"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," company Chairman T K Balaji said.
Lucas TVS plans to build products using different chemistries in Pouch and Prismatic cell formats, with high energy density. The products were expected to meet customer needs in e-mobility, stationary energy storage, including grid-scale markets and lead acid battery replacement.
Lucas TVS would also be offering complete battery solutions to customers who need them, the statement said.
The ''SemiSolid'' platform offers solutions to the fast growing storage and electric mobility markets and the emerging lead acid battery replacement markets.
It was already witnessing large capacities being planned by various companies in Japan, ASEAN countries, Europe, East Asia and in the United States.
"We are delighted to partner with a market leader like Lucas TVS with a 60 plus year track record of performance as a leading provider of electro-magnetic solutions to the mobility market," 24M CEO Naoki Ota said.
"Our innovative SemiSolid technology and ongoing research and development investments will support Lucas TVS''s ambition to become a leader in the energy storage space for mobility, lead acid battery replacements," he added.