Atul Greentech Pvt Ltd (AGPL) has signed a non-binding memorandum of understanding (MoU) with Exide Energy Solutions Ltd (EESL), according to a statement from Atul Auto. The purpose of the MoU is to establish AGPL’s intention to enlist EESL as a supplier and to procure lithium-ion cells and battery packs from EESL for its electric vehicles, the statement further explained.
Atul Auto announced on Wednesday that its subsidiary, Atul Greentech Pvt Ltd (AGPL), has signed a non-binding memorandum of understanding (MoU) with Exide Energy Solutions Ltd (EESL). The MoU paves the way for AGPL to consider EESL as a supplier for lithium-ion cells and battery packs to be used in electric vehicles. AGPL intends to procure these lithium-ion battery packs from EESL’s manufacturing facility in Gujarat, and also plans to source lithium-ion cells once production begins at EESL’s new facility in Bengaluru. The specifics of this collaboration will be detailed in an upcoming definitive agreement.
Vijay Kedia, the Director at Atul Auto, emphasised that this MoU with domestically manufactured lithium-ion cells not only bolsters India’s self-reliance but also advances a sustainable and innovative future for electric mobility in the nation. Atul Auto is a prominent three-wheeler manufacturer with a strong domestic and international market presence, specializing in last-mile mobility solutions through its subsidiary AGPL.
EESL, established in 2022 as a wholly-owned subsidiary of Kolkata-based Exide Industries Limited, is dedicated to the manufacturing of lithium-ion cells, modules, and packs. Mandar V Deo, Joint Managing Director of EESL, highlighted that the proposed arrangement with AGPL will support the advancement of the electric vehicle industry by ensuring a steady and reliable supply of cutting-edge lithium-ion battery technology. Exide has been a long-term battery supplier for Atul Auto’s conventional vehicle range as well.
