Automotive electrical components manufacturer Lucas TVS and 24M Technologies, a developer of next generation lithium-ion battery technologies on Tuesday announced the signing of a license and services agreement to construct one of the first Giga factories in India using 24M’s disruptive SemiSolidTM platform technology.
Lucas TVS will be the first to introduce SemiSolidTM lithium-ion batteries produced in India and specifically designed for the Indian market.
The first plant with world class safety standards will be set up in Thervoy Kandigai, Gummudipundi 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.
“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, 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 second half of 2023. Based on the aggressive targets set by the government in the renewable energy and Electric Mobility space, Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages, the company said in a statement.
24M’s SemiSolidTM platform has significant benefits as compared to conventional manufacturing processes. The process, protected by more than 80 issued and 100 pending patents, offers a significantly simpler process flow reducing capital costs substantially. The SemiSolidTM technology enables the production of a thicker electrode, increasing energy density and reducing materials costs.
“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,” Naoki Ota, Chief Executive Officer of 24M said.
The SemiSolidTM platform offers innovative solutions to the fast-growing storage and electric mobility markets and the emerging lead acid battery replacement markets and is already seeing large capacities being planned globally in Japan, ASEAN, Europe, East Asia and the US.
Lucas TVS plans to build products using different chemistries, in Pouch and Prismatic cell formats, with high energy density. The products will meet customer needs in e-mobility, stationary energy storage, including grid-scale markets, and lead acid battery replacement. Lucas TVS will also be offering complete battery solutions to those customers who need them.